T + T – Normal size
Experts participating in the UAE-China Business Forum, which kicked off today in Dubai, confirmed that economic and trade relations between the two countries are witnessing remarkable development in various fields, especially in the energy, technology, artificial intelligence and healthcare sectors.
On the sidelines of the forum sessions, experts added that China is an economic center of gravity in the world, and has extensive experience in the field of advanced technologies, and the close and growing partnership with China plays an important role in supporting the UAE’s economic diversification plans.
Experts said the close and growing partnership with China plays an important role in achieving the goals of the Dubai Economic Agenda (D33) to double the size of Dubai’s economy over the next decade.
In his speech at the forum, Mohammed Ali Rashid Lootah, Director General of Dubai Chambers, said that the joint efforts between the UAE and China contribute to supporting the goals of the Belt and Road Initiative, noting that the UAE has developed an advanced infrastructure to connect the different continents of the world, and through its strategic location on the New Silk Road map, it constitutes a vital gateway to markets in Asia, Africa and the Middle East.
He added: China is considered an economic center of gravity in the world, and has extensive experience in the field of advanced technologies. The close and growing partnership with China plays an important role in achieving the goals of the Dubai Economic Agenda (D33) to double the size of Dubai’s economy over the next decade, and consolidate its position among the top 3 economic cities in the world, noting that technological cooperation contributes effectively to supporting the UAE’s economic diversification plans.
“Chinese companies specializing in the technology sector have all the capabilities necessary to contribute to achieving the goals of the Dubai Economic Agenda (D33) to generate new economic value from the digital transformation towards the new economy, with an average of AED 100 billion annually that will be added to Dubai’s economy,” he said, noting that the Dubai Chamber of Digital Economy will host the “Expand North Star” exhibition next month, the largest event for startups and investors around the world. This year’s edition of the event, which will be held in Dubai next month, will constitute a vital platform for digital companies and investors from China to benefit from the promising opportunities that the exhibition abounds with.”
- Investment development
The first session of the forum discussed how sovereign wealth funds and investment institutions can drive mutual investments and create an incubation platform for cooperative projects, which in turn leads to strengthening economic and trade relations between the UAE and China. The session also highlighted the pivotal role played by the China-GCC Joint Investment Committee in developing a strong framework for lasting economic and trade cooperation between China and the GCC.
Participants noted that there are abundant opportunities to invest in fast-growing Chinese companies and attract them to the UAE across various sectors. The session emphasized the role played by Emirates Development Bank in providing comprehensive support to Chinese investors, which goes beyond financial assistance to qualify them and facilitate their journey in investment and business development. The strong pillars of cooperation between sovereign wealth funds were also emphasized, which currently focuses on strengthening innovative partnerships with private equity firms and businessmen.
- Partnership in the energy sector
The second dialogue session discussed the importance of development and cooperation for success. During this session, speakers stressed the strong partnership between the UAE and China, which extends over many years and includes various sectors, especially the energy sector, which has led to enhancing mutual economic growth and trade cooperation.
Ma Yongsheng, Chairman of Sinopec Group in China, said: The UAE is a comprehensive and important strategic partner of China, and there is a solid ground for cooperation and taking advantage of future opportunities to enhance and develop the relationship in the energy sector, in a way that benefits the two countries and the world as a whole.
He added that the distinguished partnership with the UAE will lead to providing models of future technological development that contribute to improving relations in the energy sector, especially with the existence of strong partnerships with a number of companies in the UAE such as ADNOC, which prompts the two parties to work together to improve and advance the partnership in the field of oil industries in the future, which will lead to prosperity for the sector in both countries.
He explained: “We have projects to shift towards a green economy and help promote reducing carbon emissions in production and improving energy efficiency. We have very positive results at the global level in this field. We have also established technology cooperation companies, launched an alliance for the energy and chemical industries sectors in traditional sectors, launched pilot projects, and developed projects to enhance efficiency in the energy sector and reduce emissions.”
Jamal Saleh, Director General of the UAE Banks Federation, stressed that cooperation between Chinese and Emirati banks is already in place and has promising prospects for advancement and prosperity in the future as a result of the continuous development in relations between the two countries.
“Over the years, we have been keen to provide solutions and enhance cooperation in the global oil sector, through the company’s large presence worldwide. Over the past years, we have worked to develop business and highlight new concepts to develop China’s position. There is integration between China and the UAE, and agreements have been signed for cooperation in production and oil fields between the two countries. There has been mutual benefit in the projects undertaken by the two countries,” said Hu Qun, Chairman of China National Petroleum Corporation.
He added: “During the current year, the company will work to achieve additional accomplishments, especially in the field of oil pipelines, while working to launch specialized projects in this field, and expanding services in the oil sector with the UAE, which has become one of China’s largest partners, through visions and directions to enhance the strategic partnership for the coming years.”
“The relationship between China and the UAE is witnessing continuous growth and the opportunity has become very suitable for joint work to achieve further prosperity in the relationship. It must be emphasized here that the level of investment from Chinese companies has been significant, and has been concentrated in all sectors. Based on this, we see great maturity in relations with China, which provides many investment opportunities that contribute to further development and advancement in all sectors, including the energy and logistics sectors, among others,” said Khaled Al Qadi, Managing Director of International Banking for the Middle East, North Africa and Turkey at HSBC Bank UAE.
