Dubai aims to strengthen role as gateway for Chinese investment in Middle East

Dubai aspires to serve as a gateway for Chinese companies to broaden their presence in the Middle East, a senior official has said, hoping for joint efforts between China and the United Arab Emirates to capitalize on the progress over the past 40 years, fostering an even more fruitful future.

The UAE holds a crucial position as a strategic partner in advancing the Belt and Road Initiative. From the onset of the BRI, the country has functioned as a vital trade portal connecting the Middle East with the global community, Mohammad Ali Rashed Lootah, president and CEO of Dubai Chambers, said in an interview with China Daily.

He made the remarks before departing for Beijing to attend the Dubai Business Forum-China on Wednesday, when more than 50 Dubai-based companies and 350 Chinese ones will participate.

Calling China "a priority market", Lootah said the event aims to showcase the diverse investment opportunities in the emirate; attract Chinese multinational companies, unicorns and fast-growing startups to Dubai; and support Chinese investors and businesses to establish partnerships with their counterparts in the Middle East.

"It will explore economic synergies, new frontiers in innovation and technology, as well as investment opportunities in high-potential sectors, such as green tech, e-commerce, artificial intelligence, healthcare and renewable energy," he said.

Last year, Dubai remained the world's top destination for greenfield foreign direct investment projects for the third consecutive year.

The Middle East hub is home to modern airports, seaports, logistics facilities and a well-developed transportation network with numerous free zones that provide businesses with world-class infrastructure and access to incentives, Lootah said.

"Dubai's strategic geographical location, combined with its world-class hard and soft infrastructure, numerous free zones and its ability to attract diverse high-quality talent, creates a dynamic ecosystem that is highly conducive for business growth," he said.

This year marks the 40th anniversary of the establishment of diplomatic ties between China and the UAE. Their mutually beneficial cooperation has set a model for partnerships and different civilizations coexisting in harmony.

Last year, amid a challenging global economic environment, the volume of China-UAE trade nearly reached the milestone of $100 billion, with more than 8,000 Chinese companies having invested and started business in the UAE, said Zhang Yiming, China's ambassador to the UAE, in May.

The state visit to China by UAE President Sheikh Mohamed bin Zayed Al Nahyan in late May has paved the way for further strengthening China-UAE ties, as the two countries' joint statement vows a bilateral trade volume of $200 billion by 2030.

The Gulf country is also home to nearly 400,000 Chinese, Lootah said, adding that more than 5,100 Chinese companies had been registered by the end of the first quarter with Dubai Chamber of Commerce.

China is also the largest trading partner of Dubai with non-oil bilateral trade worth $67.8 billion last year, a 4 percent year-on-year rise and a more than 80 percent growth compared with a decade ago, according to Dubai Chambers.

Last month, the 20th Communist Party of China Central Committee held its third plenum, focusing on advancing China's modernization, outlining comprehensive reforms and proposing more than 300 measures. Lootah said this sent a strong signal to the world that China will continue to deepen its reform and opening-up.

Remarkable success

"We see China as a global economic powerhouse and believe that its remarkable success story is set to continue," he said. "This is one of the reasons of why we have three international offices in China alone, in Shenzhen, Shanghai and Hong Kong, which is the highest in any other region around the world."

As China has emerged as one of the world's largest digital economies and a leading global center for advanced technologies, Lootah emphasized Dubai's eagerness to enhance cooperation in AI, blockchain and the internet of things.

"We admire China's deep-rooted commitment to innovation and are excited about the vast trade and investment opportunities that can be leveraged to empower tech startups," he said, adding that the UAE's digital economy is expected to reach a value of more than $140 billion by 2031.

Last year, Dubai unveiled the Dubai Economic Agenda, known as D33, to double the size of its economy to $8.7 trillion over the next decade. Lootah said this strategy and the BRI can be aligned to explore innovative, green and prosperous future, pointing out that the UAE's entry into BRICS is attracting more Chinese investors to Dubai.

"For us, China is a market of great strategic importance. ... We will serve as a catalyst for collaboration and mutual prosperity," he said.

Pan Jie in Beijing contributed to this story.