Dubai: Dubai will next month host the Boao Forum for Asia (BFA), the Davos of the East and a major annual financial meeting, in a move expected to further cement the city’s role as a gateway to China, the world’s second largest economy.
Choosing Dubai for the BFA shows the importance of the relationship between Dubai and China, Asian experts said in a seminar Tuesday.
“The forum is recognised as the most prestigious forum in Asia and holding it in the Middle East demonstrates the growing importance of the relationship between Dubai and China and other subregions of Asia,” said Chirag Shah, Chief Strategy and Business Development Officer at the Dubai International Financial Centre (DIFC).
“Dubai selection as the host city is recognition of its ever-increased role as a global financial hub, facilitating trade and exchange between Asia and markets, from the Middle East, Africa, and Europe and beyond,” said Xiyu Yang, Executive Vice President of Boao Forum for Asia Institute during the discussion panel.
BFA is seen as the Asian version of the World Economic Forum, which is held annually in Davos, Switzerland. BFA is based in Bo’ao, China, while its secretariat is based in Beijing.
While the total number of participating is still being finalised, Chirag Shah explained to Gulf News it is the “quality of delegations that are coming, and we understand that are top notch, business people, cultural from Asia, more than 20 countries of Asia getting together. We are looking forward to this event.”
China wants to hold the conference in Dubai to try have “deeper, wider cooperation, especially in the finance sector,” said Xiyu Yang.
Trade volume between China and UAE has reached 46.2 billion dollars in 2013, with a 14 per cent increase from 2012.
Nearly 275,000 Chinese tourists visited Dubai in 2013.
Nearly 60 per cent of the trade is re-exported to Africa and Europe, official figures show.
There are nearly 200,000 Chinese residents in Dubai, and more than 4200 Chinese companies operate in the UAE.
