China and countries in the Middle East possess significant potential for collaboration in the financial sector, according to the CEO of an investment firm based in the United Arab Emirates (UAE).
Talking to China Global Television Network (CGTN) in Beijing recently, Hazem Ben-Gacem, CEO of Abu Dhabi-based BlueFive Capital, said such cooperation will bring stock markets in China and Gulf countries closer, facilitating the flow of investor liquidity savings.
"First of all, bringing the two public markets in China, particularly the stock exchanges in Beijing, Shanghai, Shenzhen, and Hong Kong closer in a very interconnected and seamless manner, with stock markets in the Gulf. Second of all, around private wealth, there is an immense level of investor liquidity, savings. Savers have a lot of capital, both in the Gulf and in China and other parts of Southeast Asia," he said.
Hazem Ben-Gacem emphasized the role of technology in expanding global investment opportunities.
"Today, in large parts across the world, usually investors look local and the U.S. stock market. It's not saying this is better than the other one, but new options and solutions to be able to tap into a global financial market becomes an important part. This is easier to do today than any time in the past because of technology. The technology that exists today connects the world in an incredible way," he said.
"Fintech is the backbone of a lot of the future of financial services industry. So, the idea is not to compete, but to effectively in a way be the shovels, be the pipes, the highways on which all the incredible talented fintech providers both in China and in the Middle East to be able to go on that highway and be able to connect the two markets together," added Hazem Ben-Gacem.
China, Middle East countries have great potential for financial cooperation: expert
A user framework agreement for the C929 passenger aircraft, China's first jet-type long-range wide-body aircraft independently developed in accordance with international airworthiness standards, was signed on Tuesday.
The agreement between the Commercial Aircraft Corporation of China (COMAC) and Air China was signed at the ongoing 15th China International Aviation and Aerospace Exhibition, also known as Airshow China, which made Air China the first intended user of this aircraft type.
The baseline version of the C929 accommodates 280 seats with a range of 12,000 kilometers, effectively meeting the global demand for international and regional air passenger transport.
This is a fresh move for China, a massive civil aviation market with great potential, to enhance its competitiveness in the global aviation market.
"This is the first time that we have been able to deeply participate from the initial design stage [of the aircraft]. We now have the largest wide-body aircraft fleet in the civil aviation industry and a rich network of international routes, so our experience in wide-body aircraft fleet and international route operation can be used on [the development of] C929, which actually served as a great reference for the design, research, manufacturing and development of the aircraft," said Zhang Wen, manager of the planning and development department of Air China.
In addition to the C929 agreement, COMAC also rebranded the ARJ21, China's homegrown regional jetliner, as the C909. Thus, COMAC has aligned the name convention for its three commercial aircrafts as C909, C919 and C929.
"This is an inevitable result of the scale development of regional jetliners and large passenger aircraft. Through the rebranding of the C909, we can make it easier for the public and the customers to identify our aircraft, which is also more conducive to our brand promotion," said Yang Yang, deputy director of COMAC marketing committee.
According to COMAC, the performance, crew operating experience and cabin comfort of the C909 have been continuously improved. Now the aircraft can achieve a variety of cabin layouts and can well adapt to the operation on routes to China’s border areas and overseas regions like Southeast Asia and Africa.
The C919, China's self-developed large passenger aircraft, completed its first commercial flight in May 2023, marking its official entry into the civil aviation market. As of late September this year, COMAC had delivered nine C919 aircraft to three leading Chinese airlines. With itself-developed trunk jetliner, China aims to secure a share of the global civil aviation market, which Boeing and Airbus currently dominate.
According to a market forecast released by COMAC in late 2022, over the 2022-2024 period, China's civil aviation market will receive 9,284 new passenger jets, including 6,288 single-aisle jetliners.
Launched in 1996, Airshow China is the only international aerospace trade show approved by the Chinese central government, with support from Chinese aerospace industries. The show takes place biennially in Zhuhai City, south China's Guangdong Province, featuring displays of actual products, trade talks, technological exchanges, and flying displays.
China's homegrown wide-body C929 aircraft gets first intended user
