Grant Thornton UAE launches China Desk to enable cross-border business expansion
Grant Thornton, a prominent professional services firm, has unveiled its China desk as part of its UAE operations. This initiative aims to streamline cross-border business expansions between China and the Middle East. With the surge in trading activity and strengthened bilateral relations between the two regions, there has been a growing demand from clients across various sectors for such services.
The newly launched China Desk, led by advisory director Alex Tsui, consists of Mandarin-speaking experts. These specialists serve as the primary point of contact across audit, advisory, tax, and business process solutions for prospective clients in both China and the Middle East. The goal is to seamlessly connect these clients with relevant teams within Grant Thornton's global network and local offices in the Middle East.
In 2023, UAE's non-oil foreign trade of goods and services exceeded Dh3.5 trillion, with non-oil trade with China witnessing a notable increase of 4.2 percent. It is projected that bilateral trade between the UAE and China will reach $200 billion annually by 2030. Currently, the UAE hosts over 6,000 Chinese businesses operating in various key sectors, including trade, logistics services, transport, finance, real estate, energy, and renewable energy.
Hisham Farouk, CEO of Grant Thornton UAE, expressed enthusiasm about the launch, emphasizing the importance of supporting Chinese and Middle Eastern businesses on their path to global success. Recognizing China as the UAE's largest trading partner, Farouk highlighted Grant Thornton's commitment to fostering economic relationships between the two countries. He expressed confidence in the multidisciplinary teams' ability to deliver exceptional outcomes, particularly under the leadership of Alex Tsui.
Alex Tsui, the Advisory Director overseeing the China Desk, conveyed his excitement about leading this initiative amidst the strengthening trade ties between the UAE and China. With the increasing investment opportunities emerging in both regions, Tsui affirmed the readiness of the dedicated team to navigate the complexities of cross-border business. He emphasized the importance of ensuring clients' expansion goals thrive in dynamic business environments.
The establishment of the China Desk marks a significant milestone in Grant Thornton's commitment to enhancing client experience. With an expanding suite of services and offerings, the firm aims to provide comprehensive support to businesses seeking to capitalize on the warming diplomatic relations between Beijing and the Middle East.
Additionally, there has been a growing trend of wealth managers setting up offices in Dubai. The city is emerging as a preferred wealth hub for entrepreneurs and affluent families from Asia, particularly China. This trend underscores the increasing interest in leveraging the evolving diplomatic ties between China and the Middle East for economic growth and investment opportunities.
By: Sahiba Suri
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