Mustafa Abdel Azim (Dubai)
Participants in the sessions of the UAE-China Business Forum, which kicked off in Dubai today, revealed the acceleration of the growth of investments and trade between the two countries, in light of the comprehensive strategic partnership between the two countries, expecting that the coming few years will witness more momentum to bring the volume of trade exchange to about $200 billion in 2030 compared to $81 billion in 2023, according to data from the UAE Ministry of Economy.
Dr. Wu Fulin, President of the Export-Import Bank of China, praised the positive results of the comprehensive strategic partnership between the UAE and China, which was directly reflected in the increase in Chinese investments in the UAE during the past year by about 6.8% and the doubling of Emirati investments in China by 100%, compared to 2022.
The forum, organised by Dubai Chambers and China Chamber of Commerce and Industry for Import and Export of Electrical and Mechanical Products, and hosted by the UAE Ministry of Economy and the Ministry of Commerce of the People’s Republic of China, comes on the sidelines of the official visit of His Excellency Li Keqiang, Premier of the State Council of the People’s Republic of China, to the country. It aims to discuss ways to enhance economic and trade relations and stimulate joint investments between business communities in both countries.
Joint efforts
Mohammed Ali Rashid Lootah, Director General of Dubai Chambers, said in his speech at the forum: The joint efforts between the two countries contribute to supporting the goals of the Belt and Road Initiative, noting that the UAE, through its strategic location on the New Silk Road map, constitutes a vital gateway to markets in Asia, Africa and the Middle East.
He explained that the close and growing partnership with China can play a significant role in achieving the goals of the Dubai Economic Agenda (D33) to double the size of Dubai’s economy over the next decade and consolidate its position among the top 3 economic cities in the world. Technological cooperation also plays an effective role in supporting the UAE’s economic diversification plans, so the pace of cooperation with China in this vital sector will accelerate. Chinese companies specializing in the technology sector also have all the capabilities necessary to contribute to achieving the goals of the Dubai Economic Agenda (D33) to generate new economic value from the digital transformation towards the new economy with an average of AED 100 billion annually that will be added to Dubai’s economy.
Important platform
In turn, Liu Chun, Vice President of the China Chamber of Import and Export of Electrical and Mechanical Products, said: The forum constitutes an important platform for enhancing cooperation and communication between private sector leaders, companies and investors in the two countries, noting that the future is full of common opportunities that will expand cooperation in many investment, financial, industrial and commercial sectors.
In her speech, she pointed out the keenness of a large number of Chinese companies to participate in the forum to explore investment opportunities in the UAE in the fields of renewable energy, communications, financial services and automobiles, which constitute an important market for them, and also a major starting point to the region’s markets, stressing the Chamber’s keenness to support and enhance trade and investment exchange between the two countries.
Mubadala Investments
The first session of the forum discussed how sovereign wealth funds and investment institutions can drive mutual investments and create an incubation platform for cooperative projects, which in turn leads to strengthening economic and trade relations between the UAE and China. The session also highlighted the pivotal role played by the China-GCC Joint Investment Committee in developing a strong framework for permanent economic and trade cooperation between China and the GCC.
Mohammed Al Badr, Head of China Investments at Mubadala, stressed the “great importance of China as a global economic powerhouse, with an economy of between $17 and $18 trillion and a current growth rate of 5%, which provides promising opportunities for Emirati investments in many sectors, especially healthcare, pharmaceuticals, technology, retail and artificial intelligence.”
During the session, Al-Badr stressed the investment opportunities that the UAE enjoys for Chinese companies and capital, especially in the fields of manufacturing and advanced technology.
Emirates Development
For his part, Shaker Zainal, Head of Banking at Emirates Development Bank, said: China is one of the largest trading partners of the UAE, expecting that bilateral relations will witness more openness and strategic cooperation in many sectors, stressing the bank’s welcome to provide financing and support for Chinese investments in industrial fields.
Zeneel pointed out the role played by Emirates Development Bank in providing comprehensive support to Chinese investors, which goes beyond financial assistance to qualify them and facilitate their journey in investment and business development.
Power of partnership
In the same context, Dr. Wu Fulin, Chairman of the Export-Import Bank of China, confirmed the positive results of the strategic partnership between the UAE and China, which was directly reflected in the increase in Chinese investments in the UAE during the past year by about 6.8%, doubling Emirati investments in China by 100%, compared to 2022.
He pointed to the promising opportunities to enhance and expand the scope of cooperation between the two countries in the fields of trade, infrastructure, technology, artificial intelligence, innovation and renewable energy, especially after the UAE joined BRICS last January, noting the keenness of the Export-Import Bank of China to support trade and investment cooperation between the two countries in all fields, especially the sectors of inter-trade, energy, minerals and chips, and to help Chinese companies invest in the UAE and support the building of manufacturing capabilities in both countries.
Promising opportunities
Ma Yongsheng, Chairman of Sinopec Group in China, said during the second session of the forum: The UAE is a comprehensive and important strategic partner for China, and there is a solid foundation for cooperation and benefiting from future opportunities to enhance and develop the relationship in the energy sector, which benefits both countries and the world as a whole. This distinguished partnership will also lead to providing models for future technological development that contribute to improving and developing performance, which also contributes to developing relations in the energy sector, as we have strong partnerships with a number of companies in the UAE, such as ADNOC.
In turn, Jamal Saleh, Director General of the UAE Banks Federation, stressed that cooperation between Chinese and Emirati banks is already in place and has promising prospects for advancement and prosperity in the future as a result of the continuous development in relations between the two countries.
Strengthening partnership
Hu Qun, Chairman of China National Petroleum Corporation, spoke about the ongoing efforts to enhance the comprehensive partnership with the UAE, saying: “Over the years, we have been keen to provide solutions and enhance cooperation in the oil sector globally, through the company’s large presence worldwide.”
“The relationship between China and the UAE is witnessing continuous growth and the opportunity has become very suitable for joint work to achieve further prosperity in the relationship. It must be emphasized here that the level of investment from Chinese companies has been very large and concentrated in all sectors,” said Khaled Al Qadi, Managing Director of International Banking for the Middle East, North Africa and Turkey at HSBC Bank UAE.
million passengers annually
Nabil Sultan, Executive Vice President of Passenger Sales and International Management at Emirates, revealed that Emirates annually transports more than one million passengers to and from China, either for business, tourism or leisure purposes, noting that there are ongoing discussions with Chinese tourism boards on several agreements to facilitate the transport of tourists to and from China via the Emirati carrier.
He stressed that Emirates Airlines is the first airline in the region to have non-stop flights to China since 2008, especially with regard to air cargo operations, as more than 100,000 tons of goods are transported from China to Dubai and then transported to Africa, the Middle East and America.
The Executive Vice President of Passenger Sales and International Management at Emirates said: “The transportation of goods from China to Dubai is witnessing an annual growth of 10%, especially in relation to the transportation of luxury goods and e-commerce, which are shipped via Emirates from China to Dubai and then distributed to the rest of the countries from Dubai, considering the latter as an extended platform for China to grow its foreign trade.”
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