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.

In a strategic push to expand its presence in #China, #Mashreq is proud to announce the inauguration of its first representative office in #Shanghai, which will serve as an instrumental link in #trade and #investment flows between China and the #UAE. https://t.co/hy4HU51vFa pic.twitter.com/x8sHonweXt

— Mashreq (@MashreqTweets) September 7, 2021

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 contributor to Mashreq’s overall revenues and the opening of a representative office in Shanghai demonstrates long term commitment towards strengthening our franchise in Asia,” added Tarek El Nahas, senior executive vice president and head of the international banking group, Mashreq Bank. “As China continues to shape the global trade map, corporates and financial institutions are adapting and repositioning themselves in order to leverage the evolving growth opportunities.

“The Shanghai presence is of high strategic interest to us and will produce synergies with all the international offices in Mashreq’s global network.”

The UAE is considered China’s largest non-oil trading partner in the Middle Eastern and North African region. According to recent reports, UAE-China trade volume has reached over $50bn, with a goal to expand to $200bn by 2030.