Dubai reported a surge in interest from Chinese financial firms and multinational companies in 2024.
The top five Chinese banks, including Bank of China and ICBC, now operate in the Dubai International Financial Centre, collectively contributing over 30% of its banking and capital market assets, according to a 17 December release.
Bank of China opened its regional headquarters in the region in November. In the same month, China’s Ministry of Finance listed $2bn in bonds on Nasdaq Dubai, adding to over $22bn in Chinese-issued debt.
‘DIFC has become the financial centre of choice for Chinese entities within the finance sector as well as multinational companies,’ said Arif Amiri, CEO of DIFC Authority.
DIFC is home to over 45 Chinese corporates, such as Sinopec and ZTE, as well as a rising number of wealth and asset management firms. Dubai’s trade with China reached $81bn in 2023, projected to hit $200bn by 2030, reflecting deepening economic ties.
Amiri said the infrastructure and regulatory framework provides Chinese businesses a strategic platform to support their growth and expansion in the Middle East, Africa, and South Asia.
The Dubai Financial Services Authority (DFSA), which oversees DIFC, has noted a rise in licensing applications from Chinese financial firms.
In a bid to support this growth, the DFSA recently co-hosted a familiarisation visit with the Alternative Investment Management Association (AIMA) to introduce Chinese wealth and asset management firms to the opportunities available in DIFC.
Dubai attracted 25 Chinese foreign direct investment projects worth $122m in the first half of 2024, according to Dubai FDI Monitor, building on $7.7bn in Chinese investments since 2003.
