The United Arab Emirates (UAE) and China are poised to achieve over $100 billion in bilateral trade this year, further cementing their positions as strategic economic partners. This milestone comes as the UAE hosted the “Invest in China” promotional roadshow, held from December 11 to 12, 2024, at the Grand Hyatt Abu Dhabi.
Organized by the Ministry of Commerce of the People’s Republic of China in collaboration with the Chinese Embassy in the UAE, the event brought together key stakeholders, including government officials, sovereign wealth funds, and business leaders from across the Middle East.
Key Highlights of the Event
The event featured prominent figures such as:
- Ling Ji, Vice Minister of Commerce of China and Deputy China International Trade Representative
- Zhang Yiming, Ambassador of China to the UAE
- Fatima Al Hajri, Director of Investment and Talent Attraction at the UAE Ministry of Economy
- Mohammed Zainal Al Zarooni, Director of Foreign Investment Development at the Ministry of Investment
During the event, Vice Minister Ling Ji showcased China’s advancements in information technology and artificial intelligence, including the establishment of nearly 4 million 5G stations and a 36% global share in large-scale AI models. He also highlighted the exponential growth in direct investments from China into the Arab region, which surged from $7.3 billion in 2004 to $276.2 billion by 2023.
Strengthening Bilateral Ties
Ambassador Zhang Yiming underscored the flourishing trade between the two nations, noting that bilateral trade had reached $74.5 billion in the first nine months of 2024. He expressed confidence that trade volumes would surpass $100 billion by year-end, driven by the UAE’s strategic role as a bridge for trade and investment between China and the Middle East. He also praised the contributions of UAE-based sovereign wealth funds, such as the Abu Dhabi Investment Authority and Mubadala, in fostering cross-border investments.
Fatima Al Hajri, representing the UAE’s Ministry of Economy, reaffirmed China’s status as the UAE’s largest trading partner, accounting for more than 11% of its non-oil trade. She noted that bilateral trade reached $42 billion in the first half of 2024, a 3% increase compared to the previous year. She also highlighted the presence of approximately 15,500 Chinese companies operating across various economic sectors within the UAE.
Economic Prospects Ahead
The “Invest in China” event served as a platform to explore investment opportunities across industries such as manufacturing, construction materials, and steel. It also showcased the UAE’s role as a vital hub for Chinese companies aiming to expand into the Middle East.
With trade relations reaching new heights, both nations aim to deepen their economic cooperation, paving the way for sustained growth and innovation in the years to come.
