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China establishes 1st state-owned firm in ADGM for Belt-and-Road initiative

China establishes 1st state-owned firm in ADGM for Belt-and-Road initiative
The Abu Dhabi Global Market

Abu Dhabi – Mubasher: The Abu Dhabi Global Market (ADGM) has approved the first Chinese state-owned financial services company to be established in ADGM and to provide strategic investment and financial support to Chinese enterprises as part of the Belt-and-Road initiative.

The announcement comes after a framework agreement was signed between the China-UAE Industrial Capacity Co-operation Demonstration Zone, led by the Jiangsu Provincial Government, and ADGM. It also follows a visit by Chinese President Xi Jinping to the UAE over the weekend.

The approval and operation of the state-owned Chinese firm will help bolster economic ties between China and the UAE.

Known as the Industrial Capacity Co-Operation Financial Group Limited (ICCFG), the Chinese state-owned financial services firm is the first of its kind to be approved by the Financial Services Regulatory Authority of ADGM, Abu Dhabi’s international financial centre said.

It added that ICCFG will conduct regulated activities including providing and arranging credit via the ADGM platform.

At ADGM, ICCFG will “offer a comprehensive suite of financial services to support the Demonstration Zone, Belt-and-Road initiative, and Chinese companies expanding in the region” and “serve as a platform to support the internationalisation of Renminbi for investment and financial projects in the Demonstration Zone,” the ADGM said in a statement.

The agreement was signed by China Jiangsu International chairman Bin Wang and ADGM chairman Ahmed Al Sayegh in Abu Dhabi.