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Abu Dhabi and China Lead International Economic Recovery.

Byline: (Staff Writer)

His Highness General Sheikh Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council has gone to China.

A press release claimed that the visit is also aimed at "realising the goals of creating new trade frontiers and diversification of the Emirate's economic resources, which are stipulated by 'Plan Abu Dhabi 2030'".

The visit programme included the ratification of a number of contracts in the economic, oil, petrochemical industries, militarily, renewable energy, tourism and culture fields.

According to the UAE Ministry of Economy, the country is considered to be the second trade partner with China in the Gulf region and the first market for Chinese products among the Arab countries. Trade between the two countries, which could be traced back to the Silk Road era, accounted to $28 billion in 2008, with 40.5 per cent increase compared to 2007. The UAE has around 3000 registered Chinese companies, with both the Ministry of Economy and the free zones. The two countries have joint projects that amount to $12 billion and more than 200 thousand Chinese expatriates are currently living in the UAE.

The Chinese Deputy Trade Minister said in an early statement that the UAE's investments in China reached $220 million, the majority of which are concentrated in the banking and financial sector, making it the biggest investor in China among the Arab countries.

The visit also came as reinforcement of the existing trade and economic ties, such as the Cooperation Agreement, ratified with the China Council for The Promotion of International Trade in 2002, with the aim of boosting ties between private businesses in both countries.

The UAE also voiced its interest in establishing oil storage facilities in China, the importance of this project stems from the fact that oil consumption in China has doubled during the last decade, accounting for around 10 per cent of world consumption, in addition to its geographical location, next two of the world's biggest oil consumers, namely India and Japan.

2009 CPI Financial. All rights reserved.

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Publication:CPI Financial
Date:Aug 18, 2009
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