DIFC Strengthens Ties with China Through Strategic Partnership with Chengdu

MoU supports bilateral relations and encourages investment between Chengdu and Dubai

The Dubai International Financial Centre ("DIFC"), the financial and business gateway between the Middle East and the world, announced today that it has signed a Memorandum of Understanding ("MoU") with the Chengdu Financial City Investment and Development Co. ("CFCID") on Thursday, June 16, 2011. The MoU supports banking and financial bilateral relations, and encourages investment between the Chinese region of Sichuan and Dubai, the United Arab Emirates ("UAE"). The agreement underlines the commitment of DIFC and CFCID to promoting their respective regions' as international business and economic hubs.

The MoU was signed by Dr. Nasser Saidi, Chief Economist and Head of External Relations of the DIFC Authority, and Mr. Fang Zhao, General Managerof CFCID, following a seminar with government authorities and the financial and banking community in Chengdu. Also present at the seminar and MoU signing was Her Excellency Noura Jumaa, the UAE's Consul General to Shanghai.

Dr. Saidi said: "Chinese and Far-Eastern firms were among the first firms to establish in DIFC and our historical ties lie deep. Importantly, CFCID and DIFC are both committed to supporting and facilitating the development of our respective regions, which is what makes this partnership such an exciting venture. With a rapidly growing financial centre and world-class infrastructure, Chengdu is the gateway to Western China and the region's logistics hub. I am confident that we will see a number of new business and investment opportunities come to fruition as a result of this agreement in the near future.

"The signing of this MoU will further develop banking, financial and investment relations, as well as capital flows between Chengdu and Dubai. We aim to help Chengdu build its financial centre by supporting it with the DIFC's experience. As a global financial centre, DIFC is increasingly oriented towards the promising opportunities in Chinese emerging market. We are proud to be CFCID's partner and gateway into the GCC and wider Middle East region."

China is an increasingly dominant trade partner of the UAE - total trade reached $25.6 billion in 2010. Furthermore, over 3,000 Chinese companies and 200,000 Chinese expatriates are based in the UAE.

Ms. Yan Jing, Director of the Financial Services Office of Chengdu, said "This MoU will raise investors' awareness of potential opportunities between not just Chengdu and Dubai but also the whole of China and the Middle East North Africa region. Both sides will endeavour to provide access to their financial and business communities so that the benefits of these opportunities can be maximised."

The signing of the MoU also sees the DIFC and CFCID enhance efforts to collaborate on education, and research related programs. DIFC already has a number of world-class institutions which build banking and financial human capital for the region, but this partnership also aims to attract specialised Chinese universities, institutes, companies and government offices to the Centre. DIFC and CFCID will also explore the scope for internship and secondment programmes between DIFC and Chengdu based organisations.