ICBC signs MOU with UAE's Kizad industrial zone

XIAMEN - Khalifa Industrial Zone Abu Dhabi (Kizad) in the United Arab Emirates (UAE) signed a Memorandum of Understanding (MOU) with Industrial and Commercial Bank of China Ltd (ICBC) on Thursday to provide financial services for Chinese investors in the zone and promote bilateral trade.

"The MOU between ICBC and Kizad is a project-by-project cooperation. The bank will provide financial services for Chinese investors in the industrial zone. There is no limitation on the volume of the project," Khaled S. A. Salmeen, executive vice-president of Kizad, told China Daily during an exclusive interview on Wednesday.

Dong Chao'en, a director at the Abu Dhabi branch of ICBC, said that the MOU will provide financial services for Chinese companies in the industrial zone including establishing accounts, settlements and financing.