Beijing-based Asian Infrastructure Investment Bank (AIIB) is setting up its first operational office outside of China in Abu Dhabi.

The multilateral development bank will also explore new investment opportunities in vital sectors in developing counties with Abu Dhabi Fund for Development (ADFD), according to a press statement issued by ADFD.

Welcoming AIIB’s decision to opt for Abu Dhabi as the preferred location for first office outside China, ADFD Direction General Khalifa Abdullah Al Qubaisi said the move would also help in the unification of efforts to smoothen coordination between the UAE and AIIB to achieve the bank's strategic objectives.

ADFD and AIIB have contributed to the IRENA’s Energy Transition Accelerator Financing (ETAF) initiative, which plays a critical role in financing renewable energy projects.

The UAE had participated in the 7th annual meeting of the Board of Governors of the AIIB in October of this year.

(Writing by SA Kader; Editing by Anoop Menon)