UAE, China plan to boost joint investment

During the economic forum in Dubai, Abdullah Ahmad Al Saleh, the undersecretary of the Ministry of Economy in the UAE, met with Zhang Xiangchen, China’s deputy international trade representative. The two officials discussed their joint investment opportunities in new economic sectors such as trade, logistics, real estate, financial services, technology, and insurance, as reported by the Emirates News Agency.

Al Saleh highlighted the historic strategic partnership between the two countries and the progress made over the past four decades, especially in the economy and trade, which serve development goals and promote the growth and sustainability of both economies. In 2021, China was the UAE’s first trade partner, and the UAE was China’s first Arab and Gulf trade partner, with non-oil intra-trade between the two countries amounting to over AED 264.2 billion ($72 billion) in 2022.

The mutual investments between the UAE and China are experiencing continuous growth in various economic and commercial sectors, including real estate, logistical transportation, storage, financial services, insurance activities, manufacturing, and information technology. Until early 2021, bilateral investments between the two countries reached nearly AED 44 billion. China is also the third-largest foreign investor in the UAE, with foreign direct investments amounting to $9.3 billion, a growth of 514.5 percent compared to the beginning of 2013.

Al Saleh briefed the Chinese side on the UAE’s economic policies aimed at improving the competitiveness of the investment environment and its growth. These policies include providing incentives and supportive enablers to encourage the private sector to invest and expand in the country’s markets, amending the Commercial Companies Law to allow 100 percent foreign ownership, and supporting increased labor mobility and modernizing residency systems in the country. The meeting between the two officials is expected to deepen economic ties and expand investment opportunities between the UAE and China.