DMCC has announced a doubling of Chinese companies in its Free Zone, and adding on average more than two Chinese companies a week. DMCC is home to 703 Chinese businesses, representing nearly 12% of the Chinese companies in the UAE.
According to the Centre, DMCC has signed a wide range of agreements with public and private entities in China to boost the bilateral trade relationship and hosted roadshows and webinars to facilitate the international expansion of Chinese companies.
In 2020, a China Service Centre opened its doors in Almas Tower, DMCC’s headquarters, with Mandarin onboarding support across all client touchpoints, while a representative office in Shenzhen was inaugurated to bring DMCC to the doorstep of Chinese businesses.
The UAE is China’s biggest trading partner in the Arab World. In 2021, China also ranked first as the UAE’s biggest trading partner, accounting for 11.7% of the UAE’s total foreign trade, and the value of non-oil trade exchange between the two countries amounted to AED 212 bn, a growth of 27% from 2020 and 19.8 per cent from 2019. China remained the UAE's top trading partner during the first quarter of 2022, with bilateral trade between the two countries at AED 57 bn. The trade value is on track to expand to USD 200 bn by 2030.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “China has always been a significant market for DMCC. It is the largest economy in Asia and the second largest in the world and the biggest trading partner for the UAE. There are more than 6,000 Chinese companies in the UAE and DMCC is proud to be home to 12% of them. Combined with the leading business ecosystem, infrastructure and facilities on offer at DMCC, Dubai’s strategic location provide us with a significant competitive advantage when it comes to supporting the international expansion of Chinese businesses.”
The growth is underpinned by long-standing diplomatic and economic relations between the UAE and China, and also due to the UAE being among the first countries to join the Belt and Road Initiative and the comprehensive strategic partnership. As a result, the UAE is now the largest logistics hub for China in the Middle East and more than 60% of China's trade in the region now transits through the UAE.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
Exclusive
Dmitry Fedorov: I want our jewelry to be displayed at a museum in the future
Dmitry Fedorov is the founder of the eponymous jewelry house. His main focus is the creation of Orthodox-inspired premium luxury jewelry of high artistic merit. He told Rough&Polished about his journey in the jewelry industry, about choosing the ‘Orthodox...
28 october 2024
Responsible business practices ‘no longer optional’, says WDC President Feriel Zerouki
The president of the World Diamond Council takes time out of her busy schedule to tell Rough&Polished readers about the critical work of the WDC. Zerouki, the first female present of the body, which includes all the important industry organizations among...
14 october 2024
James Campbell: Botswana Diamonds optimistic as it enters uncharted territory of using AI for mineral exploration
London-listed Botswana Diamonds has expressed optimism about the company’s use of artificial intelligence (AI) to scan the exploration database in Botswana to look for new mineralised deposits. Company managing director James Campbell told Rough...
07 october 2024
Artur Salyakayev: For me, happiness is freedom to make my ideas happen and create valuable products
Artur Salyakayev is an art entrepreneur, founder of the International Jewelry Academy (IJA) and the INCRUA jewelry company. He has initiated and developed successful projects in jewelry industry and services sector. He is also a leading expert...
30 september 2024
Paul Zimnisky: China key for sustained recovery in demand for natural diamonds, prices
The curtailing of upstream and midstream natural diamond production in the past months is starting to have an effect on prices, according to the New-York-based independent diamond and jewellery analyst and consultant, Paul Zimnisky. He told Rough & Polished’s...
23 september 2024
