UAE’s Mashreq opens first representative office in Shanghai

UAE’s Mashreq opens first representative office in Shanghai

UAE-based financial institution Mashreq Bank has inaugurated its representative office in Shanghai amid a strategic move to expand its presence in China. The Shanghai office will serve as a liaison office, with the aim to build Mashreq’s franchise in mainland China. It will be an intermediary for Middle Eastern corporations with trade and investment flows into China, as well as for Chinese enterprises looking to establish operations within Mashreq’s existing international footprint, a statement said. With the launch of the new office, Mashreq now operates in 13 countries, including the UAE. Ahmed Abdelaal, group CEO of Mashreq Bank, commented: “This milestone marks a strategic step into expanding our promising footprint into China. At Mashreq, we see this representative office as an instrumental initial link in fostering trade and investment flows between the UAE, wider Middle East and China. We believe there is enormous potential on the back of China’s Belt and Road initiative and the growing bilateral relationship between the UAE and China. “Most importantly, the office enables us to leverage our insights of the MENA region for our stakeholders, as well as provide invaluable on-the-ground knowledge of China’s economic and banking landscape.” “The international banking business is a significant