China, UAE ties span a wide range

By Xu He | chinadaily.com.cn | Updated: 2018-07-19 07:00
The skyline of Dubai on March 14, 2018. [Photo/VCG]

President Xi Jinping's upcoming visit to the United Arab Emirates will be the first visit of a Chinese head of state to the UAE in 29 years.

The UAE was the first Gulf state to establish a strategic partnership with China. In 2017, bilateral trade between China and the UAE jumped to $41 billion and has grown an impressive 800 fold since 1984, making China one of the UAE's top trading partners.

Today the trading relations span a wide range of sectors, including energy, logistics, finance, agriculture, technology and tourism.

Trade

China, the world's second-largest economy, has been Dubai's biggest trade partner since 2014.

Dubai's competitiveness plays a key role in attracting investors from around the world, who seek to take advantage of Dubai's position as a regional and international trading hub.

Dubai Multi Commodities Centre (DMCC), the biggest free trade zone in UAE, signed a memorandum of understanding with China Council For the Promotion Of International Trade (CCPIT) to strengthen the strong and longstanding economic ties between Dubai and China, on July 11, 2018.

DMCC also signed a memorandum of understanding with Xi'an International Trade & Logistics Park in Central China's Shaanxi province at the Xi'an Dubai Free Trade Zone Economic Cooperation Conference 2017 held in China, Sept 19, 2017.

The purpose of the MoU is to open doors for businesses in the UAE and China hoping to expand into new markets as well as organizing joint trade missions and economic delegations.

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