The UAE is actively seeking to boost Chinese investment, driven by its strengthening relationship with China, the world’s second-largest economy. The focus is on attracting investments in green technology, electric vehicles (EVs), e-commerce, artificial intelligence, healthcare, and renewable energy.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, highlighted the UAE’s strategic efforts to enhance economic ties with China. The UAE aims to leverage its long-standing trade relationship and growing investment volumes.
The UAE is China’s largest trading partner in the Arab world. Last year, Chinese investments in the UAE rose by over 16% to $1.3 billion. Non-oil bilateral trade between China and the UAE reached Dh249 billion ($67.8 billion), showing a 4% increase from 2022 and over 83% growth in a decade.
By the end of the first quarter, there were 5,100 Chinese companies operating in the UAE, with 362 new establishments in diverse sectors such as trading, services, real estate, and transport. This represents a substantial 7% growth in just one quarter.
The UAE’s economic agenda includes ambitious goals to double the economy over the next decade and position itself as a leading global hub. This plan includes supporting companies to achieve unicorn status and attracting significant foreign direct investment annually.
Dubai Chambers operates 31 representative offices worldwide, including three in China—Shanghai, Shenzhen, and Hong Kong—to attract more investments. There is increasing interest from Chinese renewable energy and EV companies looking to expand their presence in the UAE.
To further strengthen economic ties, Dubai Chambers will host a business forum in Beijing later this month, featuring over 50 UAE-based companies and 350 Chinese companies. The forum will explore investment opportunities in high-growth sectors such as green tech, AI, healthcare, and renewable energy.
Source: Dubai aims to attract more Chinese investment and EV firms (msn.com)
