An operational office for Beijing-based Asian Infrastructure Investment Bank (AIIB) was opened at the Abu Dhabi Global Market – the first of its kind outside the bank’s headquarters in China.

Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD) and the UAE’s Alternate Governor on the Board of Governors of AIIB, along with Luky Eko Wuryanto, Vice President and Chief Administration Officer of the bank; officially opened the office.

The opening ceremony was attended by Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Chairman of the Board of Directors of Abu Dhabi Global Market (ADGM), and other officials from both sides.

Speaking at the inaugural ceremony, Al Suwaidi said: “The opening of the Asian Infrastructure Investment Bank’s operational office in Abu Dhabi marks a milestone in the strategic partnership between the UAE and the bank.

“It also aligns with the bank’s objectives and ambition to extend its operations and development initiatives in the Middle East and North Africa region. This will add momentum to sustainable economic development in developing nations.”

He pointed out that by attracting global investments, the UAE helps drive sustainable development, aligning with the objectives of AIIB, which finances sustainable infrastructure projects that contribute to social and economic prosperity.

Wuryanto said: “This milestone reinforces our commitment to strengthen regional partnerships, promote sustainable development and support infrastructure projects for our members. The UAE is an excellent choice for our first overseas venture. I am confident this new Hub will advance our efforts to enhance sustainable development throughout the region and elsewhere.”

He also cited the UAE’s rapid development and robust international relations as reasons for the bank to opt for Abu Dhabi as its operational base. The aim is to bridge the gap between the bank and its partners, and better access global financial centres, which will enable AIIB to sustain its growth trajectory.

Since its establishment in January 2016, AIIB has funded 232 development projects with a total value of $44.41 billion (AED163.12 billion). These projects have played a significant role in driving economic and social development, ultimately improving the quality of life. The bank currently has 106 members worldwide, said a statement. – TradeArabia News Service