CBUAE and People’s Bank of China renew currency swap agreement, sign MoU 

This agreement is expected to enhance the efficiency and effectiveness of settling financial and trade transactions between the two nations. Shutterstock.
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Updated 28 November 2023
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CBUAE and People’s Bank of China renew currency swap agreement, sign MoU 

RIYADH: The UAE and China have entered into a renewed currency swap arrangement facilitated by agreements that aim to advance technical and technological cooperation between the two nations. 

The understanding, which will renew the currency swap between the Central Bank of the UAE and the People’s Bank of China, bears a nominal value of 18 billion dirhams ($4.9 billion) over the next five years. This deal aims to enable the provision of liquidity in local currency into the financial markets. 

This agreement is expected to enhance the efficiency and effectiveness of settling financial and trade transactions between the two nations. 

Both banks also signed a memorandum of understanding to enhance collaboration with central bank digital currency development and strengthen cooperation between CBUAE and the Digital Currency Institute of the People’s Bank of China in the field of financial technology. 

The MoU will allow information to be shared on best practices and regulations pertaining to digital currencies and will support the implementation of cooperative undertakings, such as Project mBridge, a multi-central bank digital currency platform that facilitates quick and secure cross-border trade payments.

“The renewal of the currency swap agreement between our two countries and the MoU with our partners in China reflect the depth of the relationship between the UAE and China, embodying the Central Bank’s commitment to solidifying the partnership with our Chinese counterpart in financial, trade and investment fields,” Khaled Mohamed Balama, governor of CBUAE said. 

Additionally, the MoU includes cooperation in training and skills development for specialists on both sides and the exchange of bilateral visits to discuss matters of common interest. 

Last week, the Dubai Financial Market, in collaboration with Nasdaq Dubai and the Shanghai Stock Exchange, signed an MoU to advance joint products, including indices and electronic fund transfer initiatives. 

This step marks a significant development in fostering financial collaboration between exchanges. 


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.