Home BankingFinance KIZAD to serve as launch pad for Bank of China continued expansion in the Middle East

KIZAD to serve as launch pad for Bank of China continued expansion in the Middle East

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Abu Dhabi, United Arab Emirates 13 December 2017Khalifa Industrial Zone Abu Dhabi (KIZAD) announced today the signing of a Memorandum of Understanding (MOU) with Bank of China Ltd. – Abu Dhabi to mutually promote their services for the benefit of both entities’ customers in the UAE and abroad.

Under the terms of the agreement and in the context of the projects to be developed in line with China’s ‘Belt and Road’ and ‘Maritime Silk Road’ initiatives, Bank of China Ltd. – Abu Dhabi will provide banking services such as loan, trade financing, international trade settlement and AED clearing to Chinese, international and local companies investing in KIZAD.

The announcement took place during a business roadshow to Shanghai and Guangzhou to discuss opportunities for Chinese companies looking at investing in KIZAD and Khalifa Port FTZ the largest free zone in the Middle East.

Commenting on the significance of the agreement, Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports, said: “We are pleased to have signed a MOU with one of the largest banks in China and in the world. We are confident that by working together we can support local, regional and international companies to make the most of their investments in the UAE and, in particular, in KIZAD.”

Gao Xiaoming, General Manager of Bank of China Ltd. – Abu Dhabi added: “The UAE is one of the most important countries in building the One Belt One Road initiative. Both the UAE and China are working together to coordinate their strategies. Bank of China Ltd. – Abu Dhabi is already the exclusive financial institution of the China-UAE Industrial Capacity Cooperation Construction Management Co. Ltd. We are looking forward to developing more opportunities to support the local economy of the UAE, including the development of KIZAD.”

Since the visit of H.H. Sheikh Mohammed bin Zayed Al-Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to China in 2015, the relationship between the two countries has strengthened in a number of areas, most notably in economic and trade relations. Today, China is the UAE’s second largest trading partner and the biggest exporter to the UAE. The UAE is considered a gateway to about 60% of China’s exports to regional markets.

Over the past year, Abu Dhabi Ports has signed several agreements with leading Chinese companies such as COSCO Shipping Limited and the China-UAE Industrial Capacity Cooperation Construction Management Co. Ltd., a company recently established by the Jiangsu Provincial Overseas Cooperation and Investment Company Limited (JOCIC) to occupy and develop approximately 2.2 square kilometres of the available free zone space in KIZAD’s newly allotted Khalifa Port FTZ.  These agreements highlight the opportunities available to both Abu Dhabi and the UAE as regional economic integration deepens and trade ties expand across Asia.

As China’s most internationalised and diversified bank, Bank of China provides a comprehensive range of financial services to customers across China as well as 51 countries and regions. The Bank’s core business is commercial banking, including corporate banking, personal banking and financial markets services. The Abu Dhabi branch of Bank of China was established in 2014.

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