A Hong Kong-based Chinese conglomerate and a Dubai-based real estate giant signed a strategic partnership to expand their cultural and commercial footprints in the Middle East market.

Almad Group and Wafi Group entered into the agreement on Dec 11 in Hong Kong to create a cross-cultural business hub and usher in an epoch-making collaboration paradigm.

Dr Adrian Cheng, founder and executive chairman of K11 by AC of Almad Group, said,"This collaboration at Wafi City sets a new benchmark for cross-regional retail cooperation, as we connect the consumers and rich cultural industries of the Middle East and Chinese-speaking markets."

"We are confident that the Chinese consumer brands, top-tier IP innovations, and the Gentry Club experience we bring will serve the rapidly growing retail market and young demographics well," said Cheng, who graduated from Harvard University in 2003.

It has been learned that Almad Group incorporates K11 by AC and oversees Victoria Dockside, a $2.6 billion art and cultural district in Hong Kong featuring K11 Musea. In addition, its anime IP business, Experience 11, has grown in the Chinese mainland and the Middle East, while the Gentry Club, a private members' concept centered on artisanal lifestyle, is being scaled.

Meanwhile, for over five decades, the Wafi Group has served as a cornerstone in the commercial landscape of the United Arab Emirates, with operations spanning real estate, hotel services, retail, transportation, and industry. Its flagship project, Wafi City, Dubai's earliest integrated lifestyle shopping destination, opened in 1991. The Wafi City Mall is one of the oldest and largest shopping malls in Dubai, boasting over 1.1 million square feet of gross leasable area and 1.6 million square feet of gross floor area.

Sheikh Mana bin Khalifa Al Maktoum, founder and chairman of Wafi Group, said, "The joint collaborations with Almad Group and K11 by AC reflect our continued commitment to shaping the future of retail and lifestyle in the region. Together, we aim to introduce experiences and brands that will not only elevate Wafi City but also strengthen the cultural and commercial bridge between the Middle East and China."

It has been learned that this collaboration comes at a crucial time when the friendly relations between the UAE and China are increasing.

According to data from the Dubai department of economy and tourism, Dubai received around 824,000 Chinese tourists in 2024, an increase of about 31 percent compared to the previous year, indicating that Chinese visitors continue to drive strong growth in the leisure and business markets.