Dubai Economic Council enhances partnership with Bank of China

WAM -- The Bank of China is expected to play a role in some of the UAE’s most important projects, including infrastructure, tourism, real estate, trade and logistics.

Dubai has a wide network of economic relations with several countries, however, its ties with China are deep and unique, particularly in terms of the Dubai Government’s vision to expand these ties and develop China as a strategic partner, not only in trade, but also in large-scale development projects, stated Hani Al Hamli, Secretary-General at Dubai Economic Council, DEC.

''The Bank of China, BOC, can play a pivotal role in that respect,'' Al Hamli stressed, during a meeting with a high-profile delegation from the BOC - Dubai Branch, headed by Jiaji Xu, Deputy General Manager.

Al Hamli said that, based on its mandates to propose critical initiatives to the Government of Dubai to improve the policy-making that aims to raise the economic growth in the Emirate of Dubai and the UAE, the DEC forged strategic partnerships with a number of economic decision makers, financial institutions, and research and advisory centers in the People's Republic of China, with a view to cooperate and coordinate in many areas of common interest, and on the forefront of these institutions is BOC .

"DEC is working actively to encourage Chinese direct investment to work in various industries in the emirates, including energy, infrastructure and finance, particularly in the wake of Dubai Plan 2021 and the momentum of Dubai Expo 2020 infrastructure-development projects," Al Hamli added.

The DEC Secretary General said that DEC has launched the first-of-its-kind critical initiative, entitled ‘Global Financial Alliances’, that aims to turn Dubai –via DEC- into a pool of major Export Credit Agencies, ECAs, international banks and other financial institutions and services providers, to fuel the large-scale infrastructure development projects underway in Dubai. The DEC has most recently arranged with BOC to finance critical projects in Dubai.

"However, we believe that Dubai Plan 2021 and Dubai Expo 2020 embraces massive projects in various areas: infrastructure, tourism, real estate, trade and logistics, hence would provide great opportunities to BOC to engage in these projects and contribute significantly to Dubai’s economic agenda," he stressed.

"The DEC would work closely with BOC to facilitate its envisaged role in Dubai’s present and future mega projects, and that would undoubtedly contribute to enhanced ties between UAE and China for the well-being of their citizens", Al Hamli added.

Xu commended the role played by DEC in supporting "The Belt and Road" Silk Road project, and involving major Chinese entities to deploy in Dubai. Xu, since joining BOC (Dubai) Branch, has introduced many projects undertaken in the emirate.

On February 24, 2013 BOC opened for business at Dubai International Financial Center, becoming the first operational offshore business institution set up in the Middle East by BOC.

With strengthened economic and trading relations between UAE and China over recent years, Xu said the two countries have seen a broad prospect for cooperation in various industries, notably in infrastructure construction, aviation, real estate, financial services, trade and direct investment. BOC (Dubai) Branch continues to leverage the group’s global network, serving as a bridge for more direct and convenient financial services for trading between China, the UAE, and other Middle Eastern and North African countries.

"BOC (Dubai) Branch will take advantage of the geographical advantages of Dubai, as the hub of the Middle East and North Africa, to provide all-round, quality financial services for corporates in this region", Xu said.

"BOC already forged cooperation with several jurisdictions around the world, however, we look at DEC as a critical link between BOC and major jurisdictions in Dubai to fuel their projects", Xu noted.

WAM/tfaham