UAE-China Bilateral Trade Reaches $80.6 Billion, Ambassador Reveals At Dubai Forum

The UAE stands as China's foremost non-oil trading partner in the Middle East and North Africa, with bilateral trade hitting $80.6 billion in 2023, according to Hussain bin Ibrahim Al Hammadi, the UAE Ambassador to China. "Since diplomatic relations began in 1984, non-oil trade between the two nations has grown by about 800 times," he stated at the Dubai Business Forum – China.

Al Hammadi highlighted that the UAE's economy has advanced significantly due to a stable investment environment and effective leadership. The country aims to be among the top three global economies by 2033 through various national initiatives. He also noted that the UAE ranks second in economic performance and fourth in government efficiency on the Global Competitiveness Index 2024.

The ambassador emphasised the UAE's robust infrastructure, which includes 10 airports, 12 ports, and an advanced road and bridge network. This infrastructure places the country 11th globally in terms of quality. Additionally, the UAE boasts a strong credit rating of AA by Standard & Poor's.

The UAE offers a favourable investment environment with low taxes, full ownership rights in over 40 free zones, and freedom to transfer profits abroad. The legal system is fair, and long-term golden residency is available for investors. These factors make cities like Abu Dhabi and Dubai ideal for work, investment, and living.

Al Hammadi pointed out that more than 6,000 Chinese companies operate in the UAE, benefiting from unlimited opportunities for growth and innovation. The country's multicultural society includes over 200 nationalities living harmoniously.

The ambassador concluded by noting that these advantages contribute to making the UAE a major global investment hub.

With inputs from WAM