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. This milestone marks a strategic step into expanding promising footprint into China. At Mashreq, this representative office as an instrumental initial link in fostering trade and investment flows between the UAE, wider Middle East and China. There is enormous potential on the back of China’s Belt and Road initiative and the growing bilateral relationship between the UAE and China.
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. As China continues to shape the global trade map, corporates and financial institutions are adapting and repositioning themselves 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.