Arab Today, arab today chinese banking giant rides high on middle east boom
Last Updated : GMT 04:33:33
Arab Today, arab today
Arab Today, arab today

Chinese banking giant rides high on Middle East boom

Arab Today, arab today

Arab Today, arab today Chinese banking giant rides high on Middle East boom

Dubai - XINHUA

China's biggest lender Industrial and Commercial Bank of China (ICBC) said here Saturday that its Middle Eastearn branch achieved in 2012 a pre-tax profit of 54 million US dollars, up 69 percent year on year, while its total assets increased 29 percent to 4 billion US dollars. ICBC, the world's biggest bank in terms of market capital, added that the Chinese RMB's trade volume reached 2.25 billion U.S. dollars, while greenback transactions in the interbank money market were up 718 percent last year to hit 11.07 billion US dollars. The total liabilities reached 3.81 billion US dollars, an increase of 28 percent over 2011. Tian Zhiping, regional CEO of Dubai-based ICBC Middle East, said that 2012 was another year of strong growth for them the company continued to benefit from its regional franchise and unique position as a bridge for trade and investment between the Middle East and China. "We have taken part in important syndications and witnessed growing volumes of RMB transactions, all of which added to our business growth." ICBC said its subsidiary in Dubai, as well as branches in Abu Dhabi and Doha of Qatar, contributed to the strategic expansion of the bank's Middle Eastern business. ICBC also provides project financing to the increasing number of Chinese businesses operating in the Middle East. In the United Arab Emirates alone over 3,000 Chinese businesses run branches. Global consultancy McKinsey and Company predicts that bilateral trade between China and the Middle East will reach between 350 billion U.S. dollars and 500 billion US dollars by 2020, with the Gulf Arab states, most of them major oil suppliers, accounting for the lion's share of the trade. As one of its latest achievements, ICBC signed a memorandum of understanding with Qatar Holding, the sovereign wealth fund of Qatar's ruling family Althani, to boost bilateral cooperation and investments between Qatar and China. Qatar has won the bid to host the FIFA World Championships in 2022 and will invest by 2015 some 120 billion US dollars to upgrade the country's infrastructure. On the outlook for 2013, Tian said ICBC Middle East will continue to focus on commercial banking, while aiming to "develop investment banking and asset management services." In addition, the chief executive said ICBC hopes the Kuwait and Riyadh branches join the lender's Gulf Arab net work within this year.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today chinese banking giant rides high on middle east boom Arab Today, arab today chinese banking giant rides high on middle east boom

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday