UAE free zone inks deal to promote trade ties with China

DUBAI - Dubai Multi Commodities Centre (DMCC), the biggest free trade zone in the United Arab Emirates (UAE), has signed a memorandum of understanding (MOU) with China Council For the Promotion Of International Trade (CCPIT), DMCC said on Wednesday.

The agreement with CCPIT, China's national foreign trade and investment promotion agency, was reached during DMCC's latest Made for Trade Live roadshow in the Chinese central city of Wuhan, the capital of Hubei province.

The roadshow is scheduled to also go to other Chinese big cities including Beijing, the capital of China, and Shanghai, China's most populous city.

The MOU "highlights Dubai's position as a global gateway and the ideal partner for leading Chinese enterprises to access some of the fastest-growing markets in Central, South and Southeast Asia, Europe, the Middle East, Africa and beyond," DMCC said in an e-mailed statement.

More than 15,000 companies from a wide range of industries and sectors, including energy, financial services, agricultural products, diamonds, gold and base metals, have set up branches through DMCC.

"Signing this agreement represents a significant step forward in DMCC's relationship with the Wuhan business community, and will only serve to strengthen the strong and longstanding economic ties between Dubai and China," said Ahmed Bin Sulayem, executive chairman of DMCC.

For Zhang Aiming, deputy chairman of CCPIT Hubei Branch, the MOU with DMCC will "promote the significant commercial opportunities available to Chinese companies in Dubai."

"We look forward to working alongside the world's leading free zone and connecting the Wuhan business community to exciting growth markets through the global hub of Dubai," Zhang said.

Last year, DMCC's Dubai Gold and Commodities Exchange became the first foreign exchange to list Shanghai Gold Futures outside China.

About 300,000 Chinese nationals live in the UAE, while more than 4,000 Chinese businesses operate in the Gulf state.