Dubai International Financial Centre hosts big-league Chinese delegations; explores long-term strategic growth across key sectors

Dubai, UAE- 1 June 2015: The strategic engagement at Dubai Week in China has proved a milestone for the Dubai International Financial Centre's (DIFC) intent to draw Chinese businesses. This was validated in the recent visit of high-profile delegations from China’s Bank of Communication Co. and state-owned conglomerate China Everbright Group Limited to DIFC, the emirate’s sought-after gateway connecting the Middle East, Africa and South Asia (MEASA) markets with the economies of Europe, Asia and the Americas.

Led by Dr. Chun Peng, President, Bank of Communications-China and TANG Shuangning, Chairman of the Board of Directors, China Everbright Group, the delegations’ visit to the UAE sought to boost their companies’ synergies with DIFC and explore strategic cooperation in the areas of financial services and non-financial industries.

His Excellency Essa Kazim, Governor of Dubai International Financial Centre, welcomed the delegates and provided an overview of the UAE’s financial services industry and DIFC’s unique value proposition.

A member of Fortune 500, Bank of Communications Co. is one of the oldest banks as well as a note-issuing financial institution in modern China. The organisation has more than 86,600 employees and approximately 3,000 domestic branches, sub-branches and international offices.

On the other hand, China’s Everbright Group boasts a strong presence in Asia across the banking, securities, insurance, trust, asset management, investment banking, funds, futures, leasing, direct investment, environment protection and other emerging industries.

Commenting on the Chinese delegations’ visit, Essa Kazim said: “We are hopeful that the business representatives found their visit to one of the most dynamic and diverse emerging economies valuable in enhancing the links between Dubai, the wider UAE and China. The economic-coalition between the two countries serves as an important pillar for the versatile financial market we are building at DIFC. Dubai International Financial Centre understands international requirements of stability and efficiency for businesses to thrive – key attributes that are reflected in our legal, regulatory and judicial framework.”

Essa Kazim added: “DIFC reiterates that the quality of our legal system, framework and services will go a long way in assisting clients with the expansion of their footprint in emerging trade corridors.”

The financial hub is currently home to four of China’s largest banks and an increasing number of Chinese firms - including oil giant Petro China.

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About Dubai International Financial Centre

The Dubai International Financial Centre (DIFC) is the financial hub for the Middle East, Africa and South Asia, providing a world-class platform connecting the region’s markets with the economies of Europe, Asia and the Americas. It also facilitates the growth in South-South trade and investment. An onshore, international financial centre, DIFC provides a stable, mature and secure base for financial institutions to develop their wholesale businesses.

The Centre offers all the elements found in the world’s most successful financial industry ecosystems, including an independent regulator, an independent judicial system with a common-law framework, a global financial exchange, inspiring architecture, powerful, enabling support services and a vibrant business community. The infrastructure within the district features ultra-modern office space, retail outlets, cafes and restaurants, art galleries, residential apartments, public green areas and hotels.

Located midway between the global financial centres of London in the West and Singapore in the East, DIFC (GMT +4) fills a vital time-zone gap with a workday that bridges the market and business hours of financial centres in both Asia and North America.

Currently, more than 1,225 active registered companies operate from the Centre, including 21 of the world’s top 25 banks, 11 of the world’s top 20 money managers, 7 of the top 10 insurance companies, and 9 of the top 10 law firms. Nearly 18,000 people work in the Centre.

DIFC continues to pursue expansion into new services and sectors within the Middle East, Africa and South Asia region, an area comprising over 72 countries with an approximate population of 2.8 billion and nominal GDP of US$ 6.9 trillion.

For further information, please visit our website: www.difc.ae, or follow us on Twitter @DIFC.