Dubai steps up relations with China

Dubai - Dubai Economic Council signs MoU with FTA Qianhai Shekou Administrative Committee.

Dubai looks to China beyond its trading partner and the emirate is keen to extend its relationship into a strategic partnership, Dubai Economic Council secretary-general Hani Al Hamli said in a statement on Saturday.
Al Hamli said that the council is envisioned to contribute significantly to enhance these relations in a number of strategic industries that help implementing Dubai Plan 2021 and hosting Dubai Expo 2020.
In a statement made on the sidelines of an MoU signing ceremony held in Shenzhen recently between the DEC and the China (Guangdong) FTA Qianhai Shekou Administrative Committee, Al Hamli represented the DEC in the signing, while the committee was represented by Du Peng, member of the Shenzhen Municipal Government Party Committee and excutive director-general of the China (Guangdong) FTA Qianhai Shekou Administrative Committee.
Al Hamli highlighted the recent developments in Dubai's economy. He said that Dubai is rapidly turning to be the global and regional hub for business finnace. "Thanks to the visionary strategy adopted by the Government of Dubai, oppenness to the world's economy, art-of-the-state infrastructure, diversification, and enhanced regulatory and legislative framework", he said.
Al Hamli said that Dubai enjoys enhanced economic relations with dozens of countries from the six continents but China is in the forefront of these countries. Al Hamli referred to the local reports that suggest that Dubai's non-oil trade with China has evolved rapidly over the last 10 years. It increased from Dh27 billion ($7.5 billion) in 2004 to Dh162 billion ($45 billion) in 2014, about six times within one decade.
"Besides the increasing imports from China, the total exports [exports and re-exports] of Dubai to China have been increased remarkably, from Dh635 million to Dh7 billion, about 11 times during the same period," Al Hamli added. "This is tangible evidence on the desire of the two economies, governments and business community, to boost their relations for the well-being of their citizens."
Al Hamli said that Dubai has established itself as one country that embraced the largest and advanced free zone in the world. "There are more than 20 free zones operating in Dubai. Jebel Ali Free Zone, one of the largest sea ports free zones in Dubai," Al Hamli added. Most of the free zones in Dubai broadly offer trading, service, industrial and branch licences to investors looking to set up their businesses.
Du expressed his delight to sign an MoU with the DEC. Du introduced snapshot on the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (Qianhai). He said Qianhai was established with the aim of serving as an experimental business zone for better interaction between Mainland China and Hong Kong in the financial, logistics and IT services sectors. Du said that there are a number of major industries in the zone including financial and information services, modern logistics, technology, cultural and creative industries, professional services finance. The dominant sector in the zone, constitutes over 60 per cent of resident enterprises such as HSBC, Hang Seng Bank and Standard Chartered.
Qianhai, the zone, which is still in the process of setting up, covers 15kmand provides various incentives and preferential finance policies for foreign investment. Overview By the end of April 2014, a total of 6,470 companies with a combined registered capital of 450 billion yuan had already registered in the zone.
- abdulbasit@khaleejtimes.com