Chinese banks set up offices at Dubai International Financial Centre

About 8 banks from China now have locations in the financial centre.

Banks in China are setting up shop at the Dubai International Financial Centre (DIFC).

In November, the Bank of Communications opened its regional headquarters in the DIFC, joining China’s largest banks: Agricultural Bank of China, Bank of China, and the Industrial and Commercial Bank of China (ICBC).

Other Chinese banks which have locations at the DIFC are the China International Capital Securities Limited, CIMB International Securities Limited, Construction Bank of China, and SINOSURE.

Outside of banks, Chinese companies with an office at the DIFC include CNPC, Li Auto, NIO, Sinopec, State Grid Corporation of China, Terminus, and ZTE.

The expansion to Dubai comes as Chinese banks ramp up their business operations in the market. Over $22b in debt has been listed on Nasdaq Dubai by Chinese issuers, the DIFC said in a press release.

Chinese banks are also actively issuing bonds on Nasdaq Dubai, including green bonds, with proceeds being used for renewable energy, seawater desalination, clean energy and transportation projects in the UAE and the wider region.

In the first half of 2024, China announced 25 FDI projects in Dubai, totalling $122m in investments.

Wealth and asset managers from China are also reportedly looking to expand into Dubai. Recently the DFSA, in association with the Alternative Investment Management Association (AIMA), co-hosted a familiarisation visit for Chinese wealth and asset management firms who are looking to establish a presence in DIFC.