Dubai-based Mashreq Bank has injected USD 125 million into its Hong Kong subsidiary to support surging cross-border business with China, Group CEO Ahmed Abdelaal told Nikkei Asia. The bank moved to a larger office in Cheung Kong Center II—the same location as First Abu Dhabi Bank—and has more than doubled its China-related capacity over the past 12 months. As of August, its Hong Kong revenue and profitability rose roughly 50% year-on-year, while new-to-bank business increased by 13%.
To meet client demand for Chinese currency financing, Mashreq completed an inaugural RMB 1 billion (USD 149.7 million) dim sum bond offering. Abdelaal noted that China-Middle East economic relations are shifting from traditional trade toward substantial capital investments in infrastructure, data centers, energy, and logistics. Mashreq has also created dedicated China desks in Hong Kong, India, and the Middle East, while adding Chinese-speaking relationship managers across Gulf and North African operations.
Separately, Chinese electric vehicle manufacturer BYD is prioritizing GCC capital investment with its UAE distributor Al-Futtaim, according to Executive Vice President Stella Li reported by Arabian Post. Transitioning from simple export sales to deep commercial localization, BYD has expanded its presence to 10 operational showrooms across the UAE and Saudi Arabia, aiming to accelerate charging network rollouts and commercial fleet offerings.
Sources
- Arabian Post · 2026-11-01
