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DMCC doubles Chinese companies over the last 5 years
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