Abu Dhabi Ports to offer financial services to Chinese investors

Partnership with the Industrial and Commercial Bank of China aims to ease doing business for companies from China at Kizad

Kizad, a subsidiary of Abu Dhabi Ports cuts fees for over 75 per cent of its services. Courtesy Abu Dhabi Ports

Abu Dhabi Ports is partnering with a Chinese bank and investment body to provide financial services to companies from China setting up in its free zone and streamline business processes to help attract foreign investment to the emirate.

The ports company signed a five-year agreement with the Industrial and Commercial Bank of China (ICBC), the world's biggest by assets, and Jiangsu Provincial Overseas Co-operation Investment Company (JOCIC) that will make it faster for Chinese companies to do business at Khalifa Industrial Zone Abu Dhabi (KIZAD), it said on Saturday.

"Improving the ease of doing business in the emirate for both our current and future clients is a top priority for Abu Dhabi Ports," said Falah Al Ahbabi, chairman of Abu Dhabi Ports. "Our agreement with ICBC is another successful achievement of these efforts, since navigating finance and banking can be a major obstacle for firms looking to enter into a new market."

Abu Dhabi rolled out a Dh50 billion economic stimulus package last year, under which the emirate reduced the cost of business fees to attract foreign investors, create jobs for nationals and improve the standard of living. Chinese companies are increasingly seeking opportunities in the Arabian Gulf as the Asian country seeks to expand overseas with its ambition to rebuild the Silk Road.

The preliminary agreement was signed during a state visit by Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to China.

The agreement builds on earlier partnerships between Abu Dhabi Ports and JOCIC to attract Chinese investors to Kizad.

ICBC, through its branches in Abu Dhabi and Jiangsu, will provide services for companies setting up at Kizad by becoming a preferred banking partner of Abu Dhabi Ports and JOCIC, the ports company said.

The three organisations will facilitate meetings between companies and the bank to help it customise its products and services, making it quicker and easier for businesses to start up in Kizad, the Abu Dhabi Ports said. ICBC will also raise awareness of Kizad among clients in China and across other markets.

Wang Bin, chairman of JOCIC, said the UAE's strategic location and business-friendly environment has attracted Chinese investment into the country.

“This makes the UAE both an important platform for Chinese enterprises looking to enter Europe and Africa, and a critical gateway through which European and African enterprises can explore the Chinese market," Mr Wang said.