The Dubai Multi Commodities Centre (DMCC) has reported a 9 percent increase in the number of Chinese companies joining its free zone in the first half of 2024, bringing the total to 900 Chinese members.
This announcement followed the conclusion of DMCC’s latest Made For Trade Live roadshow in Shanghai and Shenzhen, its second in China for 2024. During this event, DMCC also presented a special briefing on the findings of its latest Future of Trade 2024 report.
DMCC emphasised new commercial opportunities between the UAE and China, with bilateral trade projected to reach $200B by 2030. This growth is further supported by the emergence of new regional trade blocs like BRICS+ as the global trade model shifts from globalisation to friendshoring-focused partnerships.
The Future of Trade report identified significant opportunities for the UAE and China to enhance collaboration in tech and environmentally sound technologies (ESTs). China is the world’s leading exporter of green technologies and environmental products, and a global leader in the sale of critical raw materials like graphite, as well as goods such as electric vehicles (EVs) and solar panels. With both the UAE and China among the top 10 importers of ESTs by value, their strategic partnership is expected to grow in importance as both play key roles in the global sustainability transition.
Over 550 business leaders were briefed on the report’s findings and the benefits for Chinese businesses expanding their operations through Dubai. DMCC executives highlighted that the UAE’s advanced trade infrastructure, supportive economic policies, and dedicated business ecosystems for high-growth sectors at DMCC have made the district home to 15 percent of the approximately 6,000 Chinese businesses in the UAE.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, stated, “Today, DMCC celebrates a milestone of 900 Chinese members, reflecting the rapid growth in recent years of Chinese companies joining our business district due to our unique value proposition and the strength of the UAE-China economic relationship. With bilateral non-oil trade set to double to $200B by 2030, we expect these numbers to increase as the UAE and China strengthen their commercial networks and seize the vast opportunities in high-growth areas like technology, services, and sustainability.”
Muhannad Sulaiman Al Naqbi, Consul-General of the UAE in Shanghai, added, “The UAE and China share an unparalleled strategic partnership that has only strengthened over the years. DMCC’s success in attracting hundreds of leading Chinese companies to Dubai is a testament to the immense potential between our two nations. As we aim to foster stronger ties and double bilateral trade, initiatives like DMCC’s roadshow will be crucial in unlocking new avenues for collaboration and prosperity.”
Mariam Alshamsi, Consul-General of the UAE in Guangzhou, commented, “Built on a rich history of collaboration and success, the opportunities for the UAE and China to work together more closely are evident. It is through key events such as DMCC’s roadshow that we deepen our economic and trade ties.”
