Dubai Chambers has recently signed a memorandum of understanding (MoU) with the Bank of China – Dubai branch to develop collaboration and enhance cooperation between the business communities in Dubai and China.
The signing of the agreement coincides with the 40th anniversary of the establishment of diplomatic relations between the UAE and China. Trade and investment ties between the two countries have been growing steadily over the last 40 years. Dubai is emerging as an increasingly attractive destination for Chinese businesses in all sectors seeking to expand both within the region and globally.
Mohammad Ali Rashed Lootah, president and CEO of Dubai Chambers, and XinYuan Pan, general manager of Bank of China – Dubai Branch, recently signed the agreement at Dubai Chambers’ headquarters.
Boosting bilateral trade and investments
The agreement outlines a framework that aims to enhance cooperation between Dubai Chambers and Bank of China. Moreover, it seeks to facilitate the achievement of both parties’ common objectives through the exchange of knowledge and services. In addition, the agreement enhances mutual support for investors, entrepreneurs and businesses in both Dubai and China to boost the growth of bilateral trade and investments and strengthen economic relations.
In 2023, the total volume of bilateral trade between the countries reached about $95 billion. Both China and the UAE seek to strengthen their economic relations and increase trade exchange to $200 billion by 2030.
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The agreement also comes ahead of the Dubai Business Forum – China which Dubai Chambers has organized on August 21 in Beijing. The forum will highlight the diverse opportunities available in Dubai for Chinese investors across a wide range of strategic sectors.
The Bank of China ranks among the four largest state-owned commercial banks in the People’s Republic of China. Dubai is home to the first Bank of China branch in the Middle East region.
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