Wednesday 30 November 2022 - 1:02:14 am

DMCC doubles Chinese companies over last five years

DUBAI, 14th September, 2022 (WAM) -- DMCC, the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise, has announced a doubling of Chinese companies in its Free Zone, and adding on average more than two Chinese companies a week.

DMCC is home to 703 Chinese businesses, representing nearly 12 percent of the Chinese companies in the UAE. This growth is underpinned by a long-standing diplomatic and economic relationship between the UAE and China.

DMCC has played a vital role in strengthening the UAE–China trade relations and in enhancing the presence of Chinese companies in Dubai. Since its establishment, DMCC has signed a wide range of agreements with public and private entities in China to boost the bilateral trade relationship, and hosted roadshows and webinars to facilitate the international expansion of Chinese companies.

DMCC has created an integrated infrastructure that caters to the Chinese business community, including the establishment of the Yingtian Chinese Business Centre DMCC in 2017 to aid Chinese companies wanting to set up a company in Dubai. In addition, DMCC’s website was also launched in Mandarin to further increase the ease of doing business in Dubai. In 2020, a China Service Centre opened its doors in Almas Tower, DMCC’s headquarter, with Mandarin onboarding support across all client touchpoints, while a representative office in Shenzhen was inaugurated to bring DMCC to the doorstep of Chinese businesses.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, "China has always been a significant market for DMCC. It is the largest economy in Asia and the second largest in the world, and the biggest trading partner for the UAE. There are more than 6,000 Chinese companies in the UAE and DMCC is proud to be home to 12 percent of them. Combined with the leading business ecosystem, infrastructure and facilities on offer at DMCC, Dubai’s strategic location provides us with a significant competitive advantage when it comes to supporting the international expansion of Chinese businesses."

The UAE and China have historically shared great diplomatic and economic relations, working closely towards mutual goals and principles. The UAE is China’s biggest trading partner in the Arab World. In 2021, China also ranked first as the UAE’s biggest trading partner, accounting for 11.7 percent of the UAE’s total foreign trade, and the value of non-oil trade exchange between the two countries amounted to AED212 billion, a growth of 27 percent from 2020 and 19.8 percent from 2019. China remained the UAE's top trading partner during the first quarter of 2022, with bilateral trade between the two countries at AED57 billion. The trade value is on track to expand to US$ 200 billion by 2030.

This accelerated growth is in part due to the UAE being among the first countries to join the Belt and Road Initiative and the comprehensive strategic partnership. As a result, the UAE is now the largest logistics hub for China in the Middle East and more than 60 percent of China's trade in the region now transits through the UAE.

WAM/ /Khoder Nashar