UAE to bolster economic ties with China

[Al Bhatti]

31 May 2014

UAE to bolster economic ties with China

Opportunities for strengthening economic ties between the UAE and China were the focus of talks during a two-day visit to the Asian country by Dr Sultan bin Ahmed Sultan Al Jaber, UAE Minister of State.

The visit is expected to lay the ground work for increased economic activity between the UAE and China, which is growing at more than 14 per cent annually. Discussions explored opportunities for collaboration and investment across sectors of mutual interest, including energy, infrastructure and technology.

During the visit, Dr Al Jaber met with senior Chinese government officials, including Vice-Foreign Minister Zhang Yesui. Talks were also held with Hu Zucai, vice-chairman of the National Development and Reform Commission, as well as the chief economic officer of China’s State Administration of Foreign Exchange.

Dr Al Jaber also met with Zheng Zhijie, vice-chairman of China Development Bank, or CBD, and China Development Bank Capital chief executive officer Fan Haibin.

“China and the UAE have a strong and growing bilateral relationship based on shared values and common political and economic interests. We are exploring opportunities to collaborate across various sectors of mutual interest including, new and traditional energy, infrastructure, manufacturing, technology and finance,” Dr Al Jaber said.

Trade between the UAE and China topped Dh169.67 billion ($46.23 billion) in 2013, compared to Dh148.27 billion ($40.4 billion) in 2012. With 4,200 Chinese companies registered in UAE, the Emirates is the largest Middle East market for Chinese products.

Business - UAE to bolster economic ties with China

 

[Al Bhatti]

From the surname I assume he is a Muslim.

Can @Chinese-Dragon @ChineseTiger1986 or any other Chinese member confirm?

---------------

18 September 2014

Shaikh Mohammed with Jack Ma in Dubai on Wednesday.

UAE a leading technology hub: Shaikh Mohammed

Shaikh Mohammed highlighted the strength of the UAE as a knowledge-based economy while discussing with his guest the essential role of technology in boosting the development of nations.

The UAE has become a leading regional technology hub given its position as a platform for top tier international tech companies and a stage for global technology-oriented events, said His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

Shaikh Mohammed made the comment as he received Jack Ma, the founder of China’s largest e-commerce company Alibaba, at Zaabeel Palace on Wednesday.

Shaikh Mohammed highlighted the strength of the UAE as a knowledge-based economy while discussing with his guest the essential role of technology in boosting the development of nations.

During the meeting, which was attended by Shaikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and Shaikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Shaikh Mohammed spoke of the UAE’s vision of taking the integration of technology into the city’s core services a step higher with aims to create a ‘smart city’ that adds to the quality of life for citizens.

Jack Ma praised the advanced infrastructure of the UAE and its attractive business environment. Ma added that the strong alliance between the private and public sectors in the UAE is exemplary.

The meeting touched on ways of enhancing cooperation between the e-commerce giant Alibaba and specialised government entities. The meeting also discussed the m-Government Initiative, which was earlier launched by the UAE to boost government investment in technology. The World Economic Forum (WEF) 2014 report ranked the UAE second globally for government procurement of advanced technology.

With more than 22,000 employees in over 70 cities around the world, Alibaba is one of the biggest e-commerce companies worldwide with annual sales exceeding $170 billion. Alibaba is seen as the main e-commerce facilitator between individuals, merchants and companies in the world and China.

Also present at the meeting were Shaikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation and Chief Executive of Emirates airline and Group; Mohammed Abdullah Al Gergawi, Minister of Cabinet Affairs; Dr Anwar Mohammed Gargash, Minister of State for Foreign Affairs; Reem Ibrahim Al Hashemi, Minister of State; Mohammed Ibrahim Al Shebani, Director of Dubai Ruler’s Court; Khalifa Saeed Suleiman, Dubai Director of Protocol and Hospitality; and Helal Saeed Al Marri, Director General of Dubai’s Department of Tourism and Commerce Marketing (DTCM).

UAE a leading technology hub: Shaikh Mohammed - Khaleej Times

--------------------------

Related thread:

China Development Bank set to open Dubai rep office

GCC and China sign deal to boost cooperation

 

[Al Bhatti]

China launches its first yuan bond in Middle East


September 21, 2014

Agricultural Bank of China celebrates 1b yuan bond listing on Nasdaq Dubai

Lender is the first Chinese issuer to list a bond on an exchange in the Mena region

Min Fang, senior executive Officer of the Dubai branch of the Agriculture Bank of China (ABC), today rang the market-opening bell to celebrate the listing of a 1 billion yuan ($163 million; Dh590 million) bond on Nasdaq Dubai.

ABC, China’s third-largest bank by assets, is the first Chinese issuer to list a bond on an exchange in the Middle East and North Africa (Mena) region. ABC went public in 2010 in China, raising $22 billion in what was then the world’s largest IPO by value.

The bell ceremony took place in the presence of Tang Weibin, Consul-General of the People’s Republic of China in Dubai; Essa Kazim, Governor of the Dubai International Financial Centre (DIFC) and chairman of Dubai Financial Market (DFM); Abdul-Wahid Al Fahim, chairman of Nasdaq Dubai; Hamed Ali, chief executive of Nasdaq Dubai, and senior executives of ABC.

“Our decision to issue and list the renminbi bond in Dubai is an important step in our strategy of global expansion,” Min said. “As the Mena region’s international exchange, Nasdaq Dubai is the ideal venue to promote our visibility with investors based in the Middle East and neighbouring countries. We intend to further build the presence of the Chinese currency across the [the] Mena [region] from our base in Dubai, in order to provide the best possible service to our customers and business partners and strengthen overall economic and financial cooperation between China and the region.”
The bank opened its first branch in the Mena region at the DIFC in 2013.

“As the economic and financial ties between China and the Middle East expand rapidly, Dubai is well placed to facilitate a continuing broadening and deepening of this important relationship,” Kazim, DIFC governor and DFM chairman, said.


“The emirate’s sophisticated financial infrastructure is available to promote an offshore renminbi market serving the region and facilitate a range of transactions for the mutual benefit of Chinese and Middle East issuers and investors.”
Al Fahim, Nasdaq Dubai chairman, said: “The listing of ABC’s bond on Nasdaq Dubai underlines the important role of the exchange as a global hub that links our region with the rest of the world. Nasdaq Dubai’s international framework and regulatory standards provide a transparent and stable environment for regional and international market participants alike.”

According to Ali, Nasdaq Dubai CEO, “The exchange is delighted to provide a platform to support the regional activities of ABC, as one of China’s most prominent banks with an expanding footprint in Mena countries. Nasdaq Dubai’s high international profile is uniquely positioned to serve issuers from China as they increase their business presence in the region and we look forward to building new relationships with Chinese companies.”

ABC’s bond listed on Nasdaq Dubai on September 15, 2014. Nasdaq Dubai is a global leader in bond listings with a nominal value of $26.79 billion currently listed.

Agricultural Bank of China celebrates 1b yuan bond listing on Nasdaq Dubai | GulfNews.com

----------------------------------

09-22-2014

China launches its first yuan bond in Middle East

China has expanded its offshore yuan market to a new region by issuing the first yuan bond in Dubai.

The Agricultural Bank of China, the country’s third-largest bank, launched the listing of the one billion yuan (about US$163 million) "Emirates bond" on Nasdaq Dubai on September 21.

The three-year bond, which is part of the bank’s global mid-term bond plan, has a 3.5-percent coupon rate. Although the rate is lower than averaged market readings, traders said that several local Emirate banks had invested in the bond. The local subscription was about one fourth of the total bond value.

Ratings agency Moody’s gave the bond the A1 rating at the initial evaluation.

China launches its first yuan bond in Middle East - CCTV News - CCTV.com English

-------------------

09-22-2014

Nasdaq Dubai welcomes the yuan bond

The Nasdaq Dubai is the only international stock exchange in Middle East and North Africa. The Emirate Bond is the first yuan bond listed at the institution. As China and Middle Eastern countries strengthen tes, the yuan is not only used for international settlement, but also for investment.

Nasdaq Dubai welcomes the yuan bond - CCTV News - CCTV.com English