Dragon Mart shopping complex opens in Dubai

The volume of trade between the UAE and China is rising at astronomical rates and is expected to total at least $10 billion (Dh36.7 billion) in 2005.

The UAE, with Dubai acting as a major regional re-export centre, is already China's biggest trade partner in the Middle East with total trade hitting $8.5 billion this year, up from $5.8 billion in 2003, said Chinese Deputy Commerce Minister Wei Jain Guo.

Wei was speaking after taking part in opening Dragon Mart, a Dh900-million shopping complex at Dubai International City and the biggest Chinese trade hub outside mainland China.

He gave no breakdown of the figures, but they include oil and other by-products to energy-hungry China, textiles, mechanical equipment and furniture.

Sultan Ahmad bin Sulayem, Executive Chairman of Nakheel, which has developed the Dragon Mart, said the project was a unique concept and was a one-stop trading centre where investors, manufacturers and traders can showcase the best of Chinese products and network.

Dragon Mart was opened by Shaikha Lubna Al Qasimi, Minister of Economy and Planning, on behalf of General Shaikh Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and UAE Minister of Defence.

Bin Sulayem said Dragon Mart would not only meet the needs of Dubai, but would also act as a "unique platform" for Chinese traders to do business with their counterparts in the region.

Analysts and importers of Chinese products in Dubai said Beijing has benefited from the world currency fluctuations against the US dollar, the main pricing unit for Chinese products, to boost its foreign exports.

"This is at the expense of products made in Europe and Japan, which have become prohibitively expensive following the surge of the euro and the yen lately," one analyst said.

Bin Sulayem said Chinese products offered excellent value for money. They have become "an indelible part of international trade and commerce, synonymous with quality and value for money they offer," he said.

"Dubai has a long-standing trade relationship with China and Dragon Mart is a strategic step taken in the direction of cementing these relations," he said.

The Dragon Mart will house 400 medium and small companies offering a wide range of products.

It is 1.2km long with the dragon body measuring 980 metres in length, 100 metres in width and 6.4 metres in height.

The two-floor dragon head is 220 metres long, 210 metres wide and 18 metres high.

Annexed to it are 3,000 apartments to serve various communities, including Chinese, Russian, Spanish, Moroccan and many others.