Over 200 Chinese business leaders gathered at Dubai Multi Commodities Centre to observe China Business Day and celebrate the growing commercial ties between UAE and China, which target bilateral trade hitting $200 billion by 2030.
Commenting on the event, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers said: “The UAE represents one of the strongest economies in the region and as a natural partner of the Belt and Road Initiative, it has risen as a prominent global gateway for Chinese businesses, particularly with its unparalleled logistics infrastructure and position along the New Silk Road.
“China has always been a market of strategic importance to Dubai and the mutual investments between the two countries continue to witness strong growth in various economic and commercial sectors. Through the extensive efforts and support of organisations like DMCC, we look forward to continued collaboration and seeing the relationship between our countries thrive and prosper even more. We look forward, through our international offices, to strengthen the trade ties between Dubai and China and attract foreign direct Investments in line with the objectives and goals of Dubai Economic Agenda (D33).”
Panel discussion
The event convened underscored DMCC’s commitment to attract Chinese businesses to Dubai. The event also included a panel discussion titled “Building business success in Dubai and the UAE with experiences from leading Chinese companies”.
Speaking on the panel were senior members and representatives from China State Construction Engineering Corporation, Bank of China, China Mobile International Middle East & Africa, Dahua Technology, and Yingke & Shayan Legal Consulting.
As a leading global trade hub, DMCC offers businesses unprecedented growth opportunities through its world-class infrastructure, products, services and facilities. Today, DMCC is home to more than 750 Chinese companies, equating to well over 12% of all Chinese businesses registered in the UAE.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, added: “As the UAE’s primary trade partner, our relationship with China grows and matures every day to the extent that our bilateral trade is expected to reach $200 billion by 2030. This demonstrates the UAE’s significance as a major hub for Chinese businesses to access some of the fastest-growing markets around the world, acting as a vital gateway for Chinese trade.”
Foothold in Dubai
He added: “In providing a platform for Chinese businesses to establish a foothold in Dubai and expand their international presence, DMCC has been instrumental in bolstering economic ties between the UAE and China.”
Wu Yi, Economic & Commercial Counsellor, Consulate General of the People’s Republic of China in Dubai, added: “Over the past few years, the China-UAE relations have been growing from strength to strength – from deep political trust and booming economic cooperation to people-to-people and cultural exchanges coming to the forefront. In fact, China-UAE bilateral trade in 2022 reached record highs despite the impact of the pandemic, reflecting the strong vitality of the mutually beneficial cooperation between the two countries. I would like to extend my appreciation to Dubai Chambers and DMCC for supporting the growth of this relationship and I am confident that such events will help it prosper even further.”
Given China’s importance as a strategic market for both DMCC and the UAE, DMCC has created a bespoke ecosystem tailored to the Chinese business community. This includes the establishment of the Yingtian Chinese Business Centre DMCC in 2017 to aid Chinese companies wanting to set up a company in Dubai; the launch of DMCC’s website in Mandarin to further increase the ease of doing business in Dubai; the opening of a China Service Centre in Almas Tower in 2020, with Mandarin onboarding support across all client touchpoints; and most recently, a representative office in Shenzhen was inaugurated to bring DMCC to the doorstep of Chinese businesses.
