Dubai International Financial Centre and China consider future collaboration

HE Essa Kazim, Governor of Dubai International Financial Centre (DIFC), and Arif Amiri, Chief Executive Officer of DIFC Authority, yesterday hosted a senior delegation from China, led by Qian Keming, Vice Minister of Commerce of People’s Republic of China.

The meeting, which was also attended by members from the DIFC senior management team, focused on the growing importance of DIFC’s longstanding relationship with Chinese institutions, and areas of collaboration that can support the One Belt, One Road initiative.

During the visit, DIFC also acknowledged the commitment from the many Chinese companies that continue to use the Centre as their preferred location to access growth opportunities in the Middle East, Africa, and South Asia (MEASA) region and across the South-South corridor.

“Dubai has always been a focal point for trade and investment flows across the South-South corridor, and we have always seen China as a very important part of this corridor. We pride ourselves on the strong ties we have built with China, and the Chinese financial community in particular. The level of interest we continue to see from Chinese institutions, together with the growth trajectory of Chinese companies operating from the Centre is testament to the growing role of DIFC as a gateway to growth. The world-class infrastructure and legal and regulatory environment remain a key differentiator for DIFC, and an important point of attraction for Chinse institutions looking to the MEASA region via Dubai,” said Kazim.

The meeting commenced with a presentation relating to how DIFC has become the leading international hub for the MEASA region. DIFC’s recent roadshow to Beijing, as well as the growing representation of Chinese institutions in the Centre and the growing interest of Chinese companies in DIFC’s FinTech ecosystem were also covered.

DIFC is the regional headquarters to China’s four largest banks in terms of total assets; Bank of China, Agricultural Bank of China, ICBC and China Construction Bank Corporation.

In 2017, DIFC continued to see growth from the registered Chinese financial institutions, which accounted for 22 per cent of total assets booked in the Centre as at the end of Q3 2017. The total value of these assets reached $33.4 billion, a 30.5 per cent increase from $25.6 billion reported in year-end 2016.

A recent survey also ranked the UAE as third in a global index of nations that stand to benefit most from the One Belt, One Road Initiative.