Four Chinese banks call DIFC home, with two more in the pipeline
The value of Chinese assets registered at the Dubai International Financial Centre (DIFC) have gone up over 30 percent from $25.6 billion at the end of 2016 to $33.4 billion by the end of Q3 2017, according to DIFC Governor Essa Kazim.
Chinese institutions accounted for 22 percent of the total assets at DIFC by the end of Q3. In 2014, Chinese assets totalled $11 billion.
At the moment, DIFC is home to four of China’s largest banks: Bank of China, Agricultural Bank of China, China Construction Bank Corporation and ICBC.
According to Kazim, two more Chinese banks have expressed interest in basing themselves in DIFC, saying that they “are in the pipeline.”
DIFC CEO Arif Amiri added that “there is a lot of depth happening at the centre, which is in line with its strategy.”
“We are in dialogue with the Chinese markets and we continue to maintain contact with them,” he added.
Notably, for the first time in its history, DIFC released the results of its review in Mandarin, in addition to English and Arabic.
Kazim said the strong performance of Chinese institutions at DIFC is a reflection of DIFC’s strong relationship with its “core” – the South-South corridor extending from Latin America through the Middle East and East Asia.
“Nearly 50 percent of activity is generated from this core,” he said.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.