Dubai, UAE – UAE and China reviewed joint investment opportunities in multiple sectors including trade, real estate, logistics, technology, insurance, and financial services, during a meeting in Dubai.
Abdullah Ahmad Al Saleh, Under-Secretary of the Ministry of Economy discussed it with Zhang Xiangchen, Deputy International Trade Representative of China, on sidelines of UAE-China Economic forum.
Al Saleh said the UAE-China historical ties are based on partnership, while witnessing great development over the past four decades in all fields, WAM reported.
This includes economy and trade, which enhances development direction and supports the growth and sustainability of the two economies, he added.
“The UAE is China’s first Arab and Gulf trade partner during 2021. China is also the UAE’s first trade partner, as the value of non-oil intra-trade between the two countries amounted to more than AED 264.2 billion (US$72 billion) in 2022, achieving a growth of 18 percent compared to AED223.8 billion (US$61 billion) in 2021,” he said.
Al Saleh continued, “The mutual investments between the two countries are witnessing continuous growth in various economic and commercial sectors, most notably real estate, logistical transportation, storage, financial services, insurance activities, manufacturing and information technology.”
“Bilateral investments between the UAE and China reached nearly AED 44 billion (US$12 billion) until early In 2021. China is also the third-largest foreign investor in the UAE at the global level, with a balance of foreign direct investments that amounted to US$9.3 billion until the beginning of 2021 and achieved a growth of 514.5 percent compared to the beginning of 2013,” he added.
Al Saleh briefed the Chinese side on the economic policies adopted by the UAE to enable and enhance the competitiveness of the investment environment and its growth, including providing incentives and supportive enablers to encourage the private sector to invest and expand in the country’s markets.
This includes amending the Commercial Companies Law, which allowed 100 percent foreign ownership, and supporting the increase of labor mobility and modernizing residency systems in the country.
