The growing trade volume between China and the UAE support the growth of the Dubai International Financial Centre strategy

Tuesday, March 01, 2016 hamada cabo 0 Comments

The growing trade volume between China and the UAE support the growth of the Dubai International Financial Centre strategy

Chinese banks registered in the Dubai International Financial Centre has doubled its balance sheet during the past 18 months

Total's four largest banks, state-owned assets in China's US $ 21.5 billion, equivalent to 26% of the total registered assets of the Dubai International Financial Centre

Islamic finance is booming in Dubai provides new opportunities for Chinese companies

Dubai, February 29, 2016: At the end of his participation in the Conference of the Group of Twenty to 2016, held in China, the new Dubai International Financial Centre, the financial and business gateway between the emerging markets in the Middle East, Africa and South Asia region, commitment to support the "One Belt Initiative, one way "launched by China and the establishment of strong and supportive platform for Chinese financial institutions.

DIFC has witnessed a phenomenal growth with Iqbal Chinese financial companies and state-owned banks in recent years. According to the annual report of the operational performance of the Center for 2015, it has doubled the balance sheets of Chinese banks registered in the Dubai International Financial Centre during the past 18 months. Total four major Chinese banks' assets amounted to state-owned - the Bank of China and Agricultural Bank of China, Industrial and Commercial Bank of China and Bank of China Tamier- US $ 21.5 billion, representing 26% of the total registered assets of the center. As the four banks upgrade their licenses to the Dubai International Financial Centre to Category 1 in the framework of the expansion of its activity and adjust the position of the representative office to a branch.

And later to declare the Dubai International Financial Centre, for operational performance report, center officials confirmed that talks are under way with two Chinese banks on the establishment of operations in the center.

The Chinese financial companies have recorded an increasing growth in its activities for 2015 in the international financial exchange within the Dubai International Financial Centre, in line with the "one belt, one way" initiative.

It has the Bank of China to include bonds worth two billion yuan (1.18 billion AED / 322 million US dollars) on Nasdaq Dubai in July 2015 to support the infrastructure and cross-border trade activities, while the Agricultural Bank of China to include bonds worth 1 billion yuan (590 million AED / US $ 163 million in 2014).

The delegation of the Dubai International Financial Centre, which included a number of leaders, officials and financial experts, with the most prominent representatives of the capital and securities firms and corporate non-financial services markets in China to discuss mutual interests were met.

Commenting on the growing importance of Chinese companies at the center, Arif Amiri, Chief Executive Officer of the Dubai Financial Centre, said: "On our first visit to China this year, we renew our commitment to building long-term partnerships with the emerging Chinese market. We see that the role of Chinese companies increasingly important with time due to its contribution to a large part of our activities and support to our efforts to become a leading financial center in the world. "

In the framework of the center a growth strategy for the year 2024, the Dubai International Financial Centre, the work on the revision of the growth policy has the potential of emerging markets the fastest growing in the Middle East, Africa and South Asia to include by stimulating trade and investment flows along the economic corridor South-South. He also DIFC format Astraetjh South-South with the "One Belt Initiative .. one way" launched by China to attract more Chinese companies over the next ten years.

Asian companies are still playing a major role in stimulating growth, accounting for 11% of the workforce in financial services in the DIFC companies and contributes 80% of the size of the growing business witnessed by the activities of the center.

He Amiri: "In the context of ongoing efforts by China to invest in emerging economies across the Middle East, Africa and South Asia, Dubai International Financial Centre is working within the framework of a catalyst and a supportive work as a gateway for companies looking to expand their interests and investments business in these markets. The Dubai currently stands out as a dynamic along the new Silk Road in China, linking Asia, Africa and Latin America. "

He added: "We have won the Dubai's strategic location and infrastructure of world-class great attention by the Chinese and African governments as part of their efforts to double bilateral trade volume to reach 400 billion US dollars by 2020. The strategic location of the emirate and with its legal structure and regulatory solid, reinforcing its position as a leading destination between Chinese companies and African markets and strengthen the bonds of mutual cooperation between them. "

In December of 2015, conducted by His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, official talks with Chinese President Xi Jinping aimed at strengthening bilateral strategic cooperation. In addition to the signing of nine agreements, Prince and Chinese President saw the launch of a common strategic investment fund between the UAE and China, $ 10 billion, which form a strong impetus to the objectives of "One Belt .. initiative by one" on strengthening the bonds of communication and cooperation with regional partners across Europe and Asia.

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