AIIB to open its first overseas office in Abu Dhabi

Tags: Economy/Finance International News

The Asian Infrastructure Investment Bank (AIIB) signed an agreement to set up its first overseas office in Abu Dhabi Global Market.

An Overview of the News 

• The AIIB is a multilateral development bank that prioritises financing infrastructure projects focused on sustainability.

• The new foreign office in Abu Dhabi will support the AIIB's development agenda by funding sustainable economic development projects, primarily in areas where it is most needed.

• The strategic location of the office in the Middle East will enable AIIB to make a global impact in achieving its goals.

• AIIB was established in 2016 with a mission to promote sustainable economic growth, create wealth and improve infrastructure connectivity in Asia by investing in productive sectors.

• It is headquartered in Beijing, China and has over 100 member countries, including major economies such as the United Kingdom, Germany and Australia.

About United Arab Emirates (UAE)

• Location: It is located in Western Asia.

• Geographical Boundaries: It shares borders with Oman and Saudi Arabia.

• Maritime Borders: It also has maritime borders with Qatar and Iran in the Persian Gulf.

• Religion: Islam is the dominant religion in the UAE, with the majority of the population being Sunni Muslim.

Capital - Abu Dhabi

Official language - Arabic

Government - Federal Islamic parliamentary elective semi-constitutional monarchy

President/Crown Prince - Mohamed bin Zayed Al Nahyan

Prime Minister - Mohammed bin Rashid Al Maktoum

Vice President - Mohammed bin Rashid Al Maktoum and Mansour bin Zayed Al Nahyan