Dubai: Investment platform Annual Investment Meeting (AIM) and private equity firm China Venture Capital Research Institute (CVCRI) signed a preliminary long-term strategic partnership deal on Tuesday to share resources and to boost investment opportunities, as they look to make the most out of China’s One Belt, One Road plan.
The deal, which was signed between AIM Director General Walid Farghal and CVCRI President Jihong Ding, is expected to attract Chinese venture capitalists and private equities looking to invest, the companies said. AIM is an enterprise from the UAE Ministry of Foreign Trade, which focuses on foreign direct investments from emerging markets.
In 2013, China unveiled a Silk Road plan for the 21st century — a strategy that aims to boost trade and productivity between the country and others across East Africa and Europe. The World Bank estimates the strategy, known as the Belt and Road Initiative (BRI), will encompass 30 per cent of the global GDP, 62 per cent of the world’s population and 75 per cent of known energy reserves.
The volume of China-UAE bilateral trade has reached $11.2 billion in the first quarter of 2019, a 16 per cent hike compared to previous year, according to reports. Large energy companies such as China National Offshore Oil Corporation, Zhenhua Oil have all set up offices in Abu Dhabi since 2018, while China Machinery Engineering Corporation, CMEC, opened an office in Dubai.
“We are expecting 500 top venture capitalists and private equities to attend the upcoming tenth edition of AIM, which includes a special One Belt One Road (OBOR) event aimed at helping investors in identifying potential investment opportunities within the BRI,” said Ding.