Grant Thornton launches China desk in UAE
DUBAI, UNITED ARAB EMIRATES — Professional services firm Grant Thornton has launched a dedicated China desk as part of its operations in the United Arab Emirates (UAE) to meet the growing demand in the Middle East.
This move comes as an increasing number of wealth managers are setting up offices in Dubai, which is emerging as a preferred investment hub for entrepreneurs and wealthy families from Asia, particularly China.
They seek to take advantage of the improving diplomatic ties between Beijing and the Middle East.
The new offering aims to facilitate and manage cross-border business between China and the Middle East region.
The China desk, headed by Advisory Director Alex Tsui, comprises Mandarin-speaking experts to cater to the growing demand from clients across various sectors.
By establishing the China desk, Grant Thornton aims to strengthen its position in the UAE market and facilitate cross-border business opportunities between the two regions.
Amid the intensifying tech rivalry between the United States and China, investors are flocking to the UAE. In anticipation of this business migration, the UAE has pursued a number of trade liberalization agreements or Comprehensive Economic Partnership Agreements (CEPA).
According to Cinzia Bianco, a visiting fellow at the European Council on Foreign Relations, the UAE has little concern about the malleability of depending economically on China and its ties to Russia and Iran.
“[UAE’s] resistance to complying with export controls, and eagerness to embrace a currency multipolarity. It is also why the UAE sees a more liberal approach to exchanges as a necessary step towards becoming a global trade hub,” Bianco wrote.
