Khalifa Industrial Zone Abu Dhabi, KIZAD, today announced the signing of an MoU with Bank of China (Abu Dhabi Branch) to mutually promote their services for the benefit of both entities’ customers in the UAE and abroad.

Under the terms of the agreement and in the context of the projects to be developed in line with China’s ‘Belt and Road’ and ‘Maritime Silk Road’ initiatives, Bank of China in Abu Dhabi will provide banking services such as loan, trade financing, international trade settlement and AED clearing to Chinese, international and local companies investing in KIZAD.

The announcement took place during a business roadshow to Shanghai and Guangzhou to discuss opportunities for Chinese companies looking at investing in KIZAD and Khalifa Port FTZ the largest free zone in the Middle East.

Commenting on the significance of the agreement, Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports, said, "We are pleased to have signed a MoU with one of the largest banks in China and in the world. We are confident that by working together we can support local, regional and international companies to make the most of their investments in the UAE and, in particular, in KIZAD."

Gao Xiaoming, General Manager of Bank of China - Abu Dhabi, added, "The UAE is one of the most important countries in building the One Belt One Road initiative. Both the UAE and China are working together to coordinate their strategies. Bank of China - Abu Dhabi is already the exclusive financial institution of the China-UAE Industrial Capacity Cooperation Construction Management Co. We are looking forward to developing more opportunities to support the local economy of the UAE, including the development of KIZAD."

Since the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to China in 2015, the relationship between the two countries has strengthened in a number of areas, most notably in economic and trade relations. Today, China is the UAE’s second largest trading partner and the biggest exporter to the UAE. The UAE is considered a gateway to about 60% of China’s exports to regional markets.