UAE signs MoU with China to receive financial services in industrial zone

DUBAI, Dec. 13 (Xinhua) -- The United Arab Emirates' (UAE) Khalifa Industrial Zone Abu Dhabi (KIZAD) announced on Wednesday a Memorandum of Understanding (MoU) with China's lender Bank of China Abu Dhabi Branch for banking services in the industrial zone.

The MoU will "mutually promote services for the benefit of both entities customers" in the UAE and abroad, UAE state news agency WAM reported.

The report said that banking services included loans, trade financing, international trade settlement and clearing in the local currency, dirham, to Chinese, international and local companies investing in KIZAD, said the report.

Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports, said "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 Branch hailed the UAE as one of the most important countries in building the Belt and Road Initiative.

"Both the UAE and China are working together to coordinate their strategies," Gao added.

The bilateral trade between China and the UAE reached a total of 170.2 billion dirhams (46.37 billion U.S. dollars) in 2016, which made China the biggest trade partner of the UAE for the third consecutive year, according to UAE Ministry of Economy. Enditem