Dubai, UAE: During the 2nd Belt&Road Bankers Roundtable hosted by Industrial and Commercial Bank of China in Beijing on 24 April 2019, Emaar signed a memorandum of understanding (MoU) with ICBC, Dubai (DIFC) Branch (ICBC) and Emirates NBD (ENBD) to explore a triparty collaboration.
The cooperation will not be limited to financial services support with regard to Emaar’s development in China and in all countries in the ‘Belt and Road’ initiative but will include joint exploration of urban developments and the creation of high-quality living communities in China.
This collaboration signals that Emaar is very seriously eyeing entering into the real estate market of China and leveraging its long experience in building key projects and attractions. Emaar is currently engaging in discussions with many state owned companies and evaluating projects in a number of provinces and cities, such as Hainan, Jiangsu, Chongqing, Guangdong, Beijing and Shanghai.
Emaar, Emirates NBD, and ICBC share a common vision for establishing more collaboration between China and UAE. This MoU opens up a new spectrum of opportunity to bring Emaar’s iconic project and premium lifestyle to China and to achieve a win-win situation for China and the UAE.
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About ICBC:
Industrial and Commercial Bank of China was established on 1 January 1984. On 28 October 2005, the Bank was wholly restructured to a joint-stock limited company. On 27 October 2006, the Bank was successfully listed on both Shanghai Stock Exchange and Stock Exchange of Hong Kong Limited. Through its continuous endeavor and stable development, the Bank has developed into the leading bank in the world, possessing an excellent customer base, a diversified business structure, strong innovation capabilities and market competitiveness. The Bank regards service as the very foundation to seek further development and has made efforts to build a “bank of the first choice of customers” while providing a comprehensive range of financial products and services to 7,033 thousand corporate customers and 607 million personal customers. The Bank has been consciously integrating the social responsibilities with its development strategy and operation and management activities, and gaining wide recognition in the aspects of promoting inclusive finance, supporting targeted poverty relief, protecting environment and resources and participating in public welfare undertakings. The Bank always keeps in mind its underlying mission of serving the real economy with its principal business, and along with the real economy it prospers, suffers and grows. Taking a risk-based approach and never overstepping the bottom line, it regards controlling and resolving risks as its iron law. Besides, the Bank remains steadfast in understanding and following the business rules of commercial banks to strive to be a century-old bank. It also stays committed to seeking progress with innovation while maintaining stability, continuously enhances the strategy of mega retail, mega asset management, mega investment banking as well as international and comprehensive development, and actively embraces the internet. The Bank unswervingly delivers specialized services, and pioneered a specialized business model, thus making it “a craftsman in large banking”.
The pattern of internationalized and diversified operation was further improved, covering 47 countries and regions, and contributed more to the Bank’s profit-making. For the sixth consecutive year, the Bank ranked 1st place in the authoritative lists of The Banker’s Top 1000 World Banks, and the Forbes Global 2000.
About Emaar Properties PJSC:
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer and provider of premium lifestyles, with a significant presence in the Middle East, North Africa and Asia. One of the world’s largest real estate companies, Emaar has a land bank of 1.6 billion sq ft in the UAE and key international markets.
With a proven track-record in delivery, Emaar has delivered over 51,800 residential units in Dubai and other global markets since 2002. Emaar has strong recurring revenue generating assets with over 915,000 square metres of leasing revenue generating assets and 19 hotels and resorts with 3,939 rooms. Today, around 40 per cent of the Emaar’s revenue is from its shopping malls & retail, hospitality & leisure and international subsidiaries.
Burj Khalifa, a global icon, and The Dubai Mall, the world’s largest shopping and entertainment destination, are among Emaar’s trophy developments. Emaar has now launched, Dubai Creek Tower, a magnificent icon that will serve as the centrepiece of the Dubai Creek Harbour development, as well as
Dubai Square, the retail metropolis of the future.
For more information: https://www.emaar.com/
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About Emirates NBD:
Emirates NBD is a leading banking Group in the region. As at 31st March 2019, total assets were AED 525.8 Billion, (equivalent to approx. USD 143 Billion). The Group has a significant retail banking franchise in the UAE and is a key participant in the global digital banking industry, with over 90 per cent of all financial transactions and requests conducted outside of its branches. The bank was declared the Most Innovative Financial Services Organization of the Year at the 2017 BAI Global Innovation Awards.
The bank currently has 234 branches and 1076 ATMs and SDMs in the UAE and overseas and a large social media following, being the only bank in the Middle East ranked among the top 20 in the ‘Power 100 Social Media Rankings’, compiled by The Financial Brand. It is a major player in the UAE corporate and retail banking arena and has strong Islamic Banking, Global Markets & Treasury, Investment Banking, Private Banking, Asset Management and Brokerage operations.
The Group has operations in the UAE, the Kingdom of Saudi Arabia, Egypt, India, Singapore, the United Kingdom and representative offices in China, Indonesia and Turkey.
The Group is an active participant and supporter of the UAE’s main development and community initiatives, in close alignment with the UAE government’s strategies, including financial literacy and advocacy for inclusion of People with Disabilities under its #TogetherLimitless platform. Emirates NBD Group is a Premier Partner and the Official Banking Partner for Expo 2020 Dubai. For more information, please visit: www.emiratesnbd.com
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