China to set up a large financial company in UAE

Beijing. Jul 23. Silkroadnews - A state-owned financial services firm will be set up in the United Arab Emirates (UAE) Abu Dhabi's financial hub to offer lending facilities to Chinese companies operating in the emirate's industrial zone, Ecns.cn reports.
The Industrial Capacity Co-operation Financial Group Limited (ICCFG), which is owned by east China’s Jiangsu provincial government, will be the first of such Chinese financial services firm in the UAE bank free zone Abu Dhabi Global Market (ADGM), the report reads.
ADGM said, the company has been approved by its Financial Services Regulatory Authority to carry out the regulated activities for the provision and organization of a loan through the ADGM platform.
According to the statement, the company will provide strategic investments and financial support to Chinese enterprises within the framework of the Belt and Road initiative.
In the future this platform, as expected, will manage about $2 billion of investments to support the Chinese enterprises.