Four collaborations indicate industry strength of China, Abu Dhabi: Minister Al Sayegh

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BEIJING- The UAE and China have maintained a deep respect and support of each other for decades, said Ahmed Ali Al Sayegh, Minister of State and Chairman of Abu Dhabi Global Market, ADGM.

Al Sayegh's comments were made following the signing of four strategic agreements with key institutions in China to deepen financial collaborations and economic ties. His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and President Xi Jinping of China witnessed the signing of the agreements by Abu Dhabi Global Market with the National Development and Reform Commission, NDRC, China National Nuclear Corporation, CNNC, and China Everbright Group.

"These four collaborations underscore the key industries and sector strengths of both China and Abu Dhabi," he added. "As an International Financial Centre and ecosystem enabler, ADGM will continue to create sustainable business and investment opportunities between the two countries and support the development of the Belt-and-Road initiative. We look forward to welcoming and working closely with NDRC, CNNC, China Everbright Group, OneConnect Financial Technology and many more Chinese enterprises to anchor their MENA operations in ADGM and Abu Dhabi," Al Sayegh explained. The NDRC and ADGM will jointly encourage and support Chinese and UAE enterprises in establishing their presence in each other’s market and exploring possible investment opportunities.

Among the initiatives, NDRC and ADGM plan to explore and establish a Belt-and-Road investment and financing centre that will serve and support major joint projects and initiatives between China and the UAE. The National Development and Reform Commission of the People's Republic of China, formerly State Planning Commission and State Development Planning Commission, is a macroeconomic management agency under the State Council, which has broad administrative and planning control over the economy. ADGM and CNNC entered into a cooperation agreement to support CNNC’s globalisation plans, include establishing a global treasury, investment and financing centre in ADGM by leveraging on ADGM’s world-class regulatory framework and conducive business environment.

Both parties are keen to facilitate Belt-and-Road initiatives in the UAE and MENA region, in addition, to better support the growth ambition of CNNC’s global businesses and companies through this Centre. By anchoring in ADGM, CNNC plans to foster greater collaboration to support the nuclear energy industry and promote the nuclear energy infrastructure and equipment manufacturing globally. The agreement was signed between Yu Jianfang Chairman of CNNC and Ahmed Ali Al Sayegh. As for the third agreement, China Everbright and ADGM will explore and develop a joint platform that focuses on key areas including real industries development, financial and investments funds and related initiatives, innovation and technology-focused projects and internationalisation of RMB products and services that cater to the advancement and progress of the Belt-and-Road initiative - linking China and the Middle East and Africa region.

According to the agreement, China Everbright will explore and establish its key representative office in ADGM and work with ADGM in expanding its extensive portfolio of businesses across Abu Dhabi and MENA to better service its customers and stakeholders. The agreement was signed by Li Xiaopeng, Chairman of China Everbright Group, and the ADGM Chairman Al Sayegh.

On the same day at the UAE-China Economic Forum in Beijing, ADGM also entered a new agreement with OneConnect Financial Technology (a subsidiary of Ping An group) to foster greater cross-border FinTech opportunities in support of the Belt-and-Road initiative. As part of the agreement, both OneConnect and ADGM will assist Chinese FinTech community to tap on ADGM as their platform to develop, test and launch innovative FinTech products, services and business solutions in Abu Dhabi and MENA markets along the Belt-and-Road route.

These collaborations demonstrate ADGM’s commitment in reinforcing the positive China-UAE economic ties and supporting mutually sustainable projects between the two countries. These newly inked developments bear testaments to ADGM’s efforts in engaging key Chinese stakeholders since the launch of its China representative office in Beijing slightly over a year ago in May 2018. ADGM is working closely with several major economic hubs in China on various focus and fronts. In addition, the China office has been assisting Chinese companies and Chinese Small and Medium Enterprises (SMEs) that are keen to expand their reach into Abu Dhabi and the MENA region.