UAE-China trade expected to grow to $60bn by end of 2016, says officialSource: www.export-egypt.com 12/14/2016, Location: Middle East |
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Trade between the United Arab Emirates, UAE, and China is expected to increase to US$60 billion (AED216 billion) by the end of this year, up from $54.8 in 2015, as the UAE is now China's second largest trading partner in the Middle East and the region's biggest market for Chinese goods, according to the Dubai Economic Council.
China, whose trade with the UAE stood at only $63 million in 1984, now has more than 4200 companies operating in the Gulf Arab country as well as $8 billion in direct investments concentrated in the UAE construction and trade sectors, said Hani Rashid Al Hamli, Secretary-General of the Dubai Economic Council during a meeting with a Chinese business delegation. Dubai alone accounted for 89 per cent, or $49 billion, of the trade between China and the UAE in 2015, he said, and noted that the Dubai Expo 2020 will represent a vital area of activity for Chinese companies. "Transforming Dubai into the biggest destination of Chinese direct investment in this region is being driven by directives from the wise leadership to bolster economic relations between the two countries and make China a strategic partner in development projects," the official said. Other drivers of economic growth in Dubai include strategic initiatives launched by the government over the past few years. These include the Dubai Future Accelerators, a programme designed to identify emergent technologies and businesses, and the Smart Government initiative, among others, Al Hamli said. |
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