Dubai, 22 August 2024 (TDI): As industry experts see enormous potential in China’s economic growth, Dubai is speeding up efforts to foster robust relationships with China in critical industries like commerce, logistics, high technology, and green energy.
In an effort to draw fast-growing enterprises to Dubai and assist Chinese enterprises in taking advantage of chances for both regional and worldwide growth, Dubai Chambers organized the Dubai Business Forum — China on Wednesday in Beijing.
During the introductory speech, Dubai Chambers President and CEO, Mohammed Ali bin Rashed Lootah, stated: “Chinese investors with international aspirations are finding Dubai to be more and more appealing.”
He said that as of the end of the first quarter of this year, 5,400 Chinese businesses have enrolled as active members of the Dubai Chamber of Commerce.
With a non-oil trade volume of $67.8 billion in 2023—a 4 percent year-over-year increase and an 83 percent increase from ten years ago—China is Dubai Chambers’ top trading partner.
Dubai-based logistics company Parks & Zones, part of DP World GCC, has Abdulla Al Hashmi as its chief operating officer. He highlighted a few important reasons for Dubai’s success in global trade.
He said, “The infrastructure that we built—the Jebel Ali Port and the Al Maktoum Airport, for example—is what we have boldly invested in to promote trade.”
He also emphasized how crucial it is to optimize corporate procedures.
He said, “All supply chain performers, including manufacturers and dealers, may easily perform their transactions through a single trade window that we have created, named Dubai Trade. Therefore, doing business with ease is crucial, and Dubai is excellent at this.”
Dubai’s advantageous rules have attracted the attention of businesses eager to expand, such as Beijing Xiaocheng Technology, which specializes in electric energy meters and integrated circuits.
Also read: China-Africa Economic, Trade Cooperation Reaches New Heights
Liu Hang, the company’s deputy general manager, said, “We already have our own office in Dubai, and we intend to grow our business there going forward.”
Another person who sees “a huge potential” between Dubai and China is Stephen Hurst, managing director and head of HSBC China’s China Management Office.
“Regarding our customer support strategy, the Middle East is a critical location for us,” Hurst said. These days, he works out of China, providing banking solutions to his clients.
“I see a great opportunity for Chinese corporates looking to expand internationally, and Dubai may serve as a platform for them, as China and the Middle East—and Dubai in particular—have longstanding trading relations.”
China and the United Arab Emirates have improved their economic connections considerably during the course of their 40 years of diplomatic relations. For a long time now, China has remained the UAE’s biggest commercial partner.
The two nations’ non-oil commerce came to around $81 billion last year. As per the joint statement released by China and the UAE on May 30, the two nations aim to achieve a bilateral trade volume of $200 billion by 2030.
Concerning the UAE’s entry into the BRICS, which went into effect on January 1, Al Hashmi responded as follows: “We are proponents of free markets and trade across borders, so we think that this membership will improve the multilateral trade relationship between the UAE and BRICS countries. We also think there is a chance to strengthen that through dialogue among the BRICS countries.”
