Industrial and Commercial Bank of China (Middle East) Limited was officially opened on 20th October in Dubai, UAE. It is the first wholly-owned subsidiary bank established in the Middle East by Chinese banks.

Located at Dubai International Financial Center (DIFC), ICBC (Middle East) has a full business license and can provide a full range of financial services including accepting deposits, providing credits, trade financing, dealing in investments as principal, dealing in investments as agent, arranging credit or deals in investments, managing assets, advising on financial products or credit, arranging custody, etc..

Since the 1950s, there have been trade between China and the UAE, and in recent years, bilateral trade has witnessed sustained and rapid growth. In 2007, bilateral trade amounted to more than USD 20 billion, increased by 41% over that of 2006. The UAE has become China’s second largest trading partner and largest export market in the Arab world. By the end of 2007, non-financial direct investment from Chinese enterprises in the UAE has amounted to USD 180 million, involving sectors such as petroleum, petrochemical, telecommunications, trade, project contracting, logistics and real estate, while Chinese-funded companies registered in the UAE have topped 3000.

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