The Dubai Multi Commodities Center (DMCC) has announced a 9 percent rise in its intake of Chinese companies in the first half of 2024. This raised the total number of Chinese members in the free zone to 900. The announcement came as DMCC concluded its latest Made For Trade Live roadshow in Shanghai and Shenzhen.
The free zone highlighted new commercial opportunities between the UAE and China. It also noted that their bilateral trade is set to reach $200 billion by 2030. DMCC attributes this surge to the rise of the new regional trade bloc, BRICS+, as the world’s trade model retreats from globalization in favor of friendshoring-focused partnerships.
UAE-China partnership prospects
The free zone’s Future of Trade 2024 report also found significant opportunities for the UAE and China to collaborate more closely on tech and environmentally sound technologies (ESTs). China is the world’s top exporter of green technologies and other environmental exports. Moreover, it’s a global leader in sales of critical raw materials like graphite and goods such as electric vehicles (EVs) and solar panels.
With the UAE and China among the top 10 importers of ESTs in the world by value, the strategic importance of UAE-China ties will rise. Hence, both hubs play a leading role in the global sustainability transition.
Notably, DMCC has become home to 15 percent of the estimated 6,000 Chinese businesses and companies in the UAE.
“We expect to see these numbers grow in the coming years as the UAE and China deepen their commercial networks and leverage the enormous opportunities on offer in high-growth areas like technology, services, and sustainability,” stated Ahmed Bin Sulayem, executive chairman and CEO, DMCC.
Read: Over 34,000 new companies join Dubai Chamber of Commerce in H1 2024
DMCC’s roadshows boost growth
DMCC’s Made For Trade Live (MFTL) roadshows play an influential role in portraying Dubai as a prime destination for business. In March, the free zone continued attracting Chinese businesses by hosting three events in Hong Kong and Shanghai. During the event, DMCC announced a 25 percent year-on-year increase in new Chinese member companies in 2023.
Through the MFTL series, DMCC highlights Dubai’s unique value proposition to attracting FDI to the emirate. DMCC now accounts for 15 percent of Dubai’s annual FDI inflows.
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