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12/26/2017 UAE Signs MoU With China To Receive Financial Services In Industrial Zone | Pakistan Point

UAE Signs MoU With China To Receive Financial

Services In Industrial Zone

Minahil Waseem 13 days ago

The United Arab Emirates' (UAE) Khalifa Industrial Zone Abu Dhabi (KIZAD) announced on
Wednesday a Memorandum of Understanding (MoU) with China's lender Bank of China Abu Dhabi
Branch for banking services in the industrial zone

DUBAI, (Pakistan Point News - 13th Dec, 2017 ):The United Arab Emirates' (UAE) Khalifa
Industrial Zone Abu Dhabi (KIZAD) announced on Wednesday a Memorandum of
Understanding (MoU) with China's lender Bank of China Abu Dhabi Branch for banking
services in the industrial zone. The MoU will "mutually promote services for the benefit of both
entities customers" in theUAE and abroad, UAE state news agency WAM reported. The report
said that banking services included loans, trade financing, international trade settlement and
clearing in the local currency, dirham, to Chinese, international and local companies investing in
KIZAD, said the report.

Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports, said "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 Abu
Dhabi Branch hailed the UAE as one of the most important countries in building the Belt and
Road Initiative. "Both the UAE and China are working together to coordinate their strategies,"
Gao added. The bilateral trade betweenChina and the UAE reached a total of 170.2 billion
dirhams (46.37 billion U.S. dollars) in 2016, which made China the biggest trade partner of
the UAE for the third consecutive year, according to UAEMinistry of Economy.

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