BEIJING: Hussain bin Ibrahim Al Hammadi, the UAE Ambassador to the People’s Republic of China, has said that the UAE is China’s leading non-oil trading partner in the Middle East and North Africa, with bilateral trade reaching $80.6 billion in 2023.

‘Since diplomatic relations began in 1984, non-oil trade between the two nations has grown by about 800 times,’ he told the Dubai Business Forum – China, which concluded yesterday in Beijing.

“The UAE is home to more than 6,000 Chinese companies that operate in a favourable economic environment that provides them with unlimited opportunities for growth and innovation,” he added.

He emphasised that the UAE’s economy has made significant progress due to a stable investment environment and effective leadership. ‘As one of the largest regional economies, the UAE aims to be among the top three global economies by 2033 through various national initiatives.’

He went on to say, that the UAE has become a major global investment hub, ranking second in economic performan
ce and fourth in government efficiency on the Global Competitiveness Index 2024. ‘Its robust infrastructure includes 10 airports, 12 ports, and an advanced road and bridge network, placing it 11th globally in infrastructure quality.’

He stated that the UAE also boasts a strong credit rating of AA by Standard and Poor’s and is known for its multicultural society, with over 200 nationalities living harmoniously.

He added that the UAE’s investment environment benefits from low taxes, full ownership rights in over 40 free zones, the freedom to transfer profits abroad, a fair legal system, and long-term golden residency for investors. ‘These advantages make UAE cities like Abu Dhabi and Dubai ideal locations for work, investment, and living.’

Source: Emirates News Agency