Sunday 21, October 2018 by Jessica Combes

DIFC strengthens Chinese relations

 

The high-profile Hubei Province delegation explored new areas for collaboration with DIFC as part of China’s Belt and Road Initiative.

HE Essa Kazim, Governor of Dubai International Financial Centre (DIFC) received the Vice-Governor of the People’s Government of the Hubei Province in China, Cao Guangjing, as part of a high-profile delegation to the Centre.

During the visit, which was facilitated by Zhou Jianjun, General Manager and Regional Head at Bank of China (Dubai) Branch, the parties discussed collaboration opportunities as part of China’s Belt and Road Initiative. In addition, new areas of growth that would be of interest and benefit to Chinese institutions based in the Centre were explored.

“China is a very important market to us at DIFC. We are constantly identifying new areas of collaboration with key entities to unlock the long-term growth of Chinese businesses through the Centre. The high-profile delegation we received China’s from Hubei Province is another chapter in our China-focused efforts and in DIFC’s longstanding relationship with the country,” said Kazim.

He added that leading Chinese institutions continue to capitalise on their presence in DIFC to access growth opportunities across the MEASA region and the South-South corridor—particularly evident in the high ranking that the UAE achieved in the global index of nations that stand to benefit most from China’s Belt and Road Initiative. “The Hubei province is very important to this approach due to its strategic economic position alongside the Yangtze river, and its growing importance as a regional financial centre for inland China.”

DIFC is home to the regional headquarters of China’s four largest banks in terms of total assets—Bank of China, Agricultural Bank of China (ABC), Industrial and Commercial Bank of China and China Construction Bank Corporation—all currently operating as fully-fledged branches. In addition, the Centre has attracted China’s most distinguished corporations, including PetroChina, Shanghai Electric Investment, ZTE Corporation, New Silk Road Company and CMEC Thar Mining Investments, to setup their regional presence from within DIFC.

During the recent state visit by Chinese President, Xi Jinping, DIFC also signed a Memorandum of Understanding (MoU) with China Everbright Group.  The agreement supports the Group’s business development across the MEASA region, while leveraging the Centre’s strategic location and world-class platform to manage its investments and access growth opportunities in the emerging markets.

 

Features & Analyses

Economics Adapting to a new era

  Abdullah Al-Fozan, Chairman of KPMG MESA and KPMG Saudi Arabia, provides an exclusive commentary on the Kingdom’s business… read more