The Chief Executive Officer of the Dubai Financial Market, Hamed Ali, said that there's room for cooperation with Hong Kong in terms of stock listings.

Chief Executive John Lee signed a number of letters of intent on cooperation with several countries in the Middle East during a visit to the region in February.

Ali noted that Chinese enterprises have issued bonds in Dubai in recent years and that the SAR government has also issued Islamic bonds, or sukuk.

He said there are companies in both places seeking investment opportunities and it would be a good idea to allow corporations to be dual listed in the two markets.

"There are a number of companies that are listed that need to grow their bottom line beyond their current geographies. I think this is where the two markets can end up becoming stepping stones and catalysts, and kick off their growth into their respective regions," he told RTHK.

Ali also called for aligning the trading hours of the Hong Kong and Dubai stock exchanges.

He added that the Dubai exchange has its advantages and that Islamic finance can be a key growth driver.