Dubai: The UAE’s growing technology sector combined with changing laws around foreign ownership of companies makes it an increasingly attractive trade and investment destination for Chinese companies, according to a statement from Dubai Internet City (DIC).

The state-owned technology freezone is hoping to attract more investment from China as the UAE grows its $53.3 billion (Dh195.8 billion) bilateral trade balance.

Valued at nearly $8 billion (Dh29 billion), the UAE’s domestic IT market is expected to grow at an average of five per cent annually between 2017 and 2022, according to the International Data Corporation (IDC).

DIC has already partnered with Chinese technology companies such as Huawei, UnionPay, China Telecom Middle East and Oceanblue Cloud, as it seeks to entice a bigger slice of China’s near-trillion dollar technology market.

“China has long been one of the UAE’s most important international trading partners,” Ammar Al Malik, executive director of Dubai Internet City, said in a statement issued Thursday.

“As our local tech industry matures amid game-changing reforms in our trade and investment laws, we are confident that Chinese citizens will find a wealth of investment and employment opportunities to explore here in Dubai.”

For technology giant Huawei, the UAE’s progressive policies are a key enabler in its drive to provide inclusive, intelligent solutions.

“At the heart of the Huawei ethos is our dedication to innovation and knowledge sharing, and we could not have asked for a better environment than the Emirates to fulfil these ideals,” said Li Xiangyu, vice president of public affairs and communications at Huawei Middle East.

“The UAE government, as well as our local partners and customers, have demonstrated that they share our relentless drive for innovation and exploration, and thanks to them we are making huge strides in our vision … We are committed to assisting the UAE’s leadership in achieving the ambitious targets outlined in UAE Vision 2021,” he added.