Business | Investment

Dubai Chamber hosts Hangzhou team

Dubai Chamber of Commerce and Industry has urged business community of Hangzhou, China to invest in Dubai real estate project and business clusters such as Jebel Ali Free Zone and Dubai World.

  • By Nadia Saleem, Staff Reporter
  • Published: 00:11 May 6, 2008
  • Gulf News

Dubai: Dubai Chamber of Commerce and Industry has urged business community of Hangzhou, China to invest in Dubai real estate project and business clusters such as Jebel Ali Free Zone and Dubai World.

A 100-member trade delegation from Hangzhou, capital of Zhejiang Province, participated in Hangzhou-Dubai Economic Forum in Dubai yesterday where government representatives of both cities gathered to enhancing economic ties and encouraging bilateral investments.

Dubai government officials spoke of existing trade between Dubai and Hang-zhou and also the support gained by the visit of His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, to China.

"Non-oil trade between Dubai and China last year was almost Dh70 billion," said Hesham Al Shirawi, second vice-chairman, Dubai Chamber. "This makes China the second largest non-oil business partner for Dubai," he said.

While Ahmad Bin Byat, secretary general of Dubai Executive Council added to that saying, "We already have strong shared commercial interests, such as Dubai Ports World managing six ports in China." He also said that there are a number of Chinese companies that have heavily invested in the UAE in the fields of energy and infrastructure.

Dubai serves as the regional headquarters for an estimated 888 Chinese companies, with Chinese investment in the UAE currently standing at Dh 1.1 billion. The UAE's total investment in China is now estimated at Dh 3.7 billion.

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