An Abu Dhabi economic delegation, led by the Abu Dhabi Department of Economic Development (ADDED), concluded its successful visit to China recently. During the visit, the two sides witnessed the signing of groundbreaking agreements to further enhance cooperation between government entities and private sector companies, reaffirming Abu Dhabi’s efforts to build and cement partnerships with leading economies and trading partners.
The visit showcased the ‘Falcon Economy’s’ attributes, the ample growth opportunities available in Abu Dhabi, and the emirate’s commitment to transformative strategies to address new trends and changes in the global economy.
“We are pleased with the outcomes of our visit to China, building on strong foundations to further enhance our partnership by exploring new opportunities in clusters with high-growth potential and emerging industries. The steady and impressive growth of bilateral trade and mutual investments between the UAE and China is a testament to our shared commitment to further strengthen the strategic cooperation, based on mutual trust, collaboration, and a common vision to address the global economy’s challenges,” stated Ahmed Jasim Al Zaabi, Chairman of ADDED.
Governments partner in key areas
During the visit to China, a strategic cooperation agreement was signed between the Abu Dhabi Government and the Shanghai Municipal People’s Government, covering wide-ranging areas including business, trade, finance, science, technology, education, culture, health, tourism and ports.
The Foreign Affairs Office of the Shanghai Municipal People’s Government and ADDED will lead efforts and initiatives to achieve the objectives of the agreement in line with the joint communiques and statements announced by the leaderships of the People’s Republic of China and the UAE.
“As economic cooperation is a key pillar in cementing relations, we are forging ahead with efforts to build bridges and enhance bonds with key economies, powerhouses, and trading partners around the world, guided by our leadership’s collaborative and proactive approach to shaping a better future for all,” Al Zaabi added.
Over the course of six days, the Abu Dhabi economic delegation also actively engaged in bilateral meetings with top government officials, key businesses and investors across China. The delegation explored new opportunities with leading Chinese powerhouses including ByteDance, Xiaomi, Legend Holding, Xiaodong, BYD, CICC and CATL.
Bilateral trade grows to $100 billion
In recent years, economic ties between the UAE and China have seen outstanding growth rates; with bilateral trade growing from just $2 billion in 2000 to nearly $100 billion in 2023.
In the first nine months of 2024, trade between the UAE and China reached $74.5 billion and is projected to rise to $200 billion by 2030. Chinese investments in the UAE also rose 16 percent and UAE investments in China soared 120 percent.
The number of Chinese companies registered with the Abu Dhabi Chamber of Commerce and Industry grew by 38 percent in 2023 and 69.4 percent in 2024, reflecting the attractiveness of Abu Dhabi to businesses and investors in China.
Abu Dhabi Investment Forum
The Abu Dhabi Investment Forum (ADIF), organized by ADIO and ADGM in Beijing and Shanghai, attracted Chinese investors and businesses to explore opportunities in the emirate and capitalize on its business-friendly ecosystem to grow and expand globally.
During the visit, ADIO and ADGM inked agreements with leading Chinese entities, including:
- Fosun International Limited, a global innovation-driven consumer group.
- Hejun Group, one of China’s leading consulting firms.
- Wind Information, China’s leading financial information services provider.
- Yicai, a leading Chinese financial media group and provider of reliable and insightful information and analysis of the economy, finance, tech, startups and entrepreneurs.
These agreements aim to introduce Abu Dhabi’s investment opportunities to leading businesses and investors in China, enhance investment intelligence, support Chinese companies’ international expansion and deepen economic ties between Abu Dhabi and China.
The Abu Dhabi Chamber of Commerce and Industry (ADCCI) also signed a strategic cooperation agreement with the Shanghai Federation of Industry and Commerce to promote bilateral trade and mutual investment collaboration and streamline joint efforts to support Chinese companies seeking expansion in Abu Dhabi.
The Abu Dhabi-Shanghai Business Forum, organized by ADCCI, provided a suitable platform for businesses in China and the UAE to build relations and form agreements in B2B meetings.
