Dubai Government

DEC enhances partnership with Bank of China

December 29, 2016

 His Excellency Hani Al Hamli, Secretary General at DubaiEconomic Council (DEC) stated that Dubai has a wide network of economicrelations with several countries, however its ties with China is deep andunique particularly in terms of the Dubai Government’s vision to enhance theseties and turn China to be the strategic partner not only in trade arena but alsoin large-scale development projects. Al Hamli stressed that Bank of China (BOC)can play pivotal role in that respect.  

The statement made when Hani Al Hamli received recentlyin his office a high-profile delegation from BOC (Dubai) Branch headed by Mr.Jiaji Xu, Deputy General Manager accompanies by Ms. Zen To, Corporate Bankingand FI Manager. The meeting also attended by DEC team, including Mr. Nasser AlSuwaidi, Investment Manager and Mr. Irfan Al Hasani, Editor in Chief.  

Hani Al Hamli said that in terms of itsmandates to propose critical  initiativesto the Government of Dubai to enhance the policy-making that aims to raise theeconomic growth in the Emirate of Dubai and the UAE, the DEC forged strategicpartnerships with a number of economic decision, financial institutions,research and advisory centers in the People's Republic of China with a view tocooperate and coordinate in many areas of common interest, and on the forefrontof these institutions is BOC .

DEC is working actively toencourage Chinese direct investment to work in various industries in theemirates, including energy, infrastructure and finance particularly on the wakeof Dubai Plan 2021 and the momentum of Dubai Expo 2020infrastructure-development projects”, Al Hamli added. 

The DEC Secretary General said that DEChas launched the first-of-its-kind critical initiative entitled ‘GlobalFinancial Alliances’ that aim to turn Dubai –via DEC- a pool of major ExportCredit Agencies (ECAs) and international banks and other financial institutionsand services provider to fuel the large-scale infrastructure developmentprojects underway and announced in Dubai. The DEC has most recently arrangedwith BOC to finance a number of critical projects in Dubai. “However, webelieve that Dubai Plan 2021 and Dubai Expo 2020 embrace massive projects invarious areas: infrastructure, tourism, real estate, trade and logistics hencewould provide great opportunities to BOC to engage in these projects andcontribute significantly to Dubai’s economic agenda”, Mr. Hani stressed.

The DEC would work closely with BOCto facilitate its envisaged role in Dubai’s present and future mega projects andthat would undoubtedly contribute to the enhanced ties between UAE and Chinafor the well-being of their citizens”, Al Hamli concluded.   

In his turn, Mr. Xu commended the role played by DEC in supporting“The Belt and Road” and involving major Chinese entities to deploy in Dubai.Mr. Xu joined BOC (Dubai) Branch and introduced many projects undertaken in theemirate.  He mentioned BOC wasestablished in 1912 and was listed on Hong Kong Stock Exchange and ShanghaiStock Exchange since 2006.  At present,BOC has network in 50 countries and regions with more than 600 overseasinstitutions.

Mr. Xu added that given these facts and the growing roleof BOC in development process, on February 24, 2013 BOC opened for business in DIFC,which makes it the first operational offshore business institution set up inthe Middle East by BOC.  With strengthenedeconomic and trading relations between UAE and China over recent years, Mr. Xusaid the two countries have seen a broad prospect for cooperation in variousindustries, notably in infrastructure construction, aviation, real estate, financialservices, trade and direct investment. BOC (Dubai) Branch has and continue toplay leverage the group’s global network, serving as a bridge of more directand convenient financial services for trading between China, the UAE, and otherMiddle Eastern and North African countries.

BOC (Dubai) Branch will take the geographicaladvantages of Dubai, as the hub of Middle East and North Africa, to provideall-round, quality financial services for corporates in this region”, Mr.Xu said.  

BOC already forged cooperation with severaljurisdictions around the world, however we look at DEC as a critical linkbetween BOC and major jurisdictions in Dubai to fuel their projects”, Mr.Xu concluded.

A number of group photos have been taken at the end ofthe meeting.

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