China-UAE Ties Strengthen with High-Level Delegate Visit to DIFC

Executive Vice-Mayor of Shanghai Welcomed by DIFC Governor H.E. Abdullah Mohammed Saleh

His Excellency Abdullah Mohammed Saleh, Governor of Dubai International Financial Centre (DIFC), Jeffrey H. Singer, CEO of DIFC Authority, and Ian Johnston, CEO of Dubai Financial Services Authority, welcomed a high-level delegation from China, headed by Tu Guangshao, Executive Vice-Mayor of the Shanghai Municipal People’s Government.

The delegation, which consisted of notable representatives from the Shanghai Municipal People’s Government and the Shanghai Municipal Foreign Affairs Office, reinforced the on-going collective effort from the UAE and China to build on increasing trade flows and partnerships between the two countries.

As China’s financial industry continues to demonstrate rapid development, the most recent visit to the Emirates served as an opportunity to discuss the successes and challenges of the region’s pre-eminent business and financial hub and explore the possibility of collaboration.

His Excellency Abdullah Mohammed Saleh, Governor of DIFC, commented:

“We have witnessed a distinct economic shift from the West to the East in recent years with a number of major global banks and financial institutions seeking prospects in the Middle East, Asia and Africa – as a result we have seen countries such as China begin to flourish.  China will, in turn, be able to harness the immense potential offered in the Middle East while using Dubai as a platform to access regional markets.”

“DIFC’s strategic geographical location has positioned the Centre as the ideal gateway to these emerging markets, but it is the relationships we have built over the last decade that continue to drive trade flows within them.  This visit has presented a great opportunity to discuss joint co-operation between Dubai and Shanghai and we look forward to developing this partnership further.”

Jeffrey Singer, CEO of DIFC Authority, commented:

“Since its establishment in 2004, DIFC has played an integral role in facilitating investment into and out of Asia, and we continue to do so in our capacity as a regional hub.  China’s trade with the UAE has increased by more than 35 per cent year-on-year, which has been reflected in the Centre, with the four largest Chinese banks now operating out of DIFC under the highest category of license.  Through consistent dialogue and knowledge sharing, we believe such visits are mutually beneficial and highly constructive for both markets.”

Ian Johnston, DFSA Chief Executive, commented:

“I am pleased that the Dubai Financial Services Authority has a strong relationship in place with our counterparts in the People’s Republic of China. Our Memoranda of Understanding with the China Banking Regulatory Commission and the China Securities Regulatory Commission reflect our on-going commitment to regulatory co-operation and dialogue on issues of mutual interest.