UAE-China Relations Strengthen Across Trade, Investment, and Technology Fronts

Trends Research and Advisory has issued a comprehensive report entitled "China Modernisation and the Development of China-UAE Relations".

The report highlights the growing cooperation between the two countries in various fields, including trade and investment, technology and culture.

The report addressed cooperation within the "Belt and Road" initiative. It stressed that the UAE is a major player in the land route of the initiative, linking China to Europe through Central Asia.

The report indicated that several major projects have been implemented within this initiative, such as the model park for cooperation in Chinese-UAE industrial capabilities, the second phase of the container terminal at Khalifa Port, and the Dubai Photovoltaic Thermal Power Plant.

The report also covered the economic and trade cooperation between the two countries, with China being the largest trade partner of the UAE for many years. The report pointed out that the UAE has maintained its position as the largest market for China's exports in the Middle East.

The total volume of bilateral trade reached about $95 billion in 2023. The two countries seek to strengthen their economic relations and increase trade exchange to $200 billion by 2030.

China and the UAE established and managed the first joint investment fund between China and the countries of the Middle East. They signed the first agreement that considered the "Renminbi" as a recognised currency in the Middle East and established the first bridge of the "digital currency" between the central banks of three countries and four regions.

The Chinese Central Bank (People's Bank of China) and its UAE counterpart signed an agreement to renew the currency swap between the UAE and China for a period of five years with a total value of $4.9 billion.

The report analysed the cooperation in the field of high-tech and highlighted the UAE-China cooperation in building the world's first artificial intelligence university in Abu Dhabi.

The two parties cooperated to conduct the first phase of the international clinical trial of the Covid-19 vaccine. The report indicated that cooperation between the two countries in the digital economy, vital health, space, and other fields has also witnessed great progress.

Regarding close people-to-people and cultural exchanges, the report indicated that the "One Hundred Schools Project" for teaching Chinese in the UAE has become the leading model worldwide, and the UAE-Chinese Cultural Center will be operational soon.

News Source: Emirates News Agency