Dubai aims to attract more Chinese investment to the emirate amid government initiatives and the strengthening of ties between the UAE and the world’s second-largest economy, a senior official said.
The commercial and tourism hub of the Middle East is targeting Chinese investments in sectors including green tech, electric vehicle (EV) companies, e-commerce, artificial intelligence, health care and renewable energy, Mohammad Ali Rashed Lootah, president and chief executive of Dubai Chambers, told The National in an interview.
“With historical relations spanning decades, China and Dubai have witnessed fruitful economic and trade co-operation with record trade volume and an expanding two-way investment,” said Mr Lootah. China “is a market of great strategic importance for the emirate” and “Dubai chambers will continue to play an instrumental role in attracting leading companies” to Dubai, he added.
The UAE, the Arab world’s second-largest economy, is bolstering its ties with China.
The UAE is China's largest trading partner in the Arab world, with trade and investment spanning many sectors, including crude oil, petrochemicals and artificial intelligence.
Chinese investments in the UAE increased by more than 16 per cent annually last year to $1.3 billion, Zhang Yiming, China’s ambassador to the UAE, said at an Abu Dhabi event in May.
China is also the largest trading partner of Dubai with non-oil bilateral trade worth Dh249 billion ($67.8 billion) last year, up 4 per cent compared to 2022 and more than 83 per cent growth compared to a decade ago, according to Dubai Chambers latest data.
Though the total Chinese investments in Dubai are not known, Mr Lootah said there were 5,100 Chinese companies in the emirate by the end of the first quarter, with 362 companies setting up their operations alone in sectors such as trading and services, real estate, transport and storage and communication.
“If you take it as a percentage, it is almost more than 5 per cent (on an annual basis), around 7 per cent growth, just in one quarter, which is very healthy,” Mr Lootah, said.
Chinese companies are keen to invest in Dubai as the emirate’s economy continues to grow and roll out new initiatives to attract foreign direct investment.
Last year, Dubai unveiled the Dubai Economic Agenda (D33) to double the size of its economy to Dh32 trillion over the next decade and establish the emirate among the top three global cities.
The plan aims to support 30 private companies in their push to become unicorns – start-ups worth more than $1 billion.
It also aims to attract an average of Dh60 billion in foreign direct investment annually in the next decade to reach a total of Dh650 billion by 2033.
“Dubai’s D33 Agenda creates exciting opportunities for Chinese businesses and investors and (we) are eager to work together to achieve the emirate’s economic ambitions and unlock mutual benefits,” Mr Lootah, said.
“There are abundant opportunities for Chinese companies in trade and investment as some of the key targets outlined in the D33 agenda include increasing the contribution of FDI to Dubai’s economy and boost foreign trade to $7 trillion.”
Dubai Chambers currently operates 31 representative offices around the world, with the three in China in Shanghai, Shenzhen and Hong Kong, as it focuses on attracting more investment.
There is also an increased interest from Chinese renewable and EV companies to set up operations in Dubai and the emirate is trying “to help them and facilitate and answer all their inquiries and even support them in case they're planning to expand their international presence and have their regional HQ [headquarter] here in Dubai”, Mr Lootah said.
Dubai remained the world's top destination for greenfield foreign direct investment projects in 2023, the third consecutive year it has achieved that status.
The emirate secured 1,070 global greenfield FDI projects last year, 142 per cent more than second-placed Singapore (442) and 148 per cent higher than third-placed London (431), Dubai Media Office said in May, citing data from the Financial Times fDi Markets report.
The Dubai economy grew by 3.2 per cent annually in the first quarter of this year. It is also looking to strengthen collaboration with Chinese technology companies specialised in artificial intelligence, blockchain and Internet of Things, “as we share China’s passion for innovation and the digital economy”, Mr Lootah said.
China is boosting its tech capabilities as it tries to compete especially with the US for dominance and influence.
Companies including Alibaba, ByteDance, TikTok’s parent, Huawei and Tencent have been dominating in technology.
Mr Lootah said Dubai Chambers will host a business forum in Beijing later this month, where more than 50 Dubai-based companies and 350 Chinese companies will participate.
“The forum will explore investment opportunities in high-potential sectors such as green tech, e-commerce, AI, healthcare and renewable energy,” he said.
More on Quran memorisation:
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Mohammed bin Zayed Majlis
About Karol Nawrocki
• Supports military aid for Ukraine, unlike other eurosceptic leaders, but he will oppose its membership in western alliances.
• A nationalist, his campaign slogan was Poland First. "Let's help others, but let's take care of our own citizens first," he said on social media in April.
• Cultivates tough-guy image, posting videos of himself at shooting ranges and in boxing rings.
• Met Donald Trump at the White House and received his backing.
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
Zayed Sustainability Prize
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The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
PREMIER LEAGUE FIXTURES
Tuesday (UAE kick-off times)
Leicester City v Brighton (9pm)
Tottenham Hotspur v West Ham United (11.15pm)
Wednesday
Manchester United v Sheffield United (9pm)
Newcastle United v Aston Villa (9pm)
Norwich City v Everton (9pm)
Wolves v Bournemouth (9pm)
Liverpool v Crystal Palace (11.15pm)
Thursday
Burnley v Watford (9pm)
Southampton v Arsenal (9pm)
Chelsea v Manchester City (11.15pm)
PROFILE OF CURE.FIT
Started: July 2016
Founders: Mukesh Bansal and Ankit Nagori
Based: Bangalore, India
Sector: Health & wellness
Size: 500 employees
Investment: $250 million
Investors: Accel, Oaktree Capital (US); Chiratae Ventures, Epiq Capital, Innoven Capital, Kalaari Capital, Kotak Mahindra Bank, Piramal Group’s Anand Piramal, Pratithi Investment Trust, Ratan Tata (India); and Unilever Ventures (Unilever’s global venture capital arm)
RESULTS - ELITE MEN
1. Henri Schoeman (RSA) 57:03
2. Mario Mola (ESP) 57:09
3. Vincent Luis (FRA) 57:25
4. Leo Bergere (FRA)57:34
5. Jacob Birtwhistle (AUS) 57:40
6. Joao Silva (POR) 57:45
7. Jonathan Brownlee (GBR) 57:56
8. Adrien Briffod (SUI) 57:57
9. Gustav Iden (NOR) 57:58
10. Richard Murray (RSA) 57:59
BRIEF SCORES:
Toss: Nepal, chose to field
UAE 153-6: Shaiman (59), Usman (30); Regmi 2-23
Nepal 132-7: Jora 53 not out; Zahoor 2-17
Result: UAE won by 21 runs
Series: UAE lead 1-0
Start-up hopes to end Japan's love affair with cash
Across most of Asia, people pay for taxi rides, restaurant meals and merchandise with smartphone-readable barcodes — except in Japan, where cash still rules. Now, as the country’s biggest web companies race to dominate the payments market, one Tokyo-based startup says it has a fighting chance to win with its QR app.
Origami had a head start when it introduced a QR-code payment service in late 2015 and has since signed up fast-food chain KFC, Tokyo’s largest cab company Nihon Kotsu and convenience store operator Lawson. The company raised $66 million in September to expand nationwide and plans to more than double its staff of about 100 employees, says founder Yoshiki Yasui.
Origami is betting that stores, which until now relied on direct mail and email newsletters, will pay for the ability to reach customers on their smartphones. For example, a hair salon using Origami’s payment app would be able to send a message to past customers with a coupon for their next haircut.
Quick Response codes, the dotted squares that can be read by smartphone cameras, were invented in the 1990s by a unit of Toyota Motor to track automotive parts. But when the Japanese pioneered digital payments almost two decades ago with contactless cards for train fares, they chose the so-called near-field communications technology. The high cost of rolling out NFC payments, convenient ATMs and a culture where lost wallets are often returned have all been cited as reasons why cash remains king in the archipelago. In China, however, QR codes dominate.
Cashless payments, which includes credit cards, accounted for just 20 per cent of total consumer spending in Japan during 2016, compared with 60 per cent in China and 89 per cent in South Korea, according to a report by the Bank of Japan.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
UAE currency: the story behind the money in your pockets
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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
Scorecard
Scotland 220
K Coetzer 95, J Siddique 3-49, R Mustafa 3-35
UAE 224-3 in 43,5 overs
C Suri 67, B Hameed 63 not out
Abu Dhabi Sustainability Week
MATCH INFO
Manchester United 1 (Fernandes pen 2') Tottenham Hotspur 6 (Ndombele 4', Son 7' & 37' Kane (30' & pen 79, Aurier 51')
Man of the match Son Heung-min (Tottenham)
Nick's journey in numbers
Countries so far: 85
Flights: 149
Steps: 3.78 million
Calories: 220,000
Floors climbed: 2,000
Donations: GPB37,300
Prostate checks: 5
Blisters: 15
Bumps on the head: 2
Dog bites: 1
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
