UAE and China Strengthen Strategic Partnership with New Agreements on Investment, Technology, and the Belt and Road Initiative

 




Sheikh Mohamed visited Beijing on Thursday as the president. UAE signed multiple deals with China to enhance cooperation in vital fields including investments, the Belt and Road Initiative (BRI), industry and technology, and tourism. These accords amount to milestone towards boosting the strategic partnership among nations. In addition, the two countries agreed to spur investment cooperation in green development as reported by the State news agency WAM. This decision is in line with UAE’s wider strategy of enhancing relations with China, the second largest economy in the world. The UAE is already China's largest trading partner in the Arab world according to the data available, and trade and investment span various sectors such as crude oil, petrochemicals, and artificial intelligence. In 2022, the non-oil bilateral trade between China and UAE accounted for Dh264.2 billion ($72 billion).


The collaboration of this is still largely manifested in the Belt and Road Initiative (BRI) launched in 2013 by Chinese President Xi Jinping. The main goal of the initiative is to establish connectivity among various countries in Asia, Europe, Africa through massive infrastructure and trade developments. UAE is instrumental in BRI by taking advantage of its strategic geographical location and sophisticated infrastructure in enabling commerce. In the first semester of 2023, the volume of goods imported by the UAE from the BRI countries was worth $305 billion due to the only fact of being bought beyond its borders. Thus, BRI has attracted billions of dollars from UAE businessmen in various ventures such as a Chinese-UAE joint fund that financed BRI ventures in East Africa with $10 billion risen. Both nations are working together in the financial industry, with the UAE Central Bank and the People’s Bank of China extending their bi-lateral currency swap agreement, and Abu Dhabi’s Mubadala Investment Company taking up substantial stakes in Chinese technology companies. This multi-faceted relationship will boost even more commerce, infrastructure construction, and economic expansion in UAE and China.

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