• Abu Dhabi Investment Office (ADIO) has officially signed a strategic agreement with CCB International, a subsidiary of China Construction Bank Corporation.
• The agreement, inked during Abu Dhabi Finance Week 2023, reflects the dynamic economic relationship between the UAE and China.
• ADIO and CCB International will concentrate on key sectors of mutual interest, including industrials, renewable energy, ICT, cloud computing, smart mobility, and e-commerce.
The Abu Dhabi Investment Office (ADIO) announced the signing of a strategic agreement with CCB International, an investment services company owned by China Construction Bank Corporation (CCB), to boost Chinese investment into the UAE capital, according to an official statement.
Signed during Abu Dhabi Finance Week 2023, the agreement will foster stronger collaboration to support Chinese companies expanding into Abu Dhabi and the Middle East and North Africa region.
Economic ties between the UAE and China continue to expand rapidly, with non-oil bilateral trade growing by 18% in 2022 to $72 billion.
The agreement between ADIO and CCB International will boost further trade by enabling investment and joint venture opportunities between Chinese and Abu Dhabi corporates and by facilitating fund-raising and dual or secondary listings of Chinese companies in the Abu Dhabi Securities Exchange (ADX), and vice versa.
Badr Al-Olama, Director General of ADIO, said: “ADIO’s strategic agreement with CCB International marks a significant milestone in fostering investment between China and Abu Dhabi.
“This collaboration will unlock new commercial opportunities that will benefit both markets and elevate our economic ties to new heights,” Al-Olama added.
ADIO and CCB International will focus on supporting companies in key sectors of shared interest, such as industrials, renewable energy, ICT, cloud computing, smart mobility, and e-commerce.
As part of the agreement, ADIO will identify, screen, and facilitate opportunities for Chinese companies with the Abu Dhabi IPO Fund (ADIPOF) that meet the eligibility requirements to list on the Abu Dhabi Exchange.
Mitchel Seah, CEO of CCB International (Singapore) Pte. Ltd., said “Being one of the first Chinese investment services groups to sign a memorandum of understanding with ADIO, we are extremely excited at the opportunity to promote the development of “The Belt and Road” initiative and to deepen the financial cooperation between China and the UAE.”
CCB International provides a full range of investment services for companies who are listed or looking to list and throughout the whole IPO process.
ADIO, which opened an office in Beijing in 2021, has strong links with Chinese companies. In October, ADIO announced that China’s Neta Auto, Hozon Auto’s electric vehicle (EV) brand, will conduct research and testing of smart car technologies supported by Abu Dhabi’s new Smart and Autonomous Vehicles Industry (SAVI) cluster.
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