2023-05-19 16:36:19
Friday, May 19, 2023 – 8:32 PM
ABU DHABI, 19th May / WAM / First Abu Dhabi Bank highlighted the great potential of the UAE, which makes it a major investment gateway for Chinese companies, during the Chinese and Arab Entrepreneurs Summit that the bank hosted today at the Conrad Abu Dhabi Etihad Towers Hotel, with the participation of more From 60 entrepreneurs, executives and representatives of official government agencies in China.
Over the past ten years, China has become the largest trading partner for the Middle East region. Through the increase in investment and trade flows, amounting to more than 330 billion US dollars. The value of China’s exports to the UAE in 2022 amounted to regarding $64 billion, while the value of the UAE’s exports to China amounted to $22.8 billion, making China the largest non-oil trading partner of the UAE, which reflects the depth of the strategic partnership between the two countries.
The summit discussions, which came within the framework of a visit organized by the Chinese International Federation of Entrepreneurs to the UAE, focused on expanding existing economic partnerships and benefiting from the UAE’s position as an advanced global center for business and finance. The discussions touched on ways to increase capital for Chinese companies and entities operating in the country, local debt and stock markets, debt and stock markets in the GCC countries and Egypt, as well as promoting the UAE as a preferred destination for international companies and businesses.
Martin Tricaud, Group Head of Investment Banking Services at First Abu Dhabi Bank, said: “The strong and diversified economy of the UAE opens up great prospects for expanding the important role of Chinese investments, knowledge and expertise, and building relationships and alliances within new areas, indicating that with the emergence of Abu Dhabi as a strong regional and global business center It has well-established debt and capital markets, providing an ideal platform for Chinese companies seeking to expand their business internationally and fund their future growth plans and ambitions.”
He added that FAB is closely linked to the bilateral economic relations between China and the UAE, through our comprehensive range of trade finance solutions and international banking operations services.
For her part, Sarah Al-Binali, Head of Corporate and Commercial Banking and Acting Head of International Banking Group at First Abu Dhabi Bank, said: “The UAE is a logistical station and a central hub for connecting the regions of the Middle East, North Africa, the Horn of Africa and South Asia, and provides an exceptional opportunity to expand the scope of business Chinese companies doing business in the region.”
She added: “The UAE will continue to strengthen its position as a preferred international hub for Chinese partners, thanks to its strategic location at the intersection of trade routes between East and West, and its unique environment in the business and trade sectors, in addition to its possession of the elements of quality of life, which make it among the most preferred options for employees.” from around the world.”
The Chinese and Arab Entrepreneurs Summit hosted delegations from various sectors, including banking, finance, payments, infrastructure and energy, as well as the sectors of mining, real estate, construction, pharmaceutical industries, medical devices, technology, communications, food and agriculture, while the participating companies represented a group of the largest Chinese entities that are currently carrying out their commercial activities in region, as well as many startups looking to develop and expand their business outside of China.
The bank has a proven track record and effective contributions to strengthening trade ties between China and the UAE, as it was the first Emirati bank to open a licensed branch in Shanghai, China, with the aim of facilitating trade and investment flows in the region.. The branch provides a range of solutions that include banking services for various sectors. Wholesale to corporate and financial institutions in China and the Asia Pacific markets, as well as a variety of services such as business loans, syndicated loans, treasury bill trading, deposit accounts and trade finance.
For his part, Clarence Singham-Jo, Head of International Banking Services at First Abu Dhabi Bank Group, said: “First Abu Dhabi Bank has a network of branches and integrated services spread in 20 countries around the world, which enables it to connect customers in the Chinese market with the markets of the Gulf Cooperation Council countries, the Middle East and North Africa, It allows them to benefit from our extensive experience and deep understanding of the market and customers in the region.”
Awad Mokhtar / Ramy Samih / Zakaria Mohieldin
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