Following several partnerships with Chinese banks ahead of the upcoming Dubai Business Forum – China, the Dubai Chambers announced today that it has signed a Memorandum of Understanding (MoU) with the Industrial and Commercial Bank of China Limited – Dubai (DIFC) Branch. The partnership with ICBC seeks to enhance cooperation and improve the support available to companies and businesspeople in both Dubai and China.
H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, and Mr. Wei Luo, General Manager of the Industrial and Commercial Bank of China Limited – Dubai (DIFC) Branch, signed the agreement at Dubai Chambers’ headquarters.
UAE-China ties
The agreement establishes a framework for extensive and diverse cooperation where Dubai Chambers will provide assistance to the bank’s customers in setting up their businesses in Dubai. In addition, the two parties will work together to support the interests of the business communities in both Dubai and China and promote collaboration between companies to boost bilateral trade and investment in both markets.
The agreement also coincides with the 40th anniversary of the establishment of diplomatic relations between the UAE and China. It contributes to enhancing the growing trade and investment ties between Dubai and China and consolidating the emirate’s attractiveness among Chinese investors.
Among the other partnerships Dubai Chambers has forged with Chinese banks is the agreement with China Construction Bank to boost trade and investment cooperation and with the Bank of China- Dubai branch to support investors and enhance bilateral trade.
Dubai Business Forum – China
Dubai Chambers plays a major role in bolstering the emirate’s appeal to international investors and facilitating the flow of new businesses to Dubai. The chamber’s multiple partnerships come ahead of the Dubai Business Forum – China which will kick off on Wednesday with the aim of showcasing the diverse investment opportunities available in the emirate and attracting multinational companies, unicorns, and fast-growing startups from China to Dubai.
The two-day forum, organized by the Dubai Chamber, aims to strengthen economic relations and build partnerships between the business communities in Dubai and China. It also aims to support Chinese investors and businesses in establishing partnerships with their counterparts in Dubai and promote trade and intra-regional investments.
“For us, Dubai is undoubtedly the exhibition capital of the Middle East and key markets in Asia and Africa. We believe that it is the best choice of trade hub for Chinese companies looking to expand their business to the wider MENA region,” stated Gavil Fang, CEO of Meorient, the first exhibition company to be listed on China’s stock exchange and the host of the annual China Homelife Dubai Exhibition in the emirate.
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As part of its growing global network of 31 international representative offices, the Dubai International Chamber currently operates three offices in China in Shanghai, Shenzhen, and Hong Kong. These offices play a key role in boosting trade and investments between China to Dubai, as well as supporting the expansion of Dubai-based companies into the Chinese market.
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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