AIIB Opens Operational Branch In The UAE
The Asian Infrastructure Investment Bank (AIIB) has opened an operational office at the Abu Dhabi Global Market, marking its first office outside of China. It was inaugurated by Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development (ADFD) and the UAE’s Alternate Governor on the Board of Governors of AIIB, alongside Luky Eko Wuryanto, Vice President and Chief Administration Officer of AIIB.
“The opening of the Asian Infrastructure Investment Bank’s operational office in Abu Dhabi marks a milestone in the strategic partnership between the UAE and the bank, said Al Suwaidi. “It also aligns with the bank’s objectives and ambition to extend its operations and development initiatives in the Middle East and North Africa region. This will add momentum to sustainable economic development in developing nations.”
“This milestone reinforces our commitment to strengthen regional partnerships, promote sustainable development and support infrastructure projects for our members,” said Luky Eko Wuryanto, the AIIB Vice President and Chief Administration Officer. “The UAE is an excellent choice for our first overseas venture. I am confident this new Hub will advance our efforts to enhance sustainable development throughout the region and elsewhere.”
He also cited the UAE’s rapid development and robust international relations as reasons for the bank to opt for Abu Dhabi as its operational base.
Since its establishment in January 2016, the AIIB has funded 232 development projects valued at US$44.41 billion (Dh163.12 billion), playing a pivotal role in driving economic and social development, ultimately improving the quality of life. Currently, the bank boasts 106 member countries worldwide. It is headquartered in Beijing.
The move to open a branch in Abu Dhabi comes as four of the proposed new BRICS members are based in the MENA region. These include Egypt, Iran, Saudi Arabia and the UAE.