The First Eastern Group is China's largest direct investment firm.
The launch of First Eastern in Dubai will help it expand and develop existing long-term strategic advisory relationships between leading Gulf and China enterprises across the region. The Gulf is currently China's eighth largest trade partner.
As a pioneer of private equity investment services in China, First Eastern brings to the Gulf, experience, knowledge and a proven track record in China, to build on the fast growing trade, investment and strategic relationships between the two regions.
First Eastern will focus on bringing investments to and from Chinese corporations from the infrastructure and services sectors and aims to list companies with strong track records on the Dubai International Financial Exchange. First Eastern also plans to offer Chinese companies a range of financing options for projects in the Middle East, from arrangement of export credit loans and project financing to equity investments.
Victor Chu, Chairman of First Eastern commented:
"First Eastern has over fifteen years of experience in the Gulf region and an unrivalled track record in China. This combination will enable us to deliver an exclusive and proven platform, channelling capital into Gulf-China investment opportunities.
"We are delighted that First Eastern Investment Bank is the first authorised Chinese institution at the DIFC and we look forward to developing a strengthening partnership between China and the Gulf."
Assem O. Kabesh, Chief Business Development Officer and Board Member at the DIFC Authority, said Mr Chu's vision illustrates the benefits the DIFC provides.
"As the region's financial hub, the DIFC offers First Eastern Investment Group the ability to access capital and a range of business opportunities. A number of private equity firms recognise this potential and we expect further applications from this sector in the coming months," he said.
Mr Chu believes there are over 10,000 companies in China today that, over time, would qualify to list on the DIFX.
"Capacity constraints in domestic Chinese markets are preventing a number of firms from accessing capital. We believe that by introducing our investee companies to the Gulf region and improving their governance standards, we can access a new source of capital and exciting growth opportunities", he said.
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First Eastern Investment Bank becomes the first authorised Chinese institution at the DIFC
- United Arab Emirates: Monday, September 04 - 2006 at 16:16
- PRESS RELEASE
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First Eastern Investment Bank, a member of the First Eastern Group, has received approval from the Dubai Financial Service Authority to operate from the Dubai International Financial Centre (DIFC).
Right to left is: Marwan Lootah, Director of Corporate Affairs, DIFC , Victor Chu, Chairman, First Eastern and Makameh Afkhami, Head Banking and Brokerage Services, DIFC
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Posted by Lara Lynn Golden, News EditorMonday, September 04 - 2006 at 16:16 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This article was updated on Tue Sep 12 2006.
Notes and Media Contacts »
Media enquiries:
Amira Abdulla
Dubai International Financial Centre
Tel: +971 4 362 2433
Shaima Al Zarouni
Dubai International Financial Centre
Tel: +971 4 362 2432
First Eastern Investment Group
First Eastern is a leading Hong Kong-based investment group pioneering the field of direct investments in China. Founded by Victor Chu in 1988, First Eastern has offices in Hong Kong, Beijing and Shanghai.
First Eastern and its associates have invested into over 90 projects in China covering infrastructure projects, real-estate development, light industry and financial services.
Victor Chu
Victor Chu is the Chairman of First Eastern Investment Group. He is also Chairman of FE Securities Limited and CMEC GE Capital China Industrial Holdings Limited, and a founding director of China Merchants China Direct Investments Limited.
Victor Chu has served as Director and Council Member of the Hong Kong Stock Exchange, Member of the Hong Kong Takeovers and Mergers Panel, Advisory Committee Member of the Securities and Futures Commission, and part-time member of Hong Kong Government's Central Policy Unit. Mr. Chu is currently a Foundation Board Member of the World Economic Forum in Geneva and co-chairs the Forum's International Business Council. He is also an Executive Board Member of the Paris-based International Chamber of Commerce and chairs the ICC Commission on Financial Services and Insurance.
About the DIFC: The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
In just over one year, more than a hundred top international institutions have joined the DIFC as members. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. The DIFC Authority is also responsible for developing the financial services industry. (www.difc.ae)
2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modelled on that used in London and New York and its regulatory regime operates to standards that meet or exceed those in major financial centres. (www.dfsa.ae)
3. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law, not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. ( www.difccourts.ae )
4. DIFC Investments- The creation of DIFC Investments will result in the allocation to it of all non public administration activities previously carried out by DIFC Authority. This will include amongst other things all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies and any other strategic investments or alliances which will further the goals and objectives of the Dubai International Financial Centre and contribute to the fulfillment of the Centre's vision. Some of the companies and organizations that DIFC Investments owns include:
1. The Dubai International Financial Exchange (DIFX) The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent. The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority. (www.difx.ae)
2. Hawkamah- the first Institute for Corporate Governance in the region is being set up by a group of international institutions, including the Dubai International Financial Centre (DIFC), Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). (www.hawkamah.org)
Amira Abdulla
Dubai International Financial Centre
Tel: +971 4 362 2433
Shaima Al Zarouni
Dubai International Financial Centre
Tel: +971 4 362 2432
First Eastern Investment Group
First Eastern is a leading Hong Kong-based investment group pioneering the field of direct investments in China. Founded by Victor Chu in 1988, First Eastern has offices in Hong Kong, Beijing and Shanghai.
First Eastern and its associates have invested into over 90 projects in China covering infrastructure projects, real-estate development, light industry and financial services.
Victor Chu
Victor Chu is the Chairman of First Eastern Investment Group. He is also Chairman of FE Securities Limited and CMEC GE Capital China Industrial Holdings Limited, and a founding director of China Merchants China Direct Investments Limited.
Victor Chu has served as Director and Council Member of the Hong Kong Stock Exchange, Member of the Hong Kong Takeovers and Mergers Panel, Advisory Committee Member of the Securities and Futures Commission, and part-time member of Hong Kong Government's Central Policy Unit. Mr. Chu is currently a Foundation Board Member of the World Economic Forum in Geneva and co-chairs the Forum's International Business Council. He is also an Executive Board Member of the Paris-based International Chamber of Commerce and chairs the ICC Commission on Financial Services and Insurance.
About the DIFC: The Dubai International Financial Centre (DIFC) is an onshore hub for global finance. It bridges the time gap between the financial centres of Hong Kong and London and services a region with the largest untapped emerging market for financial services.
In just over one year, more than a hundred top international institutions have joined the DIFC as members. They operate in an open environment complemented with world-class regulations and standards. The DIFC offers its member institutions incentives such as 100 per cent foreign ownership, zero tax on income and profits and no restrictions on foreign exchange. In addition their business benefits from modern infrastructure, operational support and business continuity facilities of uncompromisingly high standards.
The DIFC is made up of the following core bodies:
1. The DIFC Authority (DIFCA) - Responsible for the Companies and Security Registries and attracting financial as well as non-financial institutions to set up in the DIFC. The DIFC Authority is also responsible for developing the financial services industry. (www.difc.ae)
2. The Dubai Financial Services Authority (DFSA) - An independent, unitary regulatory authority, responsible for the regulation of all DIFC operations. Its principle-based primary legislation is modelled on that used in London and New York and its regulatory regime operates to standards that meet or exceed those in major financial centres. (www.dfsa.ae)
3. The DIFC Courts - An independent court system set up to uphold the provisions of DIFC laws and regulations, the courts provide comprehensive legal redress in civil and commercial matters within the DIFC. The DIFC Courts system is especially designed to deal with all of sophisticated transactions that will be conducted within DIFC. The DIFC Court laws, based on the common law, not only sets out the jurisdiction of the court but also provides for a dispute resolution services, including arbitration and mediation, thus allowing for the independent administration of justice in the DIFC. ( www.difccourts.ae )
4. DIFC Investments- The creation of DIFC Investments will result in the allocation to it of all non public administration activities previously carried out by DIFC Authority. This will include amongst other things all commercial and other activities such as the operation and management of any current and future subsidiaries, the development of the centre's investment strategy and relevant policies and any other strategic investments or alliances which will further the goals and objectives of the Dubai International Financial Centre and contribute to the fulfillment of the Centre's vision. Some of the companies and organizations that DIFC Investments owns include:
1. The Dubai International Financial Exchange (DIFX) The DIFX is the region's first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent. The regulator of the DIFX is the Dubai Financial Services Authority. The DIFX is located in the Dubai International Financial Centre (DIFC) and its owner is the DIFC Authority. (www.difx.ae)
2. Hawkamah- the first Institute for Corporate Governance in the region is being set up by a group of international institutions, including the Dubai International Financial Centre (DIFC), Organisation for Economic Cooperation and Development (OECD), UAE Ministry of Finance and Industry, Centre for International Private Enterprise (CIPE), International Finance Corporation (IFC), the Union of Arab Banks (UAB), Dubai School of Government (DSG), Young Arab Leaders (YAL), and the Institute of Management Development (IMD). (www.hawkamah.org)
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