Abu Dhabi Global Market has signed a memorandum of understanding with Beijing Financial Street Service Bureau during Abu Dhabi Finance Week 2024, on the sidelines of the UAE-China Investment Summit presented by HSBC.
ADGM said in a statement on 13 December that this strategic agreement "reinforces the mutual commitment to fostering connections, particularly in the areas of international development and industry promotion, further advancing the growth of Beijing Financial Street and ADGM".
The MoU signing, formally announced by H.E. Zhang Yiming, ambassador of China to the UAE, highlighted the UAE’s role as a gateway for Chinese enterprises in the Middle East and the growing trend of two-way collaboration. H.E. Zhang emphasized the significance of this agreement in enhancing bilateral exchanges and fostering stronger ties between Abu Dhabi and Beijing’s financial ecosystems.
The statement further said the strategic partnership builds on a strong foundation established in September 2018, when the first MoU was signed between Beijing Financial Street Service Bureau and ADGM’s Financial Services Regulatory Authority. Most recently, in August 2024, Liu Dongwei, Mayor of Xicheng District, Beijing, led a delegation to Abu Dhabi, resulting in a consensus to further strengthen bilateral relations.
Lu Wuxing, director general of Beijing Financial Street Service Bureau, said: “This collaboration leverages the unique strengths of both parties. Through platforms like the Financial Street Forum and Abu Dhabi Finance Week, we aim to enhance industry exchanges, encourage cross-border business establishment, and drive the coordinated development of Beijing as a National Financial Management Center and Abu Dhabi as an International Financial Center”.
Salem Al Darei, CEO of ADGM Authority, said, “This MoU reflects our shared vision to drive impactful collaboration, paving the way for deeper engagement and unlocking new opportunities between Abu Dhabi and Beijing's financial ecosystems. It reaffirms ADGM’s commitment to fostering global partnerships and advancing Abu Dhabi’s position as a leading international financial hub.”
Mohamed Al Marzooqi, CEO, UAE, HSBC Bank Middle East, said: “We are delighted to have facilitated this partnership between ADGM and Beijing Financial Street Service Bureau, which marks a significant step in enhancing investment flows between the two financial hubs. With a robust presence in both the UAE and China, and our far-reaching global network, HSBC is well placed to drive growth by connecting businesses and institutions with emerging opportunities in these rapidly evolving markets.”
