KIZAD to serve as launch pad for Bank of China continued expansion in the Middle East

Abu Dhabi, United Arab Emirates: Khalifa Industrial Zone Abu Dhabi (KIZAD) announced today the signing of a Memorandum of Understanding (MOU) with Bank of China Ltd. - Abu Dhabi to mutually promote their services for the benefit of both entities’ customers in the UAE and abroad.

Under the terms of the agreement and in the context of the projects to be developed in line with China’s ‘Belt and Road’ and ‘Maritime Silk Road’ initiatives, Bank of China Ltd. - Abu Dhabi will provide banking services such as loan, trade financing, international trade settlement and AED clearing to Chinese, international and local companies investing in KIZAD.

The announcement took place during a business roadshow to Shanghai and Guangzhou to discuss opportunities for Chinese companies looking at investing in KIZAD and Khalifa Port FTZ the largest free zone in the Middle East.

Commenting on the significance of the agreement, Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports, said: “We are pleased to have signed a MOU with one of the largest banks in China and in the world. We are confident that by working together we can support local, regional and international companies to make the most of their investments in the UAE and, in particular, in KIZAD.”

Gao Xiaoming, General Manager of Bank of China Ltd. - Abu Dhabi added: “The UAE is one of the most important countries in building the One Belt One Road initiative. Both the UAE and China are working together to coordinate their strategies. Bank of China Ltd. - Abu Dhabi is already the exclusive financial institution of the China-UAE Industrial Capacity Cooperation Construction Management Co. Ltd. We are looking forward to developing more opportunities to support the local economy of the UAE, including the development of KIZAD.”

Since the visit of H.H. Sheikh Mohammed bin Zayed Al-Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to China in 2015, the relationship between the two countries has strengthened in a number of areas, most notably in economic and trade relations. Today, China is the UAE’s second largest trading partner and the biggest exporter to the UAE. The UAE is considered a gateway to about 60% of China’s exports to regional markets.

Over the past year, Abu Dhabi Ports has signed several agreements with leading Chinese companies such as COSCO Shipping Limited and the China-UAE Industrial Capacity Cooperation Construction Management Co. Ltd., a company recently established by the Jiangsu Provincial Overseas Cooperation and Investment Company Limited (JOCIC) to occupy and develop approximately 2.2 square kilometres of the available free zone space in KIZAD’s newly allotted Khalifa Port FTZ. These agreements highlight the opportunities available to both Abu Dhabi and the UAE as regional economic integration deepens and trade ties expand across Asia.

As China’s most internationalised and diversified bank, Bank of China provides a comprehensive range of financial services to customers across China as well as 51 countries and regions. The Bank’s core business is commercial banking, including corporate banking, personal banking and financial markets services. The Abu Dhabi branch of Bank of China was established in 2014.

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About Abu Dhabi Ports
Established in 2006, Abu Dhabi Ports, the master developer, operator and manager of commercial and community ports within the emirate of Abu Dhabi, in addition to the Port of Fujairah, as well as the trade and logistics hub, Khalifa Industrial Zone Abu Dhabi (KIZAD), in which Khalifa Port Free Trade Zone attracts direct investments to over 100 km2 of free zone opportunities, the largest in the Middle East region.

Inaugurated on Dec 12, 2012 by President of the UAE, HH Sheikh Khalifa bin Zayed Al Nahyan, Khalifa Port is the flagship port of Abu Dhabi Ports and is considered to be the first semi-automated container port in the region. Abu Dhabi Ports also owns 50% of Abu Dhabi Terminals, which operates and manages Khalifa Port Container Terminal with a full suite of logistics solutions to benefit trade partners and shipping lines. In addition to the current capacity of 2.5 million TEUs, the recent deal Abu Dhabi Ports signed with COSCO SHIPPING Ports Limited, which is expected to commence operations by 2019, will raise the annual capacity to 6 million TEUs in both container terminals.

Abu Dhabi Ports’ subsidiaries include Abu Dhabi Marine Services “SAFEEN”, providing a comprehensive range of marine, navigational and ancillary quayside services as well as VTS Services and fleet maintenance in a safe, secure and efficient manner; Maqta Gateway, which operates an innovative port community system, facilitating online information flow between all the port stakeholders and customers; and Abu Dhabi Cruise Terminal, the first permanent cruise terminal in the region. To meet the increasing demand of cruise liners and passengers, Sir Bani Yas Cruise Beach was developed, offerings cruise ship passengers a new beach destination with unmatched tourism experiences. Additionally, Abu Dhabi Ports also manages the Maritime Training Centre at Musaffah Port.