China’s One Belt, One Road Initiative

Chinese President Xi Jinping attends a news conference at the end of the Belt and Road Forum in Beijing, China May 15, 2017. REUTERS/Jason Lee
Updated 10 December 2017
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China’s One Belt, One Road Initiative

LONDON: China is seeking to re-build an ancient network of land and ocean silk trade routes between Asia and Europe to help to increase trade and improve transport logistics.
The project involves many roads, railways, ports and maritime routes. The land-based projects are the belt. The road is the maritime routes that will connect up China’s southern provinces to south-east Asia and the east coast of Africa with ports and railways.
The project has already signed off on $1.3 trillion worth of projects, including major infrastructure works in Africa and Central Asia. It will involve 65 countries with a total population reach of 4.4 billion with a share of the global economy of more than 30 percent. It is said to be more than seven times larger than America’s Marshall Plan to rebuild Europe after the World War II.
China believes emerging markets in its neighborhood will be more willing to accept Chinese-made high-speed rail, energy generators and telecommunications equipment if it is instrumental in building mega infrastructure projects.
Pakistan, for instance, badly needs a proper power network as electricity outages are common for many hours of the day. An additional theory is that China wants to make the renminbi the main trade and investment currency as part of a bid to replace the dollar.
During a recent summit in Beijing, China’s President Xi Jinping said trade was the important engine of economic development, and he tried to reassure Western diplomats that the plan was not simply an attempt to promote Chinese influence globally.
“In advancing the Belt and Road, we will not re-tread the old path of games between foes. Instead we will build an open platform of co-operation and uphold and grow an open world economy,” Xi told delegates at the conference.


Owner of Abu Dhabi’s Al Hilal Bank appoints chairman and CEO

Updated 21 April 2019
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Owner of Abu Dhabi’s Al Hilal Bank appoints chairman and CEO

  • Eraiqat is currently group chief executive of Abu Dhabi Commercial Bank (ADCB)
  • Eraiqat will serve as chairman at Al Hilal in addition to his current role at ADCB

DUBAI: Abu Dhabi Islamic lender Al Hilal Bank said on Sunday its owner, the Abu Dhabi Investment Council, had appointed Alaa Eraiqat as the bank's chairman.
Eraiqat is currently group chief executive of Abu Dhabi Commercial Bank (ADCB), which is expected to merge with Al Hilal Bank and Union National Bank (UNB) in the first half of 2019.
Eraiqat will serve as chairman at Al Hilal in addition to his current role at ADCB.
The Abu Dhabi Investment Council, a sovereign wealth fund which combined with Abu Dhabi state fund Mubadala last year, also appointed Amr Saad Al Menhali as chief executive of Al Hilal Bank.