CBI member, Marsh has launched a China desk in Dubai to benefit from the commercial links developing between the two countries as a result of the Belt & Road Initiative.
One of the world’s largest insurance brokers and risk advisers, Marsh aims to use its new Dubai-based China desk to act as a conduit for regional business emerging from China’s BRI. According to Christos Adamantiadis, Middle East and Africa chief executive, “Marsh has already picked up deals related to infrastructure projects [in Dubai], there is exponential growth, but it’s starting from a low base. […] Our main focus is China and Chinese contractors and principles.”
Africa and the Middle East are an important part of Chinese President Xi Jinping’s Belt & Road Initiative, which turned five in 2018 but whilst received heavy criticism. China hopes that the $126 billion initiative will bring about a network of infrastructure projects connecting China by land and sea to Southeast Asia, Central Asia, the Middle East, Europe and Africa.
However, at fifth-anniversary celebrations and a high-level diplomatic gathering of African leaders in Beijing in 2018, the project came under fire from both Chinese citizens and those living along the BRI alike.
Foreign companies in China are now increasingly reporting that they are finding opportunities in supporting Chinese state-owned enterprises along the BRI. These opportunities predominantly concern providing consultancy services on establishing best practise guidelines, and facilitating international cooperation in market.
HSBC, Standard Chartered and Citigroup all already have China desks in the emirate as a result.
A key factor in Marsh choosing to join these companies in Dubai, rather than establish itself in one of the other emirates, is the fact that Dubai has attracted significantly more attention than any of the other emirates within the UAE. The number of Chinese visitors to Dubai last year was up by almost 10%, and the emirate received Xi Jinping for a state visit in August.
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