Abu Dhabi and Beijing Forge Strategic Partnership to Boost Financial Ties

Post by : Elena Malik

Photo : WAM

During Abu Dhabi Finance Week 2024, which took place alongside the UAE-China Investment Summit, Abu Dhabi Global Market (ADGM) signed a Memorandum of Understanding (MoU) with the Beijing Financial Street Service Bureau. This partnership aims to strengthen financial connections between Abu Dhabi and Beijing.

The MoU focuses on both cities working together in areas like international development and business growth. It also aims to help Beijing Financial Street and ADGM grow and succeed by building stronger links between the two financial centers.

Zhang Yiming, the Chinese Ambassador to the UAE, spoke about the agreement. He said that it would improve the relationship between Abu Dhabi and Beijing and make the UAE an important place for Chinese businesses wanting to enter the Middle East. Zhang also mentioned that this partnership shows the growing cooperation between the financial systems of both cities.

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This MoU builds on a relationship that started back in September 2018 when the first MoU was signed between the Beijing Financial Street Service Bureau and ADGM. Most recently, in August 2024, Liu Dongwei, the Mayor of Xicheng District in Beijing, visited Abu Dhabi with a group of officials. During this visit, both sides agreed to work even more closely together, which led to the new MoU.

Lu Wuxing, the Director General of the Beijing Financial Street Service Bureau, said that this partnership would use the strengths of both cities. He explained that by working together at events like the Financial Street Forum and Abu Dhabi Finance Week, both cities can help businesses exchange ideas, encourage companies to set up in both places, and help each city grow its financial sector.

Salem Al Darei, the CEO of ADGM, also spoke about the agreement. He said, “This MoU shows our shared goal of working together to create valuable partnerships. It will help us work more closely and open up new opportunities between the financial systems of Abu Dhabi and Beijing. It also supports ADGM’s role in building global partnerships and making Abu Dhabi a top financial center.”

This MoU is an important step in strengthening the economic relationship between the UAE and China, especially in the financial sector. Both sides are committed to finding new ways to work together, grow their industries, and help businesses succeed in both countries.

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