Dubai Hosts Chinese Business Day Event to Support Commercial Ties
The Lede: Dubai Multi Commodities Centre (DMCC) hosted UAE-based Chinese business leaders at its China Business Day event
What We Know:
- DMCC brought together stakeholders in the Chinese business community based in Dubai for its China Business Day event in the city's Almas Tower, a 68-story trophy building that houses the Dubai Commodities Centre.
- A press release for the event highlighted a panel discussion with senior members and representatives from the China State Construction Engineering Corporation, Bank of China, China Mobile International Middle East & Africa, Dahua Technology, and Yingke & Shayan Legal Consulting.
The Background: DMCC is the UAE’s largest free-trade zone that serves as a commodities exchange and a hub of trade and enterprise. The organization claims to offer dedicated support to Chinese businesses seeking to expand through Dubai and boasts that more than 750 Chinese companies operate through DMCC representing about 12% of all Chinese businesses registered in the UAE.
Likely Outcomes:
- The growing bilateral economic ties between the UAE and China will accelerate as both sides appear to see advantages to bilateral trade and investment opportunities. The recent LNG transaction settled in yuan and delivered from the UAE hints at this trend.
- Leaders in Dubai see partnering with China as a way to achieve its objectives and goals in foreign trade, innovation, investment, and its launch of economic corridors to developing regions under the Dubai Economic Agenda (D33) for the next decade. The number of Chinese companies operating through DMCC will likely grow.
- In addition to ties with China, the U.S. and its allies have expressed frustration with the UAE’s non-compliance with Russian sanctions. This places the UAE as part of a larger regional fallout between the West and Gulf countries that aim to maintain beneficial relations with both sides of the emerging global bifurcation. Other countries, particularly in developing regions, are starting to adopt this approach.
Quotables:
“As the UAE's primary trade partner, our relationship with China grows and matures every day to the extent that our bilateral trade is expected to reach USD 200 billion by 2030. This demonstrates the UAE's significance as a major hub for Chinese businesses to access some of the fastest-growing markets around the world, acting as a vital gateway for Chinese trade.” – Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC
Good Reads:
Over 200 Chinese business leaders attend DMCC's China Business Day (Emirates News Agency)