Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi has launched of its first overseas representative office in Beijing, capital of the People’s Republic of China.
The event took place on 11 May 2018 in the presence of eminent senior officials and industry leaders from both countries. The ADGM China Office reinforces ADGM’s role in supporting the United Arab Emirates’ (UAE) growth strategy and strengthening Abu Dhabi’s ongoing collaborations with the Chinese government and financial and business community.
The new representative office further demonstrates ADGM’s commitment to China and its Belt-and-Road initiative that focuses on enhancing the connectivity and co-operation along the land-based ‘Silk Road Economic Belt’ and ocean-going ‘Maritime Silk Road’, linking the markets of Europe, the Middle East, Asia and increasingly those of Africa. The Belt-and-Road strategy focuses on several key priority areas including: infrastructure; trade and investment; internationalisation of the Chinese currency, the yuan renminbi (RMB); policy co-operation and co-ordination, and cultural exchange.
As an IFC and Financial Services Regulator, ADGM recognises the importance of fostering greater regulatory collaboration, bolstering connectivity and creating new opportunities among like-minded economies. As part of the launch of ADGM China office celebrations, ADGM entered into new collaborations with key Chinese authorities and institutions to augment the Belt-and-Road growth plans; these included the UAE-China Industrial Co-operation Demonstration Zone, a feasibility study with Shanghai Stock Exchange, Asian Financial Co-operation Association, and Guo-Tai Jun-An Securities.
“We are pleased to inaugurate ADGM’s first overseas office in the capital of China and honoured to play a part in supporting the long-term growth plans of both China and the UAE. The ADGM China Office will continue its regulatory collaborations with the authorities, initiating new projects and joint activities to generate more cross-border connectivity and opportunities between the two economies. One of our key commitments will be working with the relevant authorities in China and Abu Dhabi to support the RMB internationalisation strategy and build up an offshore RMB centre serving the MENA region via ADGM. We look forward to bolstering the long-term financial and investment needs and interests of the UAE and China,” said HE Ahmed Al Sayegh, Chairman of ADGM.
China and the United Arab Emirates (UAE) have maintained a long cultural and economic partnership for many decades. The UAE is China’s top investment destination in this region and China is the biggest trade partner of the UAE. With the launch of the Silk Road Economic Belt and the 21st-Century Maritime Silk Road (hereinafter referred to as the Belt and Road) initiative in 2013, the UAE’s geographical advantage and robust economic policy fit well into China’s growth path and plans.
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