Economic council to boost ties with China Bank to support Dubai’s projects

The Dubai Economic Council (DEC) has expressed keenness to strengthen its relations with the China Development Bank (CDB) to support Dubai's infrastructural projects.

This came during a meeting of Hani Al Hamli, Secretary-General of the Dubai Economic Council (DEC) with a delegation from the China Development Bank (CDB), led by Zhang Daoyang, General Manager of CDB Ningxia Branch. The meeting was attended by DEC executive staff, including Giovanni Carpenzano, Investment Director at DEC.

On the occasion, Al Hamli highlighted the latest developments in Dubai's economy and the bilateral relations between the UAE and China, expressing the DEC's keenness to strengthen these relations. "The visit comes in terms of strategic partnership agreement signed between the two parties at the bank's headquarter in Beijing in 2013 where the DEC supports the bank in finding trade finance opportunities in a variety of areas such as infrastructure," he said.

According to him, the prospective strategic collaboration between the DEC and CDB covers a spectrum of services which includes: exchanging experiences, sharing knowledge and data, expand the debate and research on various economic issues, as well as the significant role that CDB can play in financial services provision in Dubai. "Such a partnership would maintain the strong bilateral relations that Dubai has with its Chinese counterparts and its continued efforts in strengthening trade and economic ties," Al Hamli stated.

"Given the great significance of CDB in China and in many countries worldwide, we are confident that the bank can play a critical role in financial industry in Dubai," he said, expressing the DEC's keenness to have a representative branch of CDB in Dubai in order to provide relevant finance to public entities in the way that boosts the economic growth of the emirate. "CDB can provide financial and advisory services to the strategic and mega development projects embraced by the government of Dubai," he added.

Zhang Daoyang, General Manager of CDB Ningxia Branch expressed his gratitude to the DEC for their lead role in facilitation of CDB cooperation with local departments concerned in Dubai. He also stressed that Dubai is a key point in the Chinese Silk Road map namely One Belt One Road Initiative which builds links, to strengthen influence.

It was announced by the Chinese government in 2013, the ‘One Belt, One Road' strategy aims to re-establish ancient land and maritime trade routes across the Eurasian continent, putting China at the hub. It promotes infrastructure development and trade across the region and will help China strengthen its influence in global economic whilst deepening regional economic cooperation. It also allows China to export its technologies and oversupplied capacity.

Zhang Daoyang threw light on "One Belt One Road" initiative, saying it's a development plan, and a diplomatic strategy.

The world's attention was drawn to the "One Belt One Road" initiative expounded by President Xi Jinping when he announced the establishment of the US$40bn Silk Road Fund at the APEC Economic Leaders' Meeting on 11th November 2014. The new Silk Road of the Silk Road Economic Belt (One Belt) will begin in Xian (Shaanxi, China), then traverse Central Asia and Europe and end in Venice (Italy) where it will meet the 21st Century Maritime Silk Road (One Road). The 21st Century Maritime Silk Road will begin in Quanzhou (Fujian, China), then head south passing through the Malacca Strait to reach Nairobi (Kenya), and finally turn north for Venice. The initiative aims to realise economic cooperation through interconnection among the countries by linking transportation infrastructures, deploying port resources and facilitating convenient transport.

The CDB's delegation was comprised of Liang Wen, Manager, CDB Ningxia Branch, Zhang Dawei, Manager, CDB Ningxia Branch, Ms. Wang Xuping Deputy Manager, CDB Ningxia Branch. Zhao Hui, Deputy team leader of CDB UAE working team and team members Chen Ran, Mr.Qi Tao were also part of the delegation.