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China to set up financial firm in UAE's Abu Dhabi

Xinhua | Updated: 2018-07-23 17:27
A landmark building in Chinese red in the UAE, July 19, 2018. [Photo/ cctv.com]

DUBAI - A State-owned financial services firm will be set up in the United Arab Emirates (UAE) Abu Dhabi's financial hub to offer lending facilities to Chinese companies operating in the emirate's industrial zone, the National newspaper reported Friday.

The Industrial Capacity Co-operation Financial Group Limited (ICCFG), which is owned by East China's Jiangsu provincial government, will be the first of such Chinese financial services firm in the UAE bank free zone Abu Dhabi Global Market (ADGM).

ADGM said the firm has been approved by its Financial Services Regulatory Authority to conduct the regulated activities of providing and arranging credit via the ADGM platform.

The firm will provide strategic investment and financial support to Chinese enterprises as part of the Belt and Road Initiative, said the statement.

The agreement was signed by Wang Bin, chairman of China Jiangsu International and Ahmed Al Sayegh, chairman of ADGM in Abu Dhabi.

Al Sayegh said as part of Abu Dhabi's economic blueprint, ADGM is honored to contribute constructively to the Belt and Road Initiative and work closely with their Chinese partners in fulfilling business goals.

"ADGM remains committed in enhancing the cross-border connectivity and creating new opportunities between the two economies," added Al Sayegh.

Wang said that "the Capacity Cooperation Demonstration Zone serves as a vital bridge between China and the UAE, and it is a vital measure supporting the Belt and Road Initiative."

Wang added that "in the future, we expect about $2 billion of investment will be managed by this financial services platform to support the Chinese enterprises in the demonstration park."

Established in 2013 and fully open for business since 2015, ADGM is the UAE's second financial free zone behind the 2004-founded Dubai International Financial Center.

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