ABU DHABI: Abu Dhabi and Beijing have initiated strategic steps to reinforce their financial ties.
Abu Dhabi Global Market (ADGM), one of the world’s leading international financial centres, has signed a Memorandum of Understanding (MoU) with the Beijing Financial Street Service Bureau to deepen financial collaboration and promote mutual industry growth.
The agreement, signed during Abu Dhabi Finance Week 2024, aligns with the broader UAE-China economic partnership and reflects both nations’ commitment to enhancing international connectivity.
This MoU, announced at the UAE-China Investment Summit presented by HSBC, builds on a long-standing relationship between ADGM and Beijing Financial Street.
Their partnership dates back to September 2018, when the first MoU was inked. It has since evolved through regular high-level exchanges, including a visit by Liu Dongwei, Mayor of Beijing’s Xicheng District, to Abu Dhabi in August 2024.
Bilateral relations
That visit resulted in a renewed consensus to strengthen bilateral relations, particularly in the financial sector. China’s Ambassador to the UAE, Zhang Yiming, highlighted the UAE’s role as a strategic gateway for Chinese enterprises expanding into the Middle East.
He described the new MoU as a step forward in fostering closer ties between Abu Dhabi’s and Beijing’s financial ecosystems, underscoring the growing trend of two-way collaboration in investment and industry promotion.
The agreement comes at a time when both countries are enhancing their economic ties. China is the UAE’s largest trading partner, with bilateral trade reaching over $125 billion in 2023.
Meanwhile, Abu Dhabi continues to position itself as a major global financial hub, with ADGM playing a key role in attracting international investment and partnerships.
Lu Wuxing, Director General of the Beijing Financial Street Service Bureau, stated, “This collaboration leverages the unique strengths of Beijing Financial Street as a National Financial Management Center and ADGM as an International Financial Center.
Cross-border business engagement
Through platforms such as the Financial Street Forum and Abu Dhabi Finance Week, we aim to enhance cross-border business engagement, foster industry exchange, and drive coordinated development.”
Salem Al Darei, CEO of ADGM Authority, emphasised the significance of the partnership: “This MoU reflects our shared vision of driving impactful collaboration between Abu Dhabi and Beijing. It underscores ADGM’s commitment to advancing Abu Dhabi’s position as a leading international financial hub while unlocking new opportunities for global partnerships.”