During State visit of Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al Nahyan to China, Abu Dhabi Global Market (ADGM) the International Financial Centre in Abu Dhabi signed several agreements with a number of Chinese Institutions during the China-UAE Economic Forum held in Beijing on July 22, 2019.
The Agreements where signed in presence of Chinese President Xi Jinping and His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi & Deputy Supreme Commander of the UAE Armed Forces.
The New Partnerships and agreements are with the National Development and Reform Commission (NDRC), China National Nuclear Corporation (CNNC), and China Everbright Group.
As part of the visit, Abu Dhabi Securities Exchange – ADX also signed a new agreement with One Connected Financial Technology Company, a subsidiary of Ping An Group, to enhance opportunities for cooperation in the field of financial technology and support for the Belt & Road Initiative.
The new partnerships are part of Abu Dhabi’s commitment to promoting sustainable economic ties and bilateral projects between China and the UAE. These partnerships are a reflection of the market’s efforts to attract strategic partners in China, which began since the opening of its representative office in Beijing in May 2018.
“China & UAE have always shown mutual respect and support over the past decades” H.E. Ahmed Ali Al Sayegh
“China and the UAE have always shown mutual respect and support over the past decades,” said H.E. Ahmed Ali Al Sayegh, UAE Minister of State & Chairman of the Board of Directors of the Abu Dhabi Global Market.
Highlighting the key sectors and strengths of both China and Abu Dhabi, as part of its role as an international financial centre, will continue to play its role in creating sustainable investment opportunities between the two countries, as well as continuing to support the initiative “Belt & Road”.
We look forward to working with the National Development and Reform Commission, the China National Nuclear Corporation, the China Everbright Group, OneConnect Financial Technology and other Chinese enterprises to expand in the Middle East and North Africa region through the Abu Dhabi Global Market and Abu Dhabi as a whole.
Details of New Agreements & Partnerships:
National Development & Reform Commission (NDRC)
Under the Memorandum of Understanding, the National Development and Reform Commission and the Abu Dhabi International Market will work together to encourage and support Chinese and UAE institutions to increase their presence in the two countries’ markets and explore investment opportunities.
Among these initiatives, the two institutions plan to study and establish an investment and financial centre for the “Belt & Road” Initiative, serving and supporting key projects and initiatives between China and the UAE.
The National Development and Reform Commission of the People’s Republic of China, formerly known as the International Planning Commission and the International Planning and Development Authority, is a macro-economic management agency operating under the umbrella of the Council of the Republic, which has extensive administrative and planning powers over the country’s economy.
China National Nuclear Corporation (CNNC)
Abu Dhabi International Market (ADX) and China National Nuclear Corporation (CNPC) have entered into a cooperation agreement aimed at enhancing the company’s global expansion plans, including the establishment of a global treasury, investment and finance centre in the Abu Dhabi Global Market, taking advantage of the regulatory framework and business environment.
Both parties are keen to facilitate the “Belt & Road Initiatives” in the UAE, the Middle East and North Africa as a whole, as well as providing more support to international companies and businesses associated with the CNPC through this centre.
By strengthening its relationship with the Abu Dhabi Global Market, the China National Nuclear Corporation aims to strengthen the nuclear energy sector and develop its global infrastructure and equipment manufacturing processes.
The agreement was signed by Mr. Yu Jianfang, Chairman of the National Nuclear Corporation of China and HE Ahmed Ali Al Sayegh, Minister of State and Chairman of the Abu Dhabi Global Market.
The China National Nuclear Corporation is one of the largest government institutions in the Chinese Republic and is directly administered by the central government.
The Foundation has successfully built the first nuclear power plant in the mainland of China, established a comprehensive framework for the nuclear technology sector, and is an integral part of China’s national nuclear technology sector and is engaged in the major construction of China’s nuclear infrastructure.
In addition, the Foundation plays a prominent role in the economic and social development of China.
China Everbright Group
China Everbright and the Abu Dhabi International Market will develop a common platform that will focus on key areas such as the development of key sectors, funds and financial and investment initiatives, innovation and technology projects as well as the internationalisation of Chinese Renminbi products and services.
To develop and promote the “Belt and Road Initiative” and the China-Middle East and Africa relations. The China Everbright Group will open its office in the Abu Dhabi Global Market and work with the Center to strengthen its broad portfolio of businesses in Abu Dhabi and the wider Middle East and North Africa region in order to provide the best level of service to its customers and stakeholders.
The agreement was signed by Mr. Li Xiaoping, Chairman of the China Everbright Group and UAE Minister of State and Chairman of the Board of Directors of the Abu Dhabi Global Market Ahmed Ali Sayegh.
China Everbright Group is one of the largest comprehensive financial contributor groups in China with total assets exceeding RMB 5 trillion. The group has 14 listed companies both in China and abroad. The group ranked 322 on the Fortune 500 list in 2018.
The China Everbright Group seeks to elevate its position to become a globally competitive global financial group and to develop a group of sub-companies active in key areas such as wealth management, asset management, investment banking, environmental protection, tourism, healthcare, technological innovation.
The Group aims to achieve its objectives by leveraging its strengths in the overall financial services sectors, integrating sectoral financial services and cooperation between the mainland and Hong Kong.
One Connected Financial Technology Company
One Connected Financial Technology Company,a subsidiary of Ping An Group has entered into a partnership agreement with Abu Dhabi International Bank has as part of the efforts of the two parties to promote the stable development of mutual trade activities through cooperation in the field of e-commerce, in order to promote the innovation of financial technology and support the system enabling tools and business opportunities in China and UAE.
Under the agreement, One Connected Financial Technology and Abu Dhabi Global will assist the Chinese financial technology community to benefit from the Abu Dhabi Global Market as a platform to develop, test and launch financial technology products and services in the Abu Dhabi and MENA markets under the ” Belt & Road.”
One Connected is part of the Ping An Group, one of the largest financial institutions in the world by market value. One Connected has the largest base of financial institution customers among China’s “technology as a service” platforms. The company has also established a presence in Southeast Asia, serving the largest financial institutions and government agencies in the region.
Abu Dhabi Global Market Highlights the “Belt & Road Initiative”
The Abu Dhabi Global Market is committed to promoting cross-border communication and new opportunities between the two economies. The Abu Dhabi Global Market opened its office in Beijing, capital of the People’s Republic of China, in May 2018.
The Abu Dhabi Global Market was keen to establish partnerships between key regulators and institutions operating in the financial and economic sectors, including PBOC, (CBIRC), the China Securities Regulatory Commission (CSRC), the Jiangsu Provincial Government, the Hainan Provincial Government, the Shanghai Stock Exchange, the Chinese Council for the Promotion of International Trade (CCPIT) and the Asian Financial Cooperation Association to name a few.
Through its strategic position, Abu Dhabi Global Market will further deepen cooperation within the framework of the Belt and Road Initiative and strengthen cooperation in all areas of the comprehensive strategic partnership.
The Abu Dhabi Global Market operates with key economic centres in China across a range of sectors, and the China Office of the Market assists Chinese SMEs and enterprises wishing to expand their presence in Abu Dhabi and the wider Middle East and North Africa region.