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CICC Expands into DIFC to Strengthen Cross-Border Financial Cooperation

EqualOcean has learned that China International Capital Corporation (CICC) has recently secured the necessary license to operate in the Dubai International Financial Centre (DIFC). This follows in the footsteps of major Chinese banks such as ICBC, Bank of China, Agricultural Bank of China, China Construction Bank, and Bank of Communications, who have already established a presence in Dubai. With CICC’s entry, the landscape of Chinese financial institutions in Dubai is further enriched.

Regarding business expansion, CICC’s Hong Kong Securities arm has been officially granted operational approval by the Dubai Financial Services Authority (DFSA). According to public records, this license allows CICC to offer precise financing solutions for businesses and individuals in the credit sector. It also grants the firm authority to design and consult on a range of innovative financial products and provide expert market analysis and trading strategy advice. CICC’s international division aims to cater to the needs of Chinese enterprises engaged in cross-border mergers, acquisitions, and greenfield investments, offering tailored financial services to support China’s global expansion. DFSA CEO Ian Johnston emphasized that CICC, as a major investment bank with a strong deal-making track record, will play a pivotal role in expanding cross-border financial services, particularly in trade and sustainable finance.

This collaboration is no coincidence, but rather closely tied to broader regional cooperation. In September of last year, the DFSA and Hong Kong Monetary Authority (HKMA) signed an agreement to strengthen sustainable finance development and hosted a joint climate finance conference. Johnston highlighted that the issuance and listing of green bonds are key areas of focus for their collaboration. With the Hong Kong Stock Exchange recognizing Dubai’s financial market as an approved securities exchange in July 2023, the prospect of dual listings for green bonds is steadily advancing.

Chinese banks have experienced rapid growth in the DIFC in recent years. According to DFSA data, the total assets managed by Chinese banks in the DIFC surged by nearly 33% over the past three years, reaching USD 65.3 billion by the end of 2024. Currently, 16 Chinese companies are operating in the DIFC, including six representative offices, five commercial banks, two wealth management firms, one brokerage firm, one advisory firm, and one insurance company. Since 2021, the number of companies entering the region has doubled. In securities issuance, Nasdaq Dubai has hosted around 22 securities from issuers in Hong Kong and Mainland China, totaling USD 12.3 billion. In November last year, China’s Ministry of Finance successfully listed two bonds worth USD 2 billion on Nasdaq Dubai.

Despite numerous opportunities, Chinese financial institutions face challenges in entering the Middle Eastern market. To compete with global leaders, they must navigate cultural, legal, and regulatory differences, overcoming the “adaptation hurdle” and deeply integrating into the local market with localized strategies. CICC’s move into the DIFC marks a significant milestone in its internationalization journey. It is expected to stimulate further cross-border investments and financial innovations, injecting new momentum into Dubai’s economic growth and providing a broader financial services platform for Chinese enterprises. The company’s subsequent developments will be closely watched by the market.

Picture Source: DIFC



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