Wednesday 19 June 2019

DIFC says committed to China Belt and Road project

DUBAI, July 21, 2018

Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia, region, has signed a MoU with China Everbright Group (CEG).
CEG, a Chinese state-owned enterprise that operates across banking, securities, insurance, funds, asset management, futures, and investment management, is exploring collaboration opportunities relating to China’s Belt and Road initiative. 
In addition, the agreement will support the Group’s business development across the Middle East, Africa and South Asia region.
The partnership will enable CEG to benefit from the Centre’s strategic location and world-class platform to manage its investments and access growth opportunities in the region, remarked Arif Amiri, the chief executive of DIFC Authority after inking the deal with Ge Haijiao, the deputy general manager of CEG.
The signing of the partnership agreement comes following a meeting between Essa Kazim, Governor of DIFC and Li Xiaopeng, Chairman of CEG. 
Commenting on the tieup, Kazim said: "Dubai and China’s continued collaboration is driving economic growth and social impact in the region. Through our collaboration with China Everbright Group, we believe that DIFC is perfectly positioned to facilitate significant opportunities as part of the Belt and Road initiative."
"We are proud of the record growth that Chinese institutions have achieved through the Centre, and are looking forward to supporting the Group as it expands its global footprint," he stated. 
Xiaopeng said: "The synergies between China and the UAE continue to go from strength to strength. Dubai, in particular, has proven to be the ideal location from which we can access the potential of the fast-growing emerging markets in the Middle East, Africa and South Asia region."
"Our agreement with DIFC is the natural next step in our global expansion strategy, and we are confident that the Centre’s credible and enabling infrastructure will help us to build our business by tapping into vast regional opportunities," he added.
DIFC is already home to China’s four largest banks, which have successfully upgraded their banking licences from subsidiaries to fully-fledged branches. 
In addition, the regional headquarters of large Chinese corporations, including PetroChina, Shanghai Electric Investment, ZTE Corporation, New Silk Road Company and CMEC Thar Mining Investments, are currently based in the Centre.-TradeArabia News Service

Tags: DIFC | China Belt and Road project |

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