Business / Industries

Chinese banks play major presence in Dubai intl financial center: Official

(Xinhua) Updated: 2016-02-18 10:27

DUBAI - The banks from China play major presence and stand for 25 percent of the combined balance sheets of the Middle East's biggest banking free zone Dubai International Financial Center (DIFC), the center's governor Essa Kazim said on Wednesday.

Kazim made the remarks when briefing the media on the DIFC's performance in 2015.

He said the Industrial Bank of China opened its branch in the DIFC in 2008, followed by China Construction Bank, Agricultural Bank of China and Bank of China.

"All the four banks have upgraded their licenses last year and operate now as full-fledged banks," said Kazim.

In July last year, Bank of China listed a two-billion yuan ($322 million) bond on the Nasdaq Dubai, the licensed international capital market of the DIFC.

Kazim said China will remain a top source market for the center.

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