UAE advisory firm launches China desk to meet demand
Grant Thornton, a leading professional services firm, announced the launch of its China desk as part of its UAE operations to facilitate, plan, and manage cross-border business expansions between China and the Middle East.
The introduction of the new vertical aims to support the increasing demand from clients across various sectors, driven by the significant growth in trading activity in response to the strengthening bilateral relations between China and the UAE.
Led by advisory director Alex Tsui, Grant Thornton UAE'S China Desk comprises Mandarinspeaking experts who serve as the primary point of contact across audit, advisory, tax and business process solutions for prospective clients in China and the Middle East. The China Desk will connect these clients with the relevant teams across Grant Thornton's global network and local offices in the Middle East.
UAE non-oil foreign trade of goods and services, surpassed Dh3.5 trillion in 2023, with nonoil trade with China increasing by 4.2 per cent. Bilateral trade between the UAE and China is expected to reach $200 billion annually by 2030. The UAE is home to more than 6000 Chinese businesses operating in key sectors such as trade, logistics services, transport, financial and insurance activities, real estate, energy, and renewable energy.
Hisham Farouk, CEO, Grant Thornton UAE, said: “We are excited to launch the China desk in the UAE to support the specific needs of Chinese and Middle Eastern businesses. China remains the UAE'S largest trading partner globally and we are delighted to contribute to furthering this economic relationship. Our multidisciplinary teams are equipped to deliver exceptional outcomes and I am confident that the team led by Alex Tsui will bridge the two cultures and deliver phenomenal growth for our clients.”
Tsui said: “In the era of strengthening Uae-china trade ties, I am delighted to lead the China Desk at Grant Thornton UAE. As we witness the surge in investment opportunities, our dedicated team stands ready to navigate the intricate paths of cross-border business, ensuring our client's expansion goals thrive in dynamic business environments.”
The new China Desk at Grant Thornton is a remarkable milestone in the organisation's pioneering legacy of providing enhanced client experience, with an ever-expanding suite of services and offerings.
An increasing number of wealth managers are setting up offices in Dubai, which is emerging as a preferred wealth hub for many entrepreneurs and rich families in Asia, mainly China, as they look to capitalise on warming diplomatic ties between Beijing and the Middle East.