UAE joins Asia Infrastructure Bank

The United Arab Emirates (UAE) said Sunday it has joined the Asia Infrastructure Investment Bank (AIIB) as a founding member, state news agency WAM reported.
Sultan Bin Ahmed Sultan Al-Jaber, UAE Minister of State, said this milestone has been possible due to the wise directives and unlimited support of the UAE's leadership.
"In the light of joint strategic ties between the UAE and China, and infrastructure development in developing countries, both countries have partnered to set up a strong international platform to actively drive development efforts", he said.
"Given Asia has significant infrastructure needs, AIIB will play a pivotal role in promoting Asia's development," Al-Jaber added.
The Abu Dhabi Fund for Development will represent the UAE government on the AIIB's board of directors. Founding members have the right to create governance and operational rules for the bank.
The AIIB, which was initiated by the Chinese President Xi Jinping, aims to accelerate the construction of infrastructure and projects across Asia and in particular along the Belt and Road Initiative.
As of now, there are more than 4,000 Chinese companies registered in Dubai, of which more than 95 percent are small and medium business enterprises.
Last week, Fahad Al-Gergawi, the CEO of Dubai's foreign direct investment office told Xinhua that the UAE had itself "perfectly positioned" to be part of the new Silk Road.