DMCC, the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise has announced a 9% growth in its intake of companies from China in the first half of 2024, bringing the total number of Chinese members in its free zone to 900.
The announcement followed DMCC's latest Made For Trade Live roadshow in Shanghai and Shenzhen—its second in China for 2024—where it also presented findings from its latest Future of Trade 2024 report.
DMCC emphasized new commercial opportunities between the UAE and China, projecting bilateral trade to reach USD 200 billion by 2030, further boosted by emerging regional trade blocs like BRICS+, as the global trade model shifts towards friendshoring-focused partnerships.
The Future of Trade report highlighted significant opportunities for UAE-China collaboration in tech and environmentally sound technologies (ESTs). China leads the world in exporting green technologies and other environmental products, and is a global leader in critical raw materials like graphite, as well as goods such as electric vehicles (EVs) and solar panels. Both the UAE and China rank among the top 10 importers of ESTs by value, making their strategic partnership crucial for the global sustainability transition.
Over 550 business leaders were briefed on the report’s findings and the benefits for Chinese businesses expanding their operations through Dubai. DMCC executives pointed out that the UAE’s advanced trade infrastructure, supportive economic policies, and DMCC’s dedicated business ecosystems for high-growth areas have made it home to 15% of the estimated 6,000 Chinese businesses in the UAE.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, stated,
Today, DMCC celebrates a milestone 900 Chinese members, reflecting the rapid growth in recent years of Chinese companies joining our business district on the back of our unique value offering and the strength of the UAE-China economic relationship. With bilateral non-oil trade set to double to USD 200 billion by 2030, 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.
H.E. Muhannad Sulaiman Al Naqbi, Consul General of the UAE in Shanghai, remarked,
The UAE and China share an unparalleled strategic partnership that has only grown stronger over the years. DMCC's success in attracting hundreds of leading Chinese companies to Dubai is a testament to the immense potential that exists between our two nations. As we work towards fostering stronger ties and doubling bilateral trade, initiatives like DMCC's roadshow will play a pivotal role in unlocking new avenues for collaboration and prosperity.
H.E. Mariam Alshamsi, Consul General of the UAE in Guangzhou, added,
Founded in a rich history of collaboration and success, the opportunities for the UAE and China to work together more closely could not be more apparent. lt is through key events such as DMCC's roadshow today that we deepen our economic and trade ties.
DMCC's Made For Trade Live (MFTL) roadshows are influential in showcasing Dubai as a prime business destination. In March, DMCC hosted three events in Hong Kong and Shanghai, announcing a 25% year-on-year increase in new Chinese member companies in 2023. Through the MFTL series, DMCC highlights Dubai’s unique value proposition for attracting FDI, now accounting for 15% of Dubai’s annual FDI inflows.
The Future of Trade is DMCC's flagship thought leadership report series on the evolving nature of global trade, examining the impact of economic trends, geopolitics, technology, sustainability, and finance on the trade landscape. The report series has been viewed and downloaded over 1.9 million times, establishing DMCC as a leading voice on international trade.
News Source: Dubai Media Office
