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Bank of China signs
finance deal with UAE industrial zone The Bank of China, the fourth largest Chinese bank by assets, signed an agreement to provide financing to companies established in a large industrial area in Abu Dhabi, with the emirate looking to benefit from the China Belt and Road Initiative.
The UAE is located between the two wings of the initiative, a land route linking Europe and the Middle East to China and a maritime route connecting China, Southeast Asia, India and Africa.
Under the memorandum of understanding signed with Khalifa Industrial City (KIZAD), the Bank of China branch in Abu Dhabi will provide loans, finance, commercial settlement and dirham settlement services to Chinese and local companies in Kizad.
"The UAE is one of the most important countries in building a one-way belt initiative," said Gao Xiaoming, general manager of the Bank of China branch in Abu Dhabi. "The UAE and China are working together to coordinate their strategy."
China is the UAE's second largest trading partner and the largest importer from the Gulf state, which is also the gateway to about 60 percent of China's exports to the region.
Relations between the UAE and China have been strengthened over the past year. The ports of Abu Dhabi, which manages Kizad, have signed agreements with major Chinese companies, such as Cusco Cargo, China Industrial Cooperation and Construction Management Company of the UAE, a company established by Jiangsu Overseas Corporation Quaubration and Investment Company to occupy and develop about 2.2 square kilometers of space available in the newly- .
finance deal with UAE industrial zone The Bank of China, the fourth largest Chinese bank by assets, signed an agreement to provide financing to companies established in a large industrial area in Abu Dhabi, with the emirate looking to benefit from the China Belt and Road Initiative.
The UAE is located between the two wings of the initiative, a land route linking Europe and the Middle East to China and a maritime route connecting China, Southeast Asia, India and Africa.
Under the memorandum of understanding signed with Khalifa Industrial City (KIZAD), the Bank of China branch in Abu Dhabi will provide loans, finance, commercial settlement and dirham settlement services to Chinese and local companies in Kizad.
"The UAE is one of the most important countries in building a one-way belt initiative," said Gao Xiaoming, general manager of the Bank of China branch in Abu Dhabi. "The UAE and China are working together to coordinate their strategy."
China is the UAE's second largest trading partner and the largest importer from the Gulf state, which is also the gateway to about 60 percent of China's exports to the region.
Relations between the UAE and China have been strengthened over the past year. The ports of Abu Dhabi, which manages Kizad, have signed agreements with major Chinese companies, such as Cusco Cargo, China Industrial Cooperation and Construction Management Company of the UAE, a company established by Jiangsu Overseas Corporation Quaubration and Investment Company to occupy and develop about 2.2 square kilometers of space available in the newly- .
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