Asian banks have most assets in DIFC

Dubai’s financial free zone, which was built to house branches of US and European firms, says its wealthiest tenants now hail from China, Japan and India.

The growth in these banks’ businesses in Dubai reflects the emirate’s role as a hub to connect trade between Asia and Africa, said Saeb Eigner, chairman of the Dubai zone’s regulator.

“Chinese, Japanese and Indian banks now occupy the top slots in the Dubai International Financial Centre (DIFC) in terms of assets,” he said. “Trade between China, the Middle East and much of Africa is now being financed through Dubai.”

A rise in cross-border renminbi transactions has contributed to the growth in Chinese assets, he said, adding that the UAE’s role as a renminbi clearing centre was growing.

Eigner, who has been chairman of the Dubai Financial Services Authority since 2011, spoke at the Asian Financial Forum in Hong Kong.

©2017 funds global mena

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