Maktoum Bin Mohammed Engages With ICBC Chairman To Enhance UAE-China Financial Collaboration

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, recently met with Liao Lin, Chairman and Executive Director of the Industrial and Commercial Bank of China Ltd. (ICBC). The meeting took place at H.H. The Ruler’s Court in Dubai. Discussions focused on enhancing cooperation between ICBC and the UAE's financial sector, leveraging the UAE's position as a global financial hub.

The meeting also explored broader economic and investment ties between the UAE and China. Sheikh Maktoum emphasised the robust UAE–China strategic partnership and the increasing influence of Chinese financial institutions within Dubai's financial ecosystem. He noted that Dubai serves as a gateway for global capital and financial innovation, supporting mutual growth objectives.

Prev

Next

Sheikh Maktoum highlighted Dubai’s advanced financial infrastructure, regulatory framework, and supportive business environment. These factors enable major international banks like ICBC to expand their regional operations, serve international clients, and facilitate trade and investment globally. This aligns with the Dubai Economic Agenda D33, which aims to double the emirate’s GDP.

ICBC is recognised as the world's largest bank by total assets according to S&P Global. The state-owned bank provides a range of services including corporate banking, personal banking, financial asset services, and treasury operations to millions worldwide. In 2024, ICBC reported a net profit of RMB366.9 billion with total assets reaching RMB52.3 trillion ($7.3 trillion) by year-end.

Over two decades, ICBC has expanded its presence in the UAE and regionally. It formally launched its Dubai International Financial Centre (DIFC) branch in 2013. The bank has supported key sukuk issuances and provided renminbi financing along with multi-currency clearing services, strengthening financial links between China and the Middle East.

The meeting was attended by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; Helal Almarri, Director-General of the Dubai Department of Economy and Tourism; Essa Kazim, Governor of DIFC; and Arif Amiri, CEO of DIFC Authority.

With inputs from WAM