Abu Dhabi: Bank of China will provide banking services such as loan, trade financing and international trade settlement to Chinese, international and local companies investing in Khalifa Industrial Zone Abu Dhabi (Kizad).
Bank of China, which is China’s fourth largest bank by assets has signed an agreement with Kizad in this regard, according to a statement from Abu Dhabi ports.
“The UAE is one of the most important countries in building the One Belt One Road initiative. Both the UAE and China are working together to coordinate their strategies. Bank of China Ltd, Abu Dhabi is already the exclusive financial institution of the China-UAE Industrial Capacity Cooperation Construction Management Co Ltd. We are looking forward to developing more opportunities to support the local economy of the UAE, including the development of Kizad,” said Gao Xiaoming, General Manager of Bank of China Ltd, Abu Dhabi.
Since the visit of His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to China in 2015, the relationship between the two countries has strengthened in a number of areas, most notably in economic and trade relations.
Today, China is the UAE’s second largest trading partner and the biggest exporter to the UAE. The UAE is considered a gateway to about 60 per cent of China’s exports to regional markets.
Over the past year, Abu Dhabi Ports has signed several agreements with Chinese companies such as Cosco Shipping Limited and the China-UAE Industrial Capacity Cooperation Construction Management Co Ltd, a company recently established by the Jiangsu Provincial Overseas Cooperation and Investment Company Limited (JOCIC) to occupy and develop approximately 2.2 square kilometres of the available free zone space in Kizad’s newly allotted Khalifa Port.