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.
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.
“We want to show our commitment that we are in this region for the long haul, instead of flying in-and-out for several days carrying a suitcase,” Chan told the news agency. He said that the bank wants to build an ongoing relationship with countries in the Arab world. CICC has about five to six people in its Middle East offices serving the entire region with a mix of Chinese and regional staff, he said.
Chan said the Middle East is a relatively new, large and untapped market for Hong Kong financiers. A benefit to their expansion in the region, he explained, is that regional firms that are targeting Chinese markets or investors are more likely to engage with Hong Kong investors.
