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ADGM: 07 August 2024
In its ongoing commitment to bolster Abu Dhabi’s global position and bilateral relations, ADGM, the international financial centre of the UAE capital, recently concluded a series of high-level engagements in China and participated in the Shanghai Investment Summit, organised by the Abu Dhabi Investment Office (ADIO) and attended by 200 industry and financial executives from China and Hong Kong.
The roadshow covered Shanghai and Hong Kong, featuring the announcement of a new trade forum – ‘The UAE-China Summit presented by HSBC’, slated to be one of the sub-events of the upcoming edition of Abu Dhabi Finance Week (ADFW) in December.
"The UAE-China Summit presented by HSBC’" will mark 40 years of diplomatic relations between the UAE and China, which aim to explore bilateral trade and investment opportunities further and drive the cultural exchange between both countries.
The series of roadshows, initially planned for three days, were extended to five days to accommodate the unprecedented demand for bilateral meetings and discussions. These meetings aimed to showcase Abu Dhabi’s economic opportunities and investment potential as the ‘Capital of Capital,’ and ADGM’s value proposition as the region's fastest-growing international financial centre.
Over 75 major financial institutions, including private equity firms, hedge funds, asset managers and family offices from Hong Kong and China actively engaged in strategic discussions with ADGM’s Leadership, including representatives from the Financial Services Regulatory Authority (FSRA) of ADGM and other key ADGM executives. Discussions spanned cross-border regulatory cooperation with the Hong Kong Monetary Authority, expansion plans in Abu Dhabi for various Hong Kong and Chinese firms, and strategies to enhance liquidity in each other's capital markets.
Arvind Ramamurthy, Chief of Market Development at ADGM said, "The enthusiastic response we received during the China and Hong Kong roadshows underscores Abu Dhabi’s growing international recognition. Along with ADGM, ADFW has been playing a pivotal role in carrying Abu Dhabi’s ‘Falcon Economy’ across global borders. The demand in the Chinese subcontinent is unprecedented, and both Abu Dhabi and ADGM are ready to embrace these opportunities, further strengthening the 40-year diplomatic relations between our strategically important nations."
Mohamed Al Marzooqi, Chief Executive Officer, UAE, HSBC Bank Middle East said: “Over the last decade, bilateral investment between the UAE and China has reached billions of dollars, with the UAE's non-oil trade with China reaching USD81 billion in 2023. As Abu Dhabi’s multi-year transformation plans accelerate and China’s pro-business policies bolster its status as a giant in international trade, and a global leader in renewables, we foresee a surge in both inbound and outbound business opportunities along the corridor. Our long-standing presence in both countries, extensive expertise and international network position us well to support businesses and institutions seeking to capture investment and financial flows along these two dynamic markets.”
In addition to finance, other prominent sectors such as healthcare, infrastructure, and construction acknowledged the exponential growth opportunities within Abu Dhabi. Companies in these sectors expressed strategic plans to expand their business operations in the emirate, with several firms already confirming their expansion plans into Abu Dhabi’s international financial centre.
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