Khalifa Industrial Zone Abu Dhabi (KIZAD) announced today thesigning of a Memorandum of Understanding (MOU) with Bank of China Ltd. - AbuDhabi to mutually promote their services for the benefit of both entities’customers in the UAE and abroad.
Underthe terms of the agreement and in the context of the projects to be developedin line with China’s ‘Belt and Road’ and ‘Maritime Silk Road’ initiatives, Bankof China Ltd. - Abu Dhabi will provide banking services such as loan, tradefinancing, international trade settlement and AED clearing to Chinese,international and local companies investing in KIZAD.
Theannouncement took place during a business roadshow to Shanghai and Guangzhou todiscuss opportunities for Chinese companies looking at investing in KIZAD andKhalifa Port FTZ the largest free zone in the Middle East.
Commenting on the significance of the agreement, Captain MohamedJuma Al Shamisi, CEO of Abu Dhabi Ports, said: “We are pleased to have signed aMOU with one of the largest banks in China and in the world. We are confidentthat by working together we can support local, regional and internationalcompanies 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 Dhabiadded: “The UAE is one of the most important countries in building the One BeltOne Road initiative. Both the UAE and China are working together to coordinatetheir strategies. Bank of China Ltd. - Abu Dhabi is already the exclusivefinancial institution of the China-UAE Industrial Capacity CooperationConstruction Management Co. Ltd. We are looking forward to developing moreopportunities to support the local economy of the UAE, including thedevelopment of KIZAD.”
Sincethe visit of H.H. Sheikh Mohammed bin Zayed Al-Nahyan, Crown Prince of AbuDhabi and Deputy Supreme Commander of the UAE Armed Forces, to China in 2015,the relationship between the two countries has strengthened in a number ofareas, most notably in economic and trade relations. Today, China is the UAE’ssecond largest trading partner and the biggest exporter to the UAE. The UAE isconsidered a gateway to about 60% of China’s exports to regional markets.
Overthe past year, Abu Dhabi Ports has signed several agreements with leadingChinese companies such as COSCO Shipping Limited and the China-UAE IndustrialCapacity Cooperation Construction Management Co. Ltd., a company recentlyestablished by the Jiangsu Provincial Overseas Cooperation and InvestmentCompany Limited (JOCIC) to occupy and develop approximately 2.2 squarekilometres of the available free zone space in KIZAD’s newly allotted KhalifaPort FTZ. These agreements highlight the opportunities available to bothAbu Dhabi and the UAE as regional economic integration deepens and trade tiesexpand across Asia.
AsChina’s most internationalised and diversified bank, Bank of China provides acomprehensive range of financial services to customers across China as well as51 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.
Source: Marasi News