The UAE’s international financial centre has confirmed the first steps of a deal with the Shanghai Stock Exchange that will boost bilateral trade between the two regions, Reuters reports.
Officials from the Abu Dhabi Global Market (ADGM) and the Shanghai Stock Exchange signed a memorandum of understanding to begin the deal.
Richard Teng, head of ADGM’s Financial Services Regulatory Authority, said regarding the matter: “At ADGM, we have the international platform to serve different kinds of enterprises and investors – global, regional and local – seeking exposure to the Middle East and North Africa and Belt and Road projects,” referring to Beijing’s ambitious global infrastructure project.
Chinese trade and investment in the gulf region has been on the rise in recent years. In 2016 the UAE and China traded $46 billion, much of which came from oil exports.