Dubai, UAE: The economic potential of the Middle East-China trade corridor was the focus of discussion at an exclusive International Connections briefing organised by HSBC and the UAE China Business Council, for Chinese businesses and clients based in the UAE.
HSBC hosted Chinese ambassador to the UAE Zhang Yiming and a senior delegation from the UAE China Business Council. The briefing was attended by over 100 representatives from Chinese enterprises, with operations and interests across the Middle East North Africa and Türkiye (MENAT) region.
Strong trade ties between China and the Middle East have helped expedite the recovery of trade and investment flows between the countries of the Gulf Cooperation Council (GCC) and China post the global COVID-19 pandemic.
GCC-China trade surpassed GCC trade with the US and Euro Area combined for the first time in 2021. Meanwhile trade between China and the UAE reached a record high of $99.27 billion in 2022, marking an annual increase of 37.4 percent
Zhang Yiming, in his speech, emphasized the UAE’s significance as China’s second-largest trading partner in the Arab world and the largest investment destination. He also highlighted the potential for further cooperation between the two countries, especially in expanding Chinese-based enterprises into the UAE and Middle Eastern markets.
Stephen Moss, HSBC’s Regional Chief Executive for Middle East North Africa and Türkiye, also expressed optimism about the growth opportunities available in the Middle East. He stated that China’s pro-growth policies and the Middle East’s ambitious economic transformation programs offer significant opportunities for HSBC clients across various sectors.