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ADGM provides sustainable financial support for BRI: CEO of ADGM Financial Services Regulatory Authority

May 30, 2019


Abstract : Abu Dhabi Global Market (ADGM) has offered a comprehensive suite of financial services to support the Belt and Road Initiative (BRI), said Richard Teng, chief executive officer of the Financial Services Regulatory Authority of ADGM.

BEIJING, May 30 (Xinhua) -- Abu Dhabi Global Market (ADGM) has offered a comprehensive suite of financial services to support the Belt and Road Initiative (BRI), said Richard Teng, chief executive officer of the Financial Services Regulatory Authority of ADGM.

Photo: Richard Teng, chief executive officer of the Financial Services Regulatory Authority of Abu Dhabi Global Market (left) and Xinhua reporter. (Xinhua/Zhang Chao)

BRI is extremely important for multilateral trade and investment, Teng said in an exclusive interview with Xinhua on Wednesday.

Many Chinese and international enterprises are investing along the Belt and Road (B&R) routes. These enterprises need a proper financial platform, according to Teng.

ADGM has provided financial services and sustainable capital support for enterprises, Teng stated, adding that going forward, international financing from other players will play an increasingly significant role in financing key projects of BRI.

ADGM, an international financial center located in the capital city of the United Arab Emirates (UAE), commenced business on October 21, 2015. It launched its first overseas representative office in Beijing on May 11, 2018.

"China is a very important market for us. That is why we choose to launch our first international office in China," Teng noted.

The ADGM China Office further demonstrated ADGM's commitment to China and BRI that focuses on enhancing the connectivity and cooperation between countries along the routes. It also reinforced ADGM's role in supporting the UAE growth strategy and strengthening Abu Dhabi's ongoing collaborations with the Chinese government and financial and business community.

Last year, ADGM approved the first Chinese state-owned financial service firm to be established in ADGM for providing strategic investment and financial support to Chinese enterprises.

Teng said the platform further strengthened the China-UAE economic ties and advanced mutually beneficial collaborations.

ADGM has worked with key Chinese authorities and institutions to augment the B&R growth plans, such as the UAE-China Industrial Co-operation Demonstration Zone, a feasibility study with Shanghai Stock Exchange, Asian Financial Co-operation Association, and Guotai Junan Securities. (Contributed by Wu Congsi, Yan Peng, Liu Yulong , and edited by Su Dan)

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Keyword: financing BRI ADGM

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