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DUBAI/WAM
The Dubai Multi Commodities Centre (DMCC) has announced 9 percent growth in its intake of companies from China in the first half of 2024, taking the total number of Chinese members in its free zone to 900.
The announcement came as DMCC concluded its latest Made For Trade Live roadshow in Shanghai and Shenzhen – its second in China for 2024 – where it also held a special briefing on the findings of its latest Future of Trade 2024 report.
DMCC highlighted new commercial opportunities between the UAE and China, with bilateral trade set to reach US$200 billion by 2030, buoyed further by the rise of new regional trade blocs, such as BRICS+, as the world’s trade model retreats from globalisation in favour of friendshoring-focused partnerships.
DMCC’s Future of Trade report also found sizeable opportunities for the UAE and China to collaborate more closely on tech and environmentally sound technologies (ESTs). China is the world’s number one exporter of green technologies and other environmental exports, and a global leader in sales of critical raw materials like graphite and goods such as electric vehicles (EVs) and solar panels. With the UAE and China among the top 10 importers of ESTs in the world by value, the strategic importance of UAE-China ties will rise as both hubs play a leading role in the global sustainability transition.
Over 550 business leaders were briefed on the report’s findings and the advantages for Chinese businesses to expand their operations through Dubai. DMCC executives highlighted that the UAE’s advanced trade infrastructure, supportive economic policies, and the dedicated business ecosystems for high-growth areas at DMCC have resulted in the district becoming home to 15 percent of the estimated 6,000 Chinese businesses in the UAE.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “Today, DMCC celebrates a milestone of 900 Chinese members, reflecting the rapid growth in recent years of Chinese companies joining our business district on the back of our unique value offering and the strength of the UAE-China economic relationship. With bilateral non-oil trade set to double to $200 billion by 2030, we expect to see these numbers grow in the coming years as the UAE and China deepen their commercial networks and leverage the enormous opportunities on offer in high-growth areas like technology, services and sustainability.”
Muhannad Sulaiman Al Naqbi, Consul-General of the UAE in Shanghai, added, “The UAE and China share an unparalleled strategic partnership that has only grown stronger over the years. DMCC’s success in attracting hundreds of leading Chinese companies to Dubai is a testament to the immense potential that exists between our two nations. As we work towards fostering stronger ties and doubling bilateral trade, initiatives like DMCC’s roadshow will play a pivotal role in unlocking new avenues for collaboration and prosperity.”
Mariam Alshamsi, Consul-General of the UAE in Guangzhou, said, “Founded in a rich history of collaboration and success, the opportunities for the UAE and China to work together more closely could not be more apparent. lt is through key events such as DMCC’s roadshow today that we deepen our economic and trade ties.”