Dubai has pledged to support the expansion of Chinese businesses by positioning itself as a springboard for international markets, as foreign direct investments between both countries continue to grow.
Cumulative FDI from China to Dubai between 2015 and 2023 hit Dh19.85 billion ($5.4 billion), Dubai Chambers said on Thursday, as part of the first Dubai Business Forum – China in Beijing.
Investments from Dubai-based UAE companies into the Chinese market, on the other hand, reached nearly Dh5.2 billion over the same period, Mohammad Lootah, president and chief executive of Dubai Chambers, told state news agency Wam.
A year-by-year breakdown for both figures were unavailable.
The number of Chinese companies registered under the Dubai Chamber of Commerce also grew to about 5,400 in the first half of the year, up nearly 6 per cent from the estimated 5,100 recorded in the first quarter, it said.
The figures were unveiled at the forum, in which, opportunities under the Dubai Economic Agenda were highlighted to about 800 Chinese business leaders and investors.
The agenda, known as D33, aims to double the size of Dubai's economy to Dh32 trillion over the next decade and establish the emirate among the top three global cities.
“We are committed to supporting the growth of Chinese companies seeking to launch in Dubai and expand into regional and global markets," Mr Lootah said at the event.
In particular, Dubai Chambers signed a preliminary agreement with the China Council for the Promotion of International Trade Beijing, which aims to foster collaboration between Dubai and China businesses and help the latter expand investments in the emirate.
The agreement will also include the organisation of trade events and the hosting of delegations between the two markets.
"Close partnerships and constructive co-operation between the public and private sectors create an exceptional investment environment for the global business community," Mr Lootah said.
Bilateral relations between the UAE and China have been increasing with new trade and investment agreements between the two, as the Arab world's second-largest economy continued to grow with diversification efforts.
The two nations established diplomatic relations in 1984 and signed the bilateral investment treaty in 1993, according to the UN Conference on Trade and Development.
In 2023, the UAE's non-oil trade with China grew 4.2 per cent annually to reach Dh296 billion, with China remaining the UAE's top non-oil trade partner, accounting for 12 per cent of the nation’s trade, according to state news agency Wam.
Non-oil trade between Dubai and China also surged during the period to $67.8 billion, up 4 per cent compared to the previous year, the latest data from Dubai Chambers shows.
Chinese investments in the UAE as a whole increased by more than 16 per cent annually in 2023 to $1.3 billion, accounting for 60 per cent of the Asian nation's total investment in Arab countries, Zhang Yiming, China’s ambassador to the UAE, said in Abu Dhabi in May.
Mr Lootah told The National earlier this month that Dubai aims to attract more Chinese investment to the emirate.
The UAE and China also signed a preliminary agreement in July to increase air connectivity between the two nations.
Initiatives such as this week's forum are expected to expand the economic relationship between the UAE and China, said George Khoury, global head of education and research at Dubai-based CFI Financial Group.
"Building connections between businesses from either country is a strong vector for future growth and co-operation. UAE businesses could thus gain a significant advantage in their commercial endeavours and could extend market share and initiate new activities in China," he told The National.
"Any deals could help cement the UAE status as a global economic powerhouse."
Dubai Chambers also highlighted at the forum opportunities in key sectors, including trade, logistics, artificial intelligence, renewable energy, health care and e-commerce.
Opportunities in e-commerce, in particular, were discussed, as the sector continues to grow with evolving consumer shopping preferences. China is home to Shein and Temu, two of the most popular and budget-friendly e-commerce sites worldwide.
The national orchestra
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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England: 277 & 19-0
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WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Towering concerns
Young women have more “financial grit”, but fall behind on investing
In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.
While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.
In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all).
“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”
Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.
"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."
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Selected fixtures
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Poland v Portugal 10.45pm
Russia v Sweden 10.45pm
Friday
Belgium v Switzerland 10.45pm
Croatia v England 10.45pm
Saturday
Netherlands v Germany 10.45pm
Rep of Ireland v Denmark 10.45pm
Sunday
Poland v Italy 10.45pm
Monday
Spain v England 10.45pm
Tuesday
France v Germany 10.45pm
Rep of Ireland v Wales 10.45pm
Ferrari
HAJJAN
North Pole stats
Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
Terrain: Flat ice
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Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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Tomorrow 2021
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