Chinese bank planning to set up office at DIFC

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, received at his court in Zabeel yesterday morning Shuqing Guo, Chief Executive of China Construction Bank, which is based in Beijing and is the world's second largest lender by market value.

Sheikh Maktoum exchanged views with Guo on overall economic and financial conditions, as well as regional and international efforts to restore confidence in the financial markets and banking sector, which have begun to recover.

The Chinese banker praised the spectacular urban progress being witnessed by the UAE in general and Dubai in particular, compared to what he saw during his previous visit to the UAE three years ago, stressing China's confidence in the state of the UAE economy and the banking sector.

Guo expressed his bank's interest in the UAE market, indicating that the bank will begin operational procedures for the opening of a regional branch at the Dubai International Financial Centre (DIFC), particularly since a large number of Chinese companies operate in the UAE. He said China Construction Bank is looking forward to providing services in the region as a whole. On his part, Sheikh Maktoum welcomed the Chinese banker and the delegation accompanying him, pointing out the visit will usher in a new era of relations between the banking sectors in both countries.

He commended the location of China on the global economic map, stressing that the UAE – Dubai in particular – is looking forward to furthering economic and financial co-operation with China.

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