Finance & Capital Market

DMCC, Dubai FDI partner to bolster UAE-China trade

Dubai Multi Commodities Centre (DMCC) has partnered with Dubai FDI to host a forum today (Oct 2) under the theme Advancing the Dubai-China Relationship Through Trade, as part of the fifth edition of Dubai Investment Week 2019.

Taking place in the Almas Conference Centre in Almas Tower, the forum welcomed senior figures from government, trade, investment and technology to discuss investment opportunities available to Chinese companies seeking to expand their global footprint through Dubai.

The conference keynote speech was delivered by Fahad Al Gergawi, CEO, Dubai FDI. He said: “The Dubai Investment Week 2019 in its fifth edition is blessed to be moving around the emirate and DMCC’s Almas Tower is a key pillar in Dubai’s success story. In the first six months of 2019 alone, foreign direct investments reached Dh46.6 billion ($12.6 billion) as compared to Dh39 billion in the whole of 2018. This clearly shows confidence in Dubai’s economy for years to come.”

“Dubai is pushing the boundaries to facilitate FDI. It is an open platform for the world to explore opportunities, realise their ambitions and experience the growth of one of the Middle East’s fastest growing economies,” he added.

“Dubai Investment Week has a huge impact on Dubai’s ability to promote itself as the ideal setting for FDI. This initiative grows Dubai’s international footprint, access to key markets and international trade flow,” said Ahmed Bin Sulayem, executive chairman and chief executive officer of DMCC.

“As a global hub for trade, DMCC is perfectly placed to support Dubai in strengthening its relationship with China. We do this by working with partners across the board, to highlight the appeal of Dubai, and attract even more Chinese businesses to set up in DMCC.”

Michael Lawrence, chief executive of Asia House, added: “It is increasingly clear that the relationship between Asia and the Middle East is one that will shape the future of global trade. Recent research by Asia House identified a clear pivot in Middle East trade towards Asia, and we see this trend continuing. We therefore applaud DMCC for convening this dialogue and are pleased to support the strengthening of ties between China and Dubai.”

The conversation covered global trade policies, economic challenges going forward and the importance of Dubai’s economic partnership with China. During the fireside chat, Dr Raed Safadi highlighted the fact that despite ongoing uncertainty in the global market, Dubai remains a top destination for FDI. He went on to say that a large amount of the growth in FDI is due to stronger bilateral relations with China, particularly in the past few years.

The conference panel on session, speakers focused on Dubai’s leading position as an attractive hub for talent and long-term investment. During the discussion, Binson Xu stated that Chinese companies continue to experience great financial results in the UAE and are looking to access the wider region through their headquarters in Dubai.

China remains one of the UAE’s largest trading partners, with trade between the two countries expected to reach up to Dh257 billion by 2020. – TradeArabia News Service