AIIB to open its first overseas office in Abu Dhabi

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AIIB to open its first overseas office in Abu Dhabi

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

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