UAE And China Aim To Strengthen Economic Ties Through Business Forum

H.H. Sheikh Ahmed bin Mohammed, Second Deputy Ruler of Dubai, attended the UAE-China Business Forum, which concluded successfully with over 300 delegates. The Chinese delegation was led by Li Qiang, Premier of the State Council of China. The event was organised by Dubai Chambers and CCCME and hosted by the UAE Ministry of Economy and China's Ministry of Commerce.

The Forum coincided with the 40th anniversary of diplomatic relations between the UAE and China. It brought together businessmen and investors from both nations to discuss enhancing economic and trade relations and boosting mutual investments. Abdullah bin Touq Al Marri, Minister of Economy, highlighted the historical and strategic relationship between the two countries, emphasising their cooperation in economic and investment sectors.

Abdullah bin Touq Al Marri attributed the strength of bilateral relations to the shared commitment of both leaderships. He noted that this commitment promotes mutual investments and enhances the growth of Emirati and Chinese companies operating in both markets. During his speech at the Forum, Bin Touq said, "We consider the Chinese business community a key economic partner of the UAE’s business sector."

Bin Touq elaborated on the UAE's new economic model supporting the ‘We the UAE 2031’ vision. He discussed advancements in legislation and policies that have increased foreign direct investments in the UAE. These measures have strengthened national competitiveness regionally and globally. Bin Touq invited Chinese companies to leverage opportunities in various sectors like tourism, aviation, FinTech, e-commerce, AI, healthcare, smart transportation, and sustainable manufacturing.

He highlighted tourism as a crucial pillar of economic cooperation between the two countries. The number of Chinese visitors to the UAE reached around 1.2 million in 2023, a significant increase from 382,206 tourists in 2022. There are currently 44 flights operated by UAE’s national carriers connecting both countries weekly.

In his opening address, Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, emphasised China’s status as the UAE’s top trading partner. He mentioned that Dubai International Chamber has three overseas offices in China – Shanghai, Shenzhen, and Hong Kong – to enhance investment opportunities and facilitate trade exchanges.

Commitment to Supporting Chinese Businesses

Al Ghurair stated, "Our commitment at Dubai Chambers to supporting the Chinese business community is unwavering." He noted that last month’s Dubai Business Forum in Beijing attracted 800 investors and entrepreneurs from both nations. This forum underscores China as a crucial strategic partner for future initiatives.

Al Ghurair concluded his address by noting that there were 5,480 active Chinese member companies registered with Dubai Chamber of Commerce by August's end. Out of these, 1,004 new Chinese companies joined during this year's first eight months.

Panel Discussions on Investment Opportunities

The Forum featured four panel discussions with 20 speakers including officials and business leaders from both countries. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers delivered the welcome address. Sessions focused on sovereign wealth funds' role in joint investments and projects and strengthening partnership frameworks within energy sectors.

The discussions also evaluated opportunities to enhance cross-investment and trade while showcasing successful Dubai-based companies expanding operations in China. Additionally, they highlighted Chinese firms capitalising on business growth opportunities available in Dubai.

This event builds on momentum from August's Dubai Business Forum – China organised by Dubai Chambers in Beijing. The inaugural international edition attracted 800 prominent Chinese business leaders, investors, officials alongside a high-level delegation from Dubai featuring representatives from key government entities and private sectors exploring diverse opportunities arising for Chinese businesses due to Dubai D33 agenda.

With inputs from WAM