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$3.4 Billion  China Deals to Boost UAE Economic Growth
Global News

$3.4 Billion China Deals to Boost UAE Economic Growth

Distribution and Logistics sectors represent 5.4% of UAE GDP  

TLME News Service

The latest $3.4 billion worth of deals signed between the UAE and China during the high-level visit by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is set to boost two-way trade to $70 billion next year.

During Sheikh Mohammed's visit to Beijing, major deals were signed and investments including the launch of 60 million square feet station at the new Silk Road in Dubai for Expo 2020.

Chinese firm Yiwu will invest $2.4 billion to use the station for storing and transporting Chinese goods from Jebel Ali to the world.

Said HH Sheikh Mohammed in a Tweet: “We launched 60-million square feet 'Traders Market', an international station for the Belt and Road Initiative in Dubai opposite to Expo site.

“Our Chinese partner will invest $2.4 billion in using the station to store and ship Chinese products from Jebel Ali to the world.”

Sheikh Mohammed also announced plans for a $1 billion ‘Vegetable Basket’, funded by the China-Arab investment Fund which will import, process and pack agricultural products, marine and animal products and export them all over the world.

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The deal will position Dubai well in China’s planned One Belt One Road initiative where Dubai will be a major supply link to the initiative.

Welcoming the announcement, Mr Shahzad Ahmed, Chairman and CEO of Blue Ocean Group, said, “The UAE-China deal will boost the UAE economy as well as the shipping, logistics, transports and distributions sector of this region a lot.

“The 60 million square feet Traders Market that will be built opposite to Expo location which will include large logistics warehouses and wholesale retail outlets, will enhance export and import greatly.

“UAE has built itself with great expertise and resources. And its strategic position as a global business hub has given boundless opportunities to businesses like ours, to grow at a faster rate.

“I am really grateful to the UAE government for taking this initiative, which will not only give us benefits, but also will promote international efforts to boost the global economy as a whole.

“I thank HH Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, for launching this ‘Traders Market’ as one of the vital stations of the Belt and Road initiative, which will go a long way and will hugely benefit the businesses in this region.”

Dubai already hosts the world’s largest Chinese product market outside China at Dragon Mart at the International City – home to more than 4,000 Chinese companies.

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