Dubai Multi Commodities Centre (DMCC) has announced 9% 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 $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. 

 

Environmentally sound technologies

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% of the estimated 6,000 Chinese businesses in the UAE.

 

900 Chinese members

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “Today, DMCC celebrates a milestone 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.”

 

Made for Trade Live roadshows

DMCC's Made for Trade Live (MFTL) roadshows play an influential role in showcasing Dubai as a prime destination for business. In March this year, DMCC continued its campaign of attracting Chinese businesses to Dubai by hosting three events in Hong Kong and Shanghai, where it announced a 25% year-on-year increase in new Chinese member companies in 2023. Through the MFTL series, DMCC highlights Dubai’s unique value proposition to attracting FDI to the emirate. DMCC now accounts for 15% of Dubai’s annual FDI inflows.

 

The Future of Trade is the flagship thought leadership report series from DMCC on the changing nature of global trade. The report examines the impact of global economic trends, geopolitics, technology, sustainability and finance on the future of the trade landscape. The report series has been viewed and downloaded over 1.9 million times, underscoring DMCC's growing recognition as a leading voice on international trade.--TradeArabia News Service