Dubai eyes China to boost relations

Shanghai: Dubai is organising a three-day event in Shanghai aimed at further strengthening relations in different business and cultural fields through deepening knowledge of the emirate’s mushrooming business environment and booming opportunities.

“Dubai Week In China”, which is going to start on Thursday, October 27, is the second event of its kind in China. Last year, it was held in Beijing.

The event, in which senior officials are expected to participate, is a result of combined sponsorship by a number of governmental and private-sector owned bodies and entities in Dubai, including Dubai Chamber of Commerce, DIFC, DTCM, DMCC, Jafza and Jumeriah group.

A high-level delegation from Dubai is attending the event, which is supported by Shanghai Municipal Commission of Commerce (SMCC). The Dubai delegation will include representatives of the UAE ministry of Economy, Dubai FDI, Dubai Duty Free, DIFC courts, Emirates and KHDA. Other bodies including Dubai Sports Council, Emirates Academy of Hospitality and Emirates Aviation Academy are also participating.

A number of senior Chinese figures are also expected to speak at the event which is divided into two segments; trade and business for the first day, and then education, innovation and sports for the second day.

Re-export

One of the highlights of the event to promote Dubai as a “global gateway offering China excellent opportunities for economic development and cultural exchange”, said one of the organisers.

At present, most of the trade between the UAE and China is re-exported to Africa and Europe. With trade valued at $48 billion (Dh176 billion) in 2015, China was the top UAE’s trading partner in terms of non-oil trade in that year.

Also there are thousands of Chinese firms working in the UAE in different fields, most of them are in building materials, electronics and machinery.

Shanghai is a strategic partner for Expo 2020, which is going to be in Dubai.

Factbox: Factfile

— China and the UAE established diplomatic relations in 1984.

— China and the UAE entered into strategic partnership during a visit by former Premier Wen Jiabao in 2012.

— UAE is China’s second largest trade partner in the region. Major products exported from China include heavy machinery, high tech goods, textile and light industrial products, while the majority of imports from the UAE include LPG, oil, processed oil, aluminium and aluminium products.

— In 2015, China was the UAE’s top trading partner in terms of non-oil trade; bilateral trade was valued at $48 billion that year. Most of the trade between China and the UAE is re-exported to Africa and Europe

— Dragon Mart, the world’s largest Chinese trading hub outside China, welcomes 120,000 visitors a day and of its 5,000 shops, more than 1,700 are run by Chinese retailers.