DMCC Announces 9% Membership Growth Of Chinese Firms In First Half Of 2024

The Dubai Multi Commodities Centre (DMCC) has reported a 9% increase in the number of Chinese companies joining its free zone in the first half of 2024. This brings the total number of Chinese members to 900. The announcement coincided with DMCC's recent Made For Trade Live roadshow in Shanghai and Shenzhen, marking its second event in China for 2024.

During the roadshow, DMCC highlighted new commercial opportunities between the UAE and China. Bilateral trade is projected to reach US$200 billion by 2030, supported by emerging regional trade blocs like BRICS+. This shift reflects a move away from globalisation towards partnerships focused on friendshoring.

DMCC’s Future of Trade report identified significant opportunities for collaboration between the UAE and China in technology and environmentally sound technologies (ESTs). As the world's leading exporter of green technologies and environmental products, China plays a crucial role. Both nations rank among the top 10 importers of ESTs globally, underscoring the strategic importance of their relationship in driving global sustainability efforts.

Over 550 business leaders were briefed on the report’s findings and the benefits for Chinese businesses expanding operations through Dubai. DMCC executives emphasised that Dubai's advanced trade infrastructure, supportive economic policies, and dedicated business ecosystems have made it home to 15% of the estimated 6,000 Chinese businesses in the UAE.

Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, stated, "Today, DMCC celebrates a milestone of 900 Chinese members, reflecting the rapid growth in recent years of Chinese companies joining our business district on the back of our unique value offering and the strength of the UAE-China economic relationship. With bilateral non-oil trade set to double to $200 billion by 2030, we expect to see these numbers grow in the coming years as the UAE and China deepen their commercial networks and leverage the enormous opportunities on offer in high-growth areas like technology, services and sustainability."

Strengthening Strategic Partnerships

Muhannad Sulaiman Al Naqbi, Consul-General of the UAE in Shanghai, remarked on the strong strategic partnership between the UAE and China. He said, "The UAE and China share an unparalleled strategic partnership that has only grown stronger over the years. DMCC's success in attracting hundreds of leading Chinese companies to Dubai is a testament to the immense potential that exists between our two nations. As we work towards fostering stronger ties and doubling bilateral trade, initiatives like DMCC's roadshow will play a pivotal role in unlocking new avenues for collaboration and prosperity."

Mariam Alshamsi, Consul-General of the UAE in Guangzhou, added that historical collaboration has paved the way for future opportunities. She noted, "Founded in a rich history of collaboration and success, the opportunities for the UAE and China to work together more closely could not be more apparent. lt is through key events such as DMCC's roadshow today that we deepen our economic and trade ties."

The findings from DMCC’s Future of Trade report also revealed that both countries could benefit significantly from closer cooperation on tech advancements. China's leadership in exporting green technologies like electric vehicles (EVs) and solar panels aligns well with UAE's import needs.

The strategic importance of UAE-China ties will continue to rise as both hubs play leading roles in global sustainability transitions. The ongoing collaboration between these nations is expected to unlock further commercial opportunities across various high-growth sectors.

The latest developments underscore how initiatives like DMCC's roadshows are vital for fostering stronger economic relationships between nations. These events not only highlight existing opportunities but also pave new paths for future collaborations.

With inputs from WAM