UAE and China discuss investment opportunities in new economic sectors, trade, transportation & technology

FDI exchanges between the two countries totaled AED 44 billion in early 2021

H.E. Abdullah Ahmad Al Saleh, Undersecretary of the Ministry of Economy, held a bilateral meeting with Zhang Xiangchen, Deputy International Trade Representative for the People's Republic of China, to discuss joint investment opportunities in new economic sectors, trade, logistics, real estate, financial services, technology, and insurance activities. The meeting took place on the sidelines of the recently held UAE-China Economic Forum in Dubai.

H.E. Al Saleh underlined that the historic relations binding the UAE and China are based on strategic partnership and cooperation, and have witnessed significant growth over the past four decades in all fields, particularly economy and trade.

The Undersecretary stated: “The UAE is China's number one Arab and GCC trade partner as of 2021. China is also the UAE's top global trade partner as the value of non-oil trade between the two countries exceeded AED 264.2 billion (USD 72 billion) in 2022, reflecting an 18 per cent growth from AED 223.8 billion (USD 61 billion) in 2021.”

“The investment exchanges between the two countries are also witnessing continued growth in various economic and trade sectors, most notably real estate, logistics, storage, financial services, insurance activities, manufacturing and information technology. It amounted to nearly AED 44 billion (USD 12 billion) in early 2021. China is also the third-largest foreign investor in the UAE today, with investments worth USD 9.3 billion as of the beginning of 2021, up 514.5 per cent compared to the same period in 2013,” H.E. Al Saleh added.

Moreover, H.E. Al Saleh briefed the Chinese side on the economic policies adopted by the UAE to enable and enhance the growth and competitiveness of its investment environment. These include the introduction of incentives and an array of enablers to encourage the private sector to invest and expand in the country's markets; amendments to the Commercial Companies Law to allow 100 per cent foreign ownership; measures to enhance labor mobility; and the modernization of the country’s residency system.