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E-mail China.org.cn, August 22, 2024
Dubai, an economic powerhouse of the United Arab Emirates (UAE), hosted a business forum in Beijing on Wednesday, seeking to attract more Chinese companies and investment to the Middle East's leading business hub.
The event, which drew over 700 participants to a packed conference hall in downtown Beijing, underscored the growing interest among Chinese enterprises in forging partnerships amid increasingly warm ties between China and the Middle East.
Mohammad Ali Rashed Lootah, president and CEO of Dubai Chambers, addresses the Dubai Business Forum – China, in Beijing, on Aug. 21, 2024. [Photo provided by Dubai Chambers]
Mohammad Ali Rashed Lootah, president and CEO of Dubai Chambers, host of the forum, emphasized Dubai's strategic role as a gateway to the Middle East in his opening address. He highlighted the city's world-class infrastructure, business-friendly environment, supportive regulatory framework, and favorable tax regime as key factors making Dubai an ideal launch pad for global business.
Lootah also identified the digital economy, green technologies, and healthcare as priority sectors for collaboration. He pointed out that as the UAE seeks to double the digital economy's contribution to national GDP from 9.7% in 2022 to 19.4% within the next decade, Dubai has developed a robust ecosystem to support tech entrepreneurs. "Chinese companies can benefit from unrivalled access to investment and financing, together with a wide range of business accelerators and incubators," he said.
Speaking to the media on the sidelines of the forum, Hadi Badri, CEO of Economic Development at Dubai Economy and Tourism, highlighted the increasing presence of Chinese companies in Dubai. According to Badri, approximately 740 Chinese businesses established operations in the city during the first half of this year, adding to the existing 5,000.
"I think the importance of China to Dubai and the UAE is very clear. And we believe also the importance of Dubai and the UAE to China is also becoming very apparent, because the Middle East is an attractive place for China to do business," Badri said.
A panel discussion centering on China-UAE collaboration takes place during the Dubai Business Forum – China, in Beijing, on Aug. 21, 2024. [Photo provided by Dubai Chambers]
During a panel discussion, Jeffrey Li, managing partner at Tencent Investment, said that Chinese companies, particularly in the tech sector, should be aware of differences in cultures, legal systems, and languages, and the challenge of local talent recruitment when expanding into the Middle Eastern market.
Trade in goods between China and the UAE climbed 6.2% year on year in the first seven months of this year to over US$57.9 billion, with Chinese exports rising 13.8% in the same period, data from China Customs shows.
