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Dubai, China non-oil trade surges 47pc

DUBAI -Non-oil trade between Dubai and China surged 47 per cent to Dh71.2 billion ($19.4 billion) in 2007 from Dh48.4 billion ($13.2 billion) the previous year, according to Dubai World, a holding company owned by the Dubai government.

The company said in a statement yesterday that the figures reflect a growing trend in the economic relations between Dubai and China, an Asian economic powerhouse, through investments in various sectors. It added that the Dubai-China trade has been increasing steadily over the past five years on strong bilateral relations. It stressed that it wants to further strengthen the relations between China and whole UAE.

Data released by Dubai World's statistics department show that non-oil trade between Dubai and China rose 47 per cent in 2007, 35.2 per cent in 2006, 30.7 per cent in 2005 and 37.5 per cent in 2004.

The department's acting head, Nassim Al Mehairi, said that China became Dubai's second top trading partner for the third consecutive year in 2007, when imports reached Dh69.9 billion.

China is Dubai's 12th export destination, with goods valued at Dh661.2 million in 2007. It is also Dubai's major re-export market at Dh622.3 million.

Another development in the Dubai-China relations is the proposed visit to China by His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

Sultan bin Sulayem, chairman of Dubai World, said the proposed visit "comes within the scope of furthering co-operation and economic ties between the two countries". He stressed the importance of China because it has "succeeded in building a very impressive economic base".

Dubai World is a major investor in China through its projects in Qingdao and Shanghai ports, and is looking to expand in other areas.

Earlier, bilateral trade between China and the UAE was expected to grow 41 per cent to Dh73.42 billion ($20 billion) by end-2007 from the previous year's Dh52.14 billion ($14.2 billion).