Dubai eyes partnerships with China in key sectors

Dubai is stepping up efforts to foster robust partnerships with China in key sectors such as logistics, trade, high technology and green energy, as industry insiders see huge potential in China's economic growth.

The Dubai Business Forum — China, hosted by Dubai Chambers on Wednesday in Beijing, aims to attract high-growth companies to Dubai and support Chinese businesses in leveraging opportunities for regional and global expansion.

In the opening remarks, Mohammad Ali bin Rashed Lootah, president and CEO of Dubai Chambers, said: "Dubai has become increasingly attractive to Chinese investors with global ambitions."

According to him, by the end of the first quarter of this year, there have been about 5,400 Chinese companies registered as active members of the Dubai Chamber of Commerce.

According to Dubai Chambers, China is Dubai's largest trading partner, with a non-oil trade volume of $67.8 billion in 2023, a year-on-year increase of 4 percent and an increase of 83 percent compared with 10 years ago.

Abdulla Al Hashmi, chief operating officer of Parks &Zones, DP World GCC, a logistics company based in Dubai, underscored some key factors behind Dubai's achievements in international trade.

"We have made bold investments when we created the infrastructure that is needed to stimulate trade, whether it is the Jebel Ali Port or Al Maktoum Airport," he told China Daily.

Besides, he highlighted the importance of simplifying business processes.

"We've established a single trade window, called Dubai Trade, where traders, manufacturers, and all supply chain participants can conveniently conduct their transactions," he said. "So the ease of doing business is extremely important and this is what Dubai excels at."

Beijing Xiaocheng Technology, a company that works on integrated circuits and electric energy meters, is among those looking for business expansion and are interested in Dubai's favorable policies.

"We already established our own office in Dubai, and we are planning to further expand our business in Dubai in the future," Liu Hang, deputy general manager of the company, told China Daily.

Stephen Hurst, managing director and head of the China Management Office at HSBC China, also sees "a massive opportunity" between Dubai and China.

"The Middle East is a very important region for us in terms of our strategy in supporting clients," Hurst told China Daily. He is now based in China and helps clients with banking solutions.

"China and the Middle East are long-standing trading partners, and Dubai in particular, so I see there is a huge opportunity for Chinese corporates that are going overseas, and Dubai can be the platform for them," he added.

As China and the United Arab Emirates celebrate 40 years of diplomatic relations, their economic ties have significantly strengthened. China has maintained its position as the largest trading partner of the UAE for many years. Last year, the non-oil trade between the two countries reached nearly $81 billion. The two countries also look forward to a bilateral trade volume of $200 billion by 2030, according to a joint statement issued by China and the UAE on May 30.

When asked about the UAE's BRICS membership, which took effect on Jan 1, Al Hashmi said: "We are an advocate of open market, trade without border, so we believe that this membership will enhance the multilateral trade relationship between the UAE and BRICS countries, we believe there is an opportunity to strengthen that through dialogue among the BRICS nations."