DMCC, Dubai FDI to promote UAE-China trade ties

By Huiming_Shi Tuesday, 08 October 2019 3:17 PM

DMCC, Dubai FDI to promote UAE-China trade ties

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 (WAM) -- DMCC, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, partnered with Dubai FDI to host a forum today under the theme, 'Advancing the Dubai-China Relationship Through Trade', as part of the fifth edition of the Dubai Investment Week 2019.

The week was held under the patronage of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council.

Taking place at the Almas Conference Centre at Almas Tower, the forum welcomed senior figures from the government, and trade, investment and technology fields to discuss investment opportunities available to Chinese companies seeking to expand their global footprint through Dubai.

The keynote speech was delivered by Fahad Al Gergawi, CEO, Dubai FDI, who said, "In the first six months of 2019 alone, foreign direct investments, FDI, reached AED46.6 billion as compared to AED39 billion in the whole of 2018. This clearly shows confidence in Dubai’s economy for years to come."

"As a global hub for trade, DMCC is perfectly placed to support Dubai in strengthening its relationship with China. We do this by working with partners across the board, to highlight the appeal of Dubai, and attract even more Chinese businesses to set up in DMCC," said Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC.

Michael Lawrence, Chief Executive of Asia House, said, "It is increasingly clear that the relationship between Asia and the Middle East is one that will shape the future of global trade. Recent research by Asia House identified a clear pivot in Middle East trade towards Asia, and we see this trend continuing."

During the fireside chat, Dr. Raed Safadi, Senior Economic Advisor at Dubai Economy, highlighted the fact that despite ongoing uncertainty in the global market, Dubai remains a top destination for FDI. He went on to say that a large amount of the growth in FDI is due to stronger bilateral relations with China, particularly in the past few years.

Binson Xu, the regional president of Hikvision MENA, stated that Chinese companies continue to experience great financial results in the UAE and are looking to access the wider region through their headquarters in Dubai.

Earlier this year, DMCC signed a Memorandum of Understanding with the Hangzhou China Council for the Promotion of International Trade and the Department of Commerce of Shandong Province in Qingdao to support, strengthen and boost bilateral trade between the UAE and China and to attract FDI to Dubai.