Cooperation between the UAE and China in the areas of trade, investments, energy, healthcare, and transportation

A meeting between the United Arab Emirates and the People's Republic of China was held in Dubai on Tuesday, August 15, 2023. The meeting discussed cooperation in trade, investment, real estate, energy, manufacturing, technology, renewable energy, health, transportation and digital transformation.

The meeting was held in Dubai to discuss opportunities for strengthening and developing mutual cooperation between the United Arab Emirates and the People's Republic of China. The event was attended by Mr. Wang Wentao, Minister of Commerce of the People's Republic of China, Mr. Abdullah Al Saleh, Deputy Minister of Economy of the United Arab Emirates, Mr. Chang Yiming, Ambassador of the People's Republic of China to the United Arab Emirates, as well as a number of Chinese government officials and representatives of leading Emirati companies, including Adnoc, DP World, Emaar, Emirates Airlines and G42.

Bilateral relations between the United Arab Emirates and China receive significant support from both sides and reflect a shared vision to expand and broaden the common umbrella strategic partnership established between the two countries in 2012 to achieve sustainable development and include new sectors in the fields of politics, economy, security, energy, culture and other fields, as well as exploring new promising investment opportunities in the next period that will benefit both friendly countries.

Mr. Wang Wentao, Minister of Commerce of the People's Republic of China, said, "We will work to strengthen our partnership with the United Arab Emirates to open new opportunities for Emirati companies to expand and grow in the Chinese market, and the Ministry of Commerce will provide everything necessary to ensure the long-term development and stability of Emirati companies' operations in China."

Mr. Abdullah Al Saleh welcomed the Chinese delegation to their second home state, affirming that Emirati-Chinese relations are strategic and continue to develop in all sectors, including economy, trade and investment. He noted that trade, economic and investment ties between the two countries are growing markedly.

During the meeting, the two sides discussed a number of new mechanisms to strengthen joint trade prospects and develop further trade partnerships, as well as providing all necessary support measures for exporters and importers to facilitate the increase in the exchange of goods and services and their diversification to support the growing volume of trade between the two countries. Mechanisms were also discussed to strengthen Emirati investments in the Chinese market and capitalize on promising investment opportunities, especially given the presence of more than 55 Emirati companies operating in China.

Mr. Abdullah Al Saleh said, "Both countries have an attractive geographical location and a promising investment environment with many opportunities in many economic and trade sectors. We are interested in strengthening Emirati investments in Chinese markets and diversifying them in the next period, especially in the sectors of real estate, tourism, industry, infrastructure, technology, innovation, financial and banking services, energy, renewable energy, transportation and healthcare." He also noted that China is the third largest foreign investor in the United Arab Emirates, where Chinese direct investment in the country amounted to about AED 23.3 billion ($6.3 billion) by the end of 2020, accounting for 5% of the total foreign direct investment in the Emirates, and most of the Chinese investment is concentrated in the commercial, financial, insurance and real estate sectors.

Mr. Abdullah Al Saleh briefed the Minister of Commerce of the People's Republic of China and his accompanying delegation on the economic policies adopted by the United Arab Emirates to ensure a competitive business environment and its growth into new horizons, including providing incentives and opportunities to support the private sector in investing and expanding in Emirati markets, as well as amending the Trading Companies Law to allow 100% foreign ownership. The Comprehensive Economic Partnership Program was also launched, in line with the Ministry of Economy's strategic goals for business development and management, as well as the economic goals of the United Arab Emirates Vision 2031.