Dubai FDI on Monday announced it plans to send an investment mission to major cities in China in a bid to bolster the UAE’s vital role in the new Silk Road.
This step comes within the framework of the AED 12. 48 billion agreement signed between China and the UAE, according to a press release.
The investment mission is part of Dubai FDI’s, the investment development agency of Dubai Economy (DED), strategic efforts in supporting the global infrastructure programme Belt and Road initiative.
A delegation of government and business leaders head by Dubai FDI will participate in Dubai Advantage Forum and exclusive meetings in Shanghai and Shenzhen from 24 to 29 June 2019.
Fahad Al Gergawi, CEO of Dubai FDI, said: “Dubai has always played an important economic hub for Asia and this role continues to evolve towards greater heights following China’s launch of the Belt and Road initiative, the new global trading highway designed to link Asia to Africa and Latin America directly through the Middle East.”
Moreover, Deputy CEO of Dubai FDI Khalid Al Boom said: “China maintains its leading position as Dubai’s topmost trading partner with its market value reaching AED 139 billion in 2018.”
Al Boom also highlighted that Dubai is determined to promote processes for leading companies in Shanghai and Shenzhen in this planned mission through its key trading partners in China.
Furthermore, ‘Traders Market’, which saw AED 8.814 billion of Chinese investments, will be built over a 60-million square feet opposite the Expo 2020 site in Dubai following a recent agreement, the release added.
The Traders Market will feature an international station for storing and shipping Chinese products from Jebel Ali to the world.
The emirate maintains promoting investment growth opportunities in line with the UAE’s global expansion plan in many sectors such as aerospace, manufacturing, advanced technology, logistics, healthcare, financial services, life sciences, and food products and agriculture.
It is worth noting that China is the UAE’s second largest trading partner and bilateral trade between the two countries is expected to jump to AED 257 billion by 2020 from AED 194.642 billion.