Abu Dhabi strengthens economic ties with China, secures strategic agreements

Abu Dhabi’s economic delegation has concluded a successful visit to China, securing a series of strategic agreements aimed at deepening bilateral cooperation in trade, investment, and key industries, reported WAM.

Led by the Abu Dhabi Department of Economic Development (ADDED), the visit reinforced the emirate’s commitment to strengthening global economic partnerships and expanding investment opportunities.

A major highlight of the visit was the signing of a comprehensive cooperation agreement between the Abu Dhabi government and the Shanghai Municipal People’s Government.

Middle East Economy reported that the agreement covers a wide range of sectors, including trade, finance, technology, education, culture, and tourism, with implementation overseen by ADDED and the Foreign Affairs Office of Shanghai.

Ahmed Jasim Al Zaabi, Chairman of ADDED, described the visit as a significant step in advancing UAE-China economic ties, emphasizing the rapid growth in bilateral trade and investment between the two nations.

Over six days, the Abu Dhabi delegation engaged in high-level meetings with senior Chinese officials, including Chen Jining, Politburo Member and Party Secretary of Shanghai; Yin Yong, Mayor of Beijing; Gong Zheng, Mayor of Shanghai; and John Lee, Chief Executive of Hong Kong.

The delegation also held discussions with leading Chinese companies such as ByteDance, Xiaomi, BYD, CATL, and China International Capital Corporation (CICC) to explore new investment avenues.

Economic ties between the UAE and China have expanded significantly, with trade volume rising from $2 billion in 2000 to nearly $100 billion in 2023.

In the first nine months of 2024, trade between the two countries reached $74.5 billion, with projections suggesting it could surpass $200 billion by 2030.

Chinese investments in the UAE increased by 16%, while UAE investments in China surged by 120%, underscoring the strengthening economic relationship.

The number of Chinese companies registered in Abu Dhabi also saw remarkable growth, rising by 69.4% in 2024 alone.

The Abu Dhabi Investment Forum, held in Beijing and Shanghai, attracted significant interest from Chinese investors looking to explore the emirate’s business-friendly environment and global expansion opportunities.

The forum, organized by the Abu Dhabi Investment Office (ADIO) and Abu Dhabi Global Market (ADGM), resulted in key agreements with major Chinese entities, including Fosun International Limited, Hejun Group, Wind Information, and the financial media group Yicai.

These agreements aim to introduce Abu Dhabi’s investment landscape to Chinese businesses, facilitate global expansion, and enhance investment intelligence.

The visit also strengthened business cooperation through a strategic agreement between the Abu Dhabi Chamber of Commerce and Industry (ADCCI) and the Shanghai Federation of Industry and Commerce.

Additionally, the Abu Dhabi-Shanghai Business Forum served as a key platform for fostering direct business negotiations and trade collaborations.

Abu Dhabi’s delegation featured high-ranking officials from both the public and private sectors, including Badr Al Olama, Director General of ADIO; Rashed Lahej Al Mansoori, Director General of Abu Dhabi Customs; Shamis Al Dhaheri, Second Vice Chairman of ADCCI; Hamad Sayah Al Mazrouei, CEO of the Registration Authority at ADGM; and Ahmad Ali Alwan, CEO of Hub71.

The agreements and partnerships secured during the visit reflect Abu Dhabi’s growing influence as a global investment hub and reinforce its long-term commitment to strengthening economic ties with China’s rapidly expanding economy.