CICC Plans Expansion in UAE, Saudi as Xi Pushes Middle East Ties

(Bloomberg) — China International Capital Corp. Ltd. (CICC) plans to expand its reach in the United Arab Emirates and Saudi Arabia as President Xi Jinping pushes for closer ties to the Middle East amid rising tensions with the U.S.

The Chinese investment bank has already set up two offices and is in the process of obtaining the necessary licenses to carry out financial services activities, according to Barry Chan, the broker’s head of Asia and Australia.