The Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, on Monday announced it has strengthened ties with key strategic Chinese institutions on the sidelines of Abu Dhabi Crown Prince’s, Mohammed bin Zayed Al Nahyan, and his ministerial delegation’s visit to China.
The ADGM has entered new partnerships and agreements with the National Development and Reform Commission (NDRC), China National Nuclear Corporation (CNNC), and China Everbright Group, according to a press release.
Ahmed Ali Al Sayegh, Minister of State (UAE) and chairman of ADGM, said: “China and the UAE/Abu Dhabi have maintained a deep respect and support of each other for decades. These four collaborations underscore the key industries and sector strengths of both China and Abu Dhabi.
“We look forward to welcoming and working closely with NDRC, CNNC, China Everbright Group, OneConnect Financial Technology, and many more Chinese enterprises to anchor their MENA operations in ADGM and Abu Dhabi,” he added.
The ADGM has signed an agreement with OneConnect Financial Technology, a subsidiary of Ping An group, at the UAE-China Economic Forum in Beijing to promote cross-border FinTech opportunities in support of the Belt-and-Road initiative.
The ADGM has signed a memorandum of understanding (MoU) with China’s NDRC, upon which both entities will encourage Chinese and UAE enterprises to extend their presence in each other’s market and explore possible investment opportunities.
Moreover, the ADGM has also signed a cooperation agreement with CNNC. Through this agreement, the CNNC aims to establish a global treasury, investment, and financing centre in ADGM under its globalisation plans.
Furthermore, the ADGM has partnered up with China Everbright Group to develop a joint platform that focuses on “real industries development, financial and investments funds and related initiatives, innovation and technology-focused projects, and internationalisation of RMB products.”
Through these agreements, the ADGM aims at cementing the China-UAE collaborations and economic ties.
It is worth noting that Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces Mohamed bin Zayed has met the Chinese President Xi Jinping in Beijing on Monday.