Chinese financial institutions deepen partnership with UAE

Memoranda of understanding (MoUs) were signed between the government of Ras Al Khaimah and two Chinese financial institutions — Bank of China and the Industrial and Commercial Bank of China (ICBC) — on Wednesday in Ras Al Khaimah of United Arab Emirates, in an effort to strengthen economic ties and promote strategic cooperations between Ras Al Khaimah and China.

The implementation of the MoUs is expected to reinforce Ras Al Khaimah's position as a competitive destination for Chinese investment and deepen institutional links between the two economies.

The agreements reflect Ras Al Khaimah's steadfast commitment to deepening economic partnerships with key global markets and advancing a vision of sustainable, diversified growth, according to Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council member and ruler of Ras Al Khaimah.

"Our collaboration with leading Chinese institutions underscores the strength of our shared ambitions to drive innovation, facilitate investment, and strengthen the bonds between our peoples," Sheikh Saud said during the signing ceremony.

Under the agreement with Bank of China (Dubai) Branch, both sides will promote investment in priority sectors including manufacturing, logistics, ports, and renewable energy, while strengthening institutional connectivity and people-to-people exchanges. The partnership will also facilitate capital flows, support Chinese companies setting up operations in Ras Al Khaimah and deepen economic ties with China.

Meanwhile, the MoU with ICBC Dubai Branch sets a framework to boost bilateral trade and investment flow, enhance financial cooperation, and develop financing solutions for Ras Al Khaimah's long-term growth. It will also promote cooperation among government bodies, investment agencies, and private-sector stakeholders to support joint ventures and strategic partnerships with leading Chinese companies.