China’s CICC plans UAE, Saudi expansion as Xi builds Middle East ties 

CICC has about five to six people in its Middle East offices serving the entire region with a mix of Chinese and regional staff. 
Chinese President Xi Jinping (R) invites Saudi Arabia's King Salman bin Abdul-Aziz Al Saud (L) to view an honor guard during a welcoming ceremony inside the Great Hall of the People, Beijing, China, March 16, 2017.
Chinese President Xi Jinping (R) invites Saudi Arabia's King Salman bin Abdul-Aziz Al Saud (L) to view an honor guard during a welcoming ceremony inside the Great Hall of the People, Beijing, China, March 16, 2017. - Lintao Zhang/Getty Images
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Salim A. Essaid
@salim_a_essaid

DUBAI — China International Capital Corporation (CICC) plans to expand its reach in the United Arab Emirates (UAE) and Saudi Arabia, as China’s ties with the Middle East grow politically and economically in the Gulf region. 

Barry Chan, the broker’s Asia and Australia head, said the investment bank already has two offices set up and is working to obtain the licences necessary to perform financial service activities, Bloomberg reported Thursday.

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