China, UAE ties span a wide range

Finance

China’s four largest banks in terms of total assets – Bank of China, Agricultural Bank of China (ABC), Industrial and Commercial Bank of China, and China Construction Bank Corporation – have successfully upgraded their banking licenses from being subsidiaries to becoming fully fledged branches in the Dubai International Financial Centre (DIFC), which is home to 180 banks and 195 asset management companies from across the globe.

And last year, ABC was designated an RMB clearing bank in Dubai – one of the few destinations selected worldwide.

The DIFC, which is also home of two markets - the Nasdaq Dubai and the Dubai Mercantile Exchange, is the biggest banking free zone in the Middle East.

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