China now has become the third largest trading partner of the UAE and the two countries are expected to reach a new threshold of $100 billion by 2024. The “Invest in China” promotional road show which took place at the Grand Hyatt Abu Dhabi on 11-12th, seeks to capture the fact that the two countries are keen to increase the trade and investment relations beyond the current levels.
The event organized by the Ministry of Commerce of the People’s Republic of China with assistance from the Chinese Embassy attracted Government officials, sovereign wealth funds, and business executives from the UAE and throughout the Middle East.
Prominent Attendees
- Ling Ji, is Vice Minister of Commerce – People’s Republic of China and the Deputy, Ministry of Commerce, International Trade Representative
- Zhang Yiming, Chinese Ambassador to the UAE
- Fatima Al Hajri, head of investment and talent attraction at the UAE Ministry of Economy.
- Mohammed Zainal Al Zarooni, Director of Foreign Investment Development from the UAE Ministry of Investment
Key Highlights
- Vice Minister Ling Ji introduced the advanced technology demonstrated in China with china leading in AI development and 5G technology where 4 million 5G stations had been report to be in operation all over the world. He also stressed that Chinese direct investment in the Arab region had climbed up from 7.3 billion US dollars in 2004 to 276.2 billion US dollars in 2023, in sectors such as manufacturing, steel, and construction materials.
- H.E. Zhang Yiming noted that the trade rebounds are sustainably strong, the trade volume of UAE and China in the first nine months of 2024 has reached to $74.5 billion. He noted the role of the of the operating UAE sovereign wealth funds incuding the Abu Dhabi Investment Authority and Mubadala in promoting investments in China.
- Fatima Al Hajri did acknowledge that the figure shows China to be the largest trading partner of UAE outside the oil sector controlling more than 11 percent of the trade of UAE. She also mentioned that non-oil export with UAE touched $ 42 billion in the first half of 2024, with a year-on-year growth of 3% and highlighted that there are nearly 15, 500 PRC enterprises are carrying out their business across the UAE in various fields.
