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· Chinese state-owned enterprise operates across banking, securities, insurance, funds, asset management, futures and investment management
· In 2017, CEG achieved full-year operating income of USD 19.93bn (RMB 134.8bn) and net profit of USD 6.16bn (RMB 41.7bn), with total assets amounting to USD 660bn (RMB 4.47trn)
Dubai, UAE – Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, has signed a Memorandum of Understanding (MoU) with China Everbright Group (CEG). The Chinese state-owned enterprise that operates across banking, securities, insurance, funds, asset management, futures, and investment management, is exploring collaboration opportunities relating to China’s Belt and Road Initiative (BRI). In addition, the agreement will support the Group’s business development across the MEASA region.
The MoU was signed by Arif Amiri, Chief Executive Officer of DIFC Authority and Ge Haijiao, Deputy General Manager of CEG, following a meeting between His Excellency Essa Kazim, Governor of DIFC and Li Xiaopeng, Chairman of CEG. The partnership will enable CEG to benefit from the Centre’s strategic location and world-class platform to manage its investments and access growth opportunities in the MEASA region.
Commenting on the partnership, HE Essa Kazim said: “Dubai and China’s continued collaboration is driving economic growth and social impact in the region. Through our collaboration with China Everbright Group, we believe that DIFC is perfectly positioned to facilitate significant opportunities as part of the Belt and Road Initiative. We are proud of the record growth that Chinese institutions have achieved through the Centre, and are looking forward to supporting the Group as it expands its global footprint.”
On this occasion, Li Xiaopeng said: “The synergies between China and the UAE continue to go from strength to strength. Dubai, in particular, has proven to be the ideal location from which we can access the potential of the fast-growing emerging markets in the MEASA region. Our agreement with DIFC is the natural next step in our global expansion strategy, and we are confident that the Centre’s credible and enabling infrastructure will help us to build our business by tapping into vast regional opportunities.”
DIFC is already home to China’s four largest banks, which have successfully upgraded their banking licences from subsidiaries to fully-fledged branches. In addition, the regional headquarters of large Chinese corporations, including PetroChina, Shanghai Electric Investment, ZTE Corporation, New Silk Road Company and CMEC Thar Mining Investments, are currently based in the Centre.
DIFC has continued to see growth from the registered Chinese financial institutions, which accounted for 22% of total assets booked in the Centre as at the end of the third quarter of 2017. The total value of these assets reached USD 33.4 billion, a 30.5% increase from USD 25.6 billion reported in year-end 2016. This reflects the strength of cooperation and understanding that exists between the regulators in China and the DIFC, as well as the business opportunities in MEASA that they access from the Centre.
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About Dubai International Financial Centre
The Dubai International Financial Centre (DIFC) is one of the world’s top ten financial centres, and the leading financial hub for the Middle East, Africa and South Asia. The Centre provides a world-class platform connecting the region’s markets with the economies of Europe, Asia and the Americas and facilitates growth in South-South trade and investment. An onshore, international financial centre, DIFC offers a stable, mature and secure base for financial institutions to develop their wholesale businesses.
The Centre offers all the elements found in the world’s most successful financial industry ecosystems, including an independent regulator and judicial system with a common-law framework, a global financial exchange, inspiring architecture, powerful, enabling support services and a vibrant business community. The infrastructure within the district features ultra-modern office space, retail outlets, cafes and restaurants, art galleries, residential apartments, public green areas and hotels.
Located midway between the global financial centres of New York, London in the West and Singapore, Hong Kong in the East, DIFC (GMT +4) fills a vital time-zone gap with a workday that bridges the market and business hours of financial centres in both Asia and North America.
In 2015, DIFC launched its 2024 growth strategy, a blueprint for the next decade of growth of the financial hub. This strategy aims to stimulate trade and investment flows along the South-South economic corridor encompassing the Middle East, Africa, Southern Asia and Latin America.
Currently, 2,003 active registered companies operate from the Centre, with a combined workforce of 22,768 professionals.
DIFC continues to pursue expansion into new services and sectors within the Middle East, Africa and South Asia region, an area comprising over 72 countries with an approximate population of 3 billion and nominal GDP of US$7.7 trillion.
For further information, please visit our website: www.difc.ae, or follow us on Twitter @DIFC.
For media enquiries, please contact:
Manal Shaikh
Dubai International Financial Centre Authority
Senior Manager, Communications
Tel: +971 4 362 2453
Email: manal.shaikh@difc.ae
Joudi Issa
Brunswick Group
Tel: +971 4 560 9600
Email: DIFC@brunswickgroup.com
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