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The strategic engagement at Dubai Week in China has proved a milestone for the Dubai International Financial Centre's (DIFC) intent to draw Chinese businesses. This was validated in the recent visit of high-profile delegations from China’s Bank of Communication Co. and state-owned conglomerate China Everbright Group Limited to DIFC, the emirate’s sought-after gateway connecting the Middle East, Africa and South Asia (MEASA) markets with the economies of Europe, Asia and the Americas.
Led by Dr. Chun Peng, President, Bank of Communications-China and TANG Shuangning, Chairman of the Board of Directors, China Everbright Group, the delegations’ visit to the UAE sought to boost their companies’ synergies with DIFC and explore strategic cooperation in the areas of financial services and non-financial industries.
His Excellency Essa Kazim, Governor of Dubai International Financial Centre, welcomed the delegates and provided an overview of the UAE’s financial services industry and DIFC’s unique value proposition.
A member of Fortune 500, Bank of Communications Co. is one of the oldest banks as well as a note-issuing financial institution in modern China. The organisation has more than 86,600 employees and approximately 3,000 domestic branches, sub-branches and international offices.
On the other hand, China’s Everbright Group boasts a strong presence in Asia across the banking, securities, insurance, trust, asset management, investment banking, funds, futures, leasing, direct investment, environment protection and other emerging industries.
Commenting on the Chinese delegations’ visit, Essa Kazim said: “We are hopeful that the business representatives found their visit to one of the most dynamic and diverse emerging economies valuable in enhancing the links between Dubai, the wider UAE and China. The economic-coalition between the two countries serves as an important pillar for the versatile financial market we are building at DIFC. Dubai International Financial Centre understands international requirements of stability and efficiency for businesses to thrive – key attributes that are reflected in our legal, regulatory and judicial framework.”
Essa Kazim added: “DIFC reiterates that the quality of our legal system, framework and services will go a long way in assisting clients with the expansion of their footprint in emerging trade corridors.”
The financial hub is currently home to four of China’s largest banks and an increasing number of Chinese firms - including oil giant Petro China.
