Dubai Business Forum in Beijing Highlights Strengthening China-UAE Relations Amid D33 Agenda

Dubai Business Forum in Beijing Strengthens China-UAE Economic Ties Under D33 Agenda

Since Dubai announced its D33 Economic Agenda in January 2023—a plan to double the city’s GDP by 2033 through increased industrial value and export growth—new opportunities have opened up to build on deeper historic ties between China and Dubai. From the ancient Silk Road to the modern Belt and Road Initiative (BRI) stands the test of time.

Dubai Business Forum will be dense for this relationship. Organized by Dubai Sempers, the first international edition of the event was held in Beijing on August 21, with Chinese companies and investment institutions interested in exploring local and global expansion opportunities. The event was attended by over 40 prominent business leaders and key government representatives from Dubai.

Located at the crossroads of global talent, capital and trade, Dubai is growing rapidly among Chinese investors with a global outlook. In his opening speech, Mohammed Ali Rashid Lootah, President and CEO of the Dubai Chamber of Commerce, said, “I hope this event will help to further improve the level of trade and investment between Dubai and China. An important development. ”

Recent figures provided by organizers indicate that by the end of H1 2024, approximately 5,400 active Chinese companies have registered as members of the Dubai Chamber of Commerce. In the first half of this year, more than 750 Chinese companies are said to be present. Dubai. Alone.

During the event, Hadi Badri, CEO of Dubai Economic Development Corporation (DETC), highlighted the importance of finding common ground in cooperation. He noted that the people of China and the UAE share many characteristics such as faith, hard work and hope for a better tomorrow, and this shared outlook fosters strong business chemistry.

FDI from China to Dubai mobilized AED 19.85 billion (US$5.4 billion) during 2015-2023.

To encourage foreign investors to set up operations, the Government of Dubai has implemented several measures to streamline the business establishment process. Dubai has 20 free zones that cater to specific industries including technology, media, finance, logistics, healthcare and manufacturing. Companies established in these zones enjoy various advantages, including favorable tax and customs conditions, access to professional infrastructure, business support services, and convenient connections to transport hubs.

Dubai’s favorable business and legal environment has made it one of the preferred gateways for Chinese companies entering the Middle East. But part of its appeal comes from its attempt to provide stable and secure channels for its trading partners to create a flexible supply chain.

Abdullah Al Hashmi, COO, DP World (Parks and Zones), explained how the pandemic has recently accelerated Dubai’s logistics technology advancements that enable the remote operation of various automated systems. Additionally, the Comprehensive Economic Partnership Agreement (CEPA) between China and the United Arab Emirates facilitates the importation of Chinese-made goods into the United Arab Emirates. Industries like automotive manufacturing and green energy have already seen good growth.

By 2023, non-oil trade between China and Dubai will reach US$67.8 billion, representing an 83.8% increase compared to 2013. Total non-oil bilateral trade between China and Dubai reached nearly US$490 billion over the past decade.

In addition, Dubai announced in July that it will develop a new logistics center for food, fruit and vegetable trade. Dubai, which claims to be the largest and most developed automotive market in the world, is also developing. Dubbed Dubai Car Market, the facility will span 20 million square feet, offer advanced automotive services and be connected to DP World’s extensive port network.

Chinese manufacturing is at a critical juncture in seeking progress through innovation, which aligns well with the development of green technology and e-commerce under Dubai’s D33 agenda. Synergy between these two visions may provide opportunities to develop a new model that brings together different stakeholders to create a win-win supply chain.

In response, many Chinese tech companies have established themselves in Dubai. For example, Westwell supplied the Q-Track, an all-weather unmanned electric heavy-duty track at the Jabal Ali port in response to the PRI. Popular artificial intelligence-of-things (AIoT) service has established its international headquarters in Dadathaya Terminus, Dubai and is collaborating with Expo City Dubai to host a local digital, smart exchange.

China and Dubai show interest in green technology, recycling Dubai needs China’s pre-mass capabilities. As in other sectors, the fertile soil disaster in Dubai is a testament to the adoption, growth and adoption of emerging technologies in green technology. Expo City Dubai has partnered with Chinese companies such as Terminus to demonstrate how Dubai’s platform for Chinese companies can benefit innovation, encourage co-creation and create high-value companies that global companies can fulfill.

The company supports various non-profit foundations established to find innovative solutions in fields such as autonomous driving, new energy vehicles, etc. Manal Al Bayat, Head Office Officer at Expo City Dubai, likened Dubai to test pads for technological innovation for free zones.

Ensuring health and wellness is another preference of Dubai. At the roundtable, Marwan Al Mull, Chief Executive Officer of Health Regulation, Dubai Health Authority and Liu Wei, Co-Founder and CIO of BioMap, discussed the cooperation opportunities between China and Dubai.

The couple said that Dubai has a comprehensive medical clinic supporting state-of-the-art solutions such as robotic surgery, radio surgery, innovative neurological, spinal treatments, 3D neural technology, stem cell technology, etc. China’s strength in data analytics and telemedicine offers extensive opportunities for collaboration in these fields.

Al Mull said that the first batch of Chinese hospitals became operational in Dubai this year, and that Chinese aided clinics are expected to open nearby not only for Chinese citizens, but also to serve the wider community.

Due to the ongoing AI boom, Duba’s prospects as a global AI hub are growing as market opportunities are primed in sectors adaptable to Chinese companies’ strengths in machine learning and data processing. Khalifa started off with Shang Rong, president of the local market company Population Westwell. Westwell is looking at using AI to improve Automus driving solutions.

At the forum, the Dubai Chamber of Commerce China Council for Promotion of International Trade (Beijing), Bank of China, Industrial and Commercial Bank of China (ICBC) announced that ULPAC has signed agreements with major Chinese business enterprises. Also China Construction Bank (CCB). These agreements are aimed at strengthening relations and deepening business cooperation, promoting trade and investment and actively promoting new avenues for improved market distribution.

The China Dubai Business Forum is the first in a series of major international competitions organized by the Dubai Chamber of Commerce. Looking ahead, the opportunities under Dubai’s D33 Economic Agenda will continue to enable companies and investors to diversify into key economic and business hubs around the world.

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