China To Set Up a Financial Firm in UAE’s Abu Dhabi
China will be setting up a state-owned financial service firm in United Arab Emirates (UAE) Abu Dhabi's financial hub. This firm will provide lending facilities to Chinese companies operating in the emirate's industrial zone.
Abu Dhabi Global Market (ADGM) stated that the company has been approved by its Financial Services Regulatory Authority for conducting the regulated activities of offering and arranging credit through the ADGM platform.
According to the reports, the firm aims to provide strategic investment and financial assistance to Chinese enterprises as a part of the Belt and Road Initiative.
East China's Jiangsu provincial government-owned ‘The Industrial Capacity Co-operation Financial Group Limited’ (ICCFG) will be the very first of such Chinese financial services firm...