His Excellency Hani Al Hamli, Secretary General at Dubai Economic Council (DEC) stated that China comes on the forefront of Dubai’s trading partners. He also said that in line with the vision of the UAE leadership to turn China the strategic partner in development projects, it’s necessary to turn Dubai the preferable business hub for China direct investment especially in high-added value industries.
The statement comes on the sideline of the reception organised recently by DEC in Sheraton Greek Dubai to a high-profile delegates from China representing a spectrum of industries including tourism, trade and logistics. The Chinese delegation visit aims to explore the investment opportunities in Dubai.
Thriving trading ties
Al Hamli demonstrated the evolution of Dubai/ UAE-China bilateral trade ties. He said that UAE is the largest trading partner of China in the Middle East. Since formal diplomatic relations between the UAE and China were established in 1984, bilateral trade between the two countries has grown rapidly from $63 million (227 million Dirhams) in 1984 to $54.8 billion (I97 billion Dirhams) in 2015, and is expected to reach $60 billion (216 billion Dirhams) by the end of 2016. The China direct investment in the UAE is about $2.33 billion. More than 4200 Chinese companies operating in the UAE mostly in construction and trade sectors.
At Dubai’s level, Hani Al Hamli pointed out that China ranked first as the largest trading partner for Dubai since 2010, taking place of India. The bilateral trade between Dubai and China increased continuously to $49 billion (176 billion Dirhams) in 2015, about 89% of the UAE trade with China. More than 3000 Chinese companies operating in Dubai. Furthermore, Dubai also has become a tourist destination of thousands of Chinese every year.
Hani Al Hamli said that in terms of its mandates to propose critical initiatives and advise the Government of Dubai to enhance the policy-making, and in line with the directives of the UAE wise leadership to turn China a strategic partner in many economic areas, the DEC forged strategic partnerships with a number of high-profile government and private agencies in the People's Republic of China with a view to cooperate in many areas of common interest. Among those institutions: CCPIT, CDB, etc.
Opportunities in Dubai
Al Hamli pointed out that the Government of Dubai has launched over the last few years a number of critical initiatives, such as ‘smart city’, ‘smart government’, ‘innovation’, and ‘Dubai future Accelerator’, among many others, and each initiative implies a large number of projects and opportunities for China FDI. “Specifically, Dubai Industrial Strategy ‘DIS’ is cited on a number of sectors, such as aviation, aerospace, maritime, and Chinese can contribute significantly into these arenas”, Al Hamli concluded.
Mr. HuiKang Hu, Chairman of Shenzhen Silk-Road Economy & Culture Foundation and Chairman of Shenzhen FuChun Orient Investment Holding Co. said every time we visit Dubai we witness big jumps in every corner in the economy: infrastructure, shopping malls, hotels and also the smart technologies used in lifestyle.
Mr. ShaoJun Wang, CEO of Shenzhen Silk-Road Economy & Culture Foundation, and CEO Country Garden Holding Group, also praised the notable progress in Dubai’s economy.
The gathering concluded with group images. Al Hamli also presented the Chinese delegates some of DEC world-class books.