• Bank of Communications is the fifth largest bank in China and the fifth Chinese bank to open an office in the Dubai International Financial Centre
• Bank of Etisalat’s branch in DIFC aims to enhance economic, trade and investment cooperation between China and the Middle East, Africa and South Asia region
• The opening coincides with the 40th anniversary of the establishment of diplomatic relations between the United Arab Emirates and the People’s Republic of China, as well as the 20th anniversary of the establishment of the Dubai International Financial Centre.

Dubai, UAE : Bank of Communications of China ( BOCOM ), one of China’s oldest financial institutions and the first state-owned national bank, has opened a new office in the Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, further strengthening its global presence in the Middle East. The bank chose DIFC for its new office due to its strong legal and regulatory framework and robust financial ecosystem.

The Bank of China Communications is the fifth largest bank in China and the fifth Chinese bank to open an office in the Dubai International Financial Centre, which currently houses more than 45 Chinese companies. The centre has also received interest from a number of banks and securities firms from China and Hong Kong, which are looking to strengthen their presence and expand in the region.

The opening of the Bank of China’s branch in the DIFC will play a role in enhancing economic, trade and investment cooperation between China and the Middle East, Africa and South Asia region by fully leveraging the Centre’s capabilities and position, as well as its regional advantages and the comprehensive strategic partnership between the two countries. Today, China is Dubai’s largest trading partner. The opening coincides with the 40th anniversary of the establishment of diplomatic relations between the United Arab Emirates and the People’s Republic of China, and the 20th anniversary of the establishment of the Dubai International Financial Centre.

Founded in 1908 and listed on the Hong Kong and Shanghai stock exchanges, Bank of Communications of China is recognized as a global system-wide bank and ranked 9th in the world's top 1,000 major banks by Tier 1 capital by The Banker magazine. As of June 2024, the assets of Bank of Communications' overseas institutions amounted to RMB1.24 trillion, accounting for 8.79% of the total assets. The bank has established 24 overseas institutions, forming a service network covering six continents and major international financial centers around the world.

Commenting on the global expansion, Jiming Xu, Chairman of the Board of Supervisors of Bank of China Communications, said: “DIFC is a leading international financial centre in the Middle East, Africa and South Asia, and Bank of China Communications is pleased to be part of the dynamic ecosystem of DIFC. By leveraging the strategic location of the Centre, the Bank looks forward to exploring new investment opportunities as a result of the rapid growth of the region and the growing cooperation between China and the UAE.”

Arif Amiri, Chief Executive Officer of DIFC Authority, said: “We are delighted to welcome BOC to DIFC at a time when the bank is looking to tap into the significant opportunities available due to the deep ties between the UAE and China. With the opening of its new branch, BOC will be a key part of the thriving ecosystem, joining over 230 banks, 27 of the 29 most influential banks globally, who have established themselves in DIFC to benefit from Dubai’s strategic time zone, supportive legal and regulatory environment, and access to the largest pool of financial services talent in the region. We look forward to shaping the future of the financial sector through our collaboration with BOC.”

With a rich heritage spanning over a century, BOC is looking to strengthen its presence in the UAE and the Middle East region, leveraging Dubai’s strategic location, advanced infrastructure and business-friendly policies at DIFC. In addition to BOC, other Chinese banks with regional headquarters in the centre include Agricultural Bank of China, Bank of China, China Construction Bank and Industrial and Commercial Bank of China.

The Dubai International Financial Centre (DIFC) plays a key role in driving economic growth in Dubai in line with the DIFC 2030 Strategy and the objectives of the Dubai Economic Agenda ( D33 ). The DIFC’s distinguished regulatory framework, dynamic ecosystem and advanced infrastructure are important components that make it an attractive destination for global companies, facilitating their growth, expansion and connectivity to global markets from the centre.

About Dubai International Financial Centre

The Dubai International Financial Centre is one of the world’s leading financial centres and the leading financial hub in the Middle East, Africa and South Asia (MEASA) region, which comprises 77 countries with a population of approximately 3.7 billion and an estimated GDP of US$10.5 trillion.

With a 20-year track record of facilitating trade and investment flows across the Middle East, Africa and South Asia, DIFC acts as a bridge linking the region’s rapidly growing markets to the economies of Asia, Europe and the Americas via Dubai.

The centre provides an ideal and integrated work environment that combines a global and independent regulatory body and an effective judicial system based on the principles of English common law, in addition to a vibrant business community, with a workforce exceeding 43,800 professionals in more than 6,150 active and registered companies, making it the largest and most diverse community of distinguished human competencies in the region.

The Centre’s vision is to pioneer the future of the financial sector through advanced technologies, enhancing innovation and building partnerships. Today, it is a leading global future centre for the financial sector and innovation, providing the most comprehensive environment for the fintech and venture capital sector in the region, including providing effective licensing solutions, a targeted legislative system, innovation accelerator programmes and financing services for emerging companies in the growth stage.

Offering a diverse range of world-class retail and dining options, art galleries, residential apartments, luxury hotels and public spaces, DIFC continues to be one of Dubai’s leading business and lifestyle destinations.

For more information, please visit difc.ae , or follow us on Instagram and LinkedIn @DIFC .

For media inquiries, please contact us:

Nevin William | Nisha Selina

Pearson | bursonglobal.com

nivine.william@bursonglobal.com | nisha.celina@bursonglobal.com

Rasha Mazhar

Dubai International Financial Centre Authority

Public Relations Manager - Marketing & Corporate Communications

3622451 4 971

rasha.Mezher@difc.ae

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