Abu Dhabi, China bolster economic and business ties with key agreements

A delegation from Abu Dhabi, led by the Abu Dhabi Department of Economic Development (ADDED), recently concluded a successful visit to China. During the visit, both sides witnessed the signing of a series of landmark agreements aimed at further strengthening cooperation between government agencies and private enterprises, fully demonstrating Abu Dhabi's commitment to building and consolidating partnerships with major economies and trade partners.

The visit highlighted the unique advantages of Abu Dhabi's "Falcon Economy" and the vast growth opportunities within the emirate, while also showcasing Abu Dhabi's determined strategic transformation in response to new trends and changes in the global economy. Abu Dhabi is committed to attracting more investment and promoting diversified development through innovative and open policies.

Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, stated, "We are pleased with the results of this visit to China, which builds on a solid foundation to further strengthen our partnerships by exploring new opportunities in high-growth potential industrial clusters and emerging industries. The robust growth of bilateral trade and mutual investment between the UAE and China is a testament to our shared commitment to further strengthening strategic cooperation, based on mutual trust, collaboration, and a shared vision for addressing global economic challenges."

During the visit, the Abu Dhabi government signed a strategic cooperation agreement with the Shanghai Municipal People's Government, covering a wide range of fields including commerce, trade, finance, technology, education, culture, health, tourism, and ports. The Shanghai Municipal Foreign Affairs Office and the Abu Dhabi Department of Economic Development will lead the implementation of various tasks and initiatives to achieve the objectives of the agreement, aligning with the joint communiqué and statements announced by the leaders of China and the UAE.

Al Zaabi added, "Economic cooperation is a key pillar in consolidating the relations between the two countries, and we are actively working to build bridges and strengthen ties with major economies, powers, and trade partners around the world, in a collaborative and proactive manner led by our leadership, to shape a better future for all."

During the six-day visit, the Abu Dhabi economic delegation also actively held bilateral meetings with senior Chinese government officials, major enterprises, and investors. The delegation explored new cooperation opportunities with leading Chinese companies, including ByteDance, Xiaomi, Legend Holdings, XPeng Motors, BYD, CICC, and CATL.

In recent years, economic ties between the UAE and China have shown significant growth. Bilateral trade has grown from just $2 billion in 2000 to nearly $100 billion in 2023. In the first nine months of 2024, trade between the UAE and China reached $74.5 billion and is expected to reach $200 billion by 2030. Chinese investment in the UAE has increased by 16%, while UAE investment in China has soared by 120%.

The number of Chinese companies registered with the Abu Dhabi Chamber of Commerce and Industry increased by 38% in 2023 and 69.4% in 2024, reflecting Abu Dhabi's attractiveness to Chinese companies and investors. The Abu Dhabi Investment Forum (ADIF), hosted by the Abu Dhabi Investment Office (ADIO) and Abu Dhabi Global Market (ADGM) in Beijing and Shanghai, attracted Chinese investors and companies to explore investment opportunities in the UAE and leverage its friendly business ecosystem for global growth and expansion.

During the visit, ADIO and ADGM signed agreements with leading Chinese companies, including: Fosun International Limited (a global innovation-driven consumer group), H&J Capital (one of China's leading consulting firms), Wind Information (China's leading financial information service provider), and CBN (China Business Network, a leading financial media group in China providing reliable and insightful information and analysis on economy, finance, technology, startups and entrepreneurs). These agreements aim to introduce Abu Dhabi's investment opportunities to leading Chinese companies and investors, enhance investment intelligence, support the international expansion of Chinese companies, and deepen economic ties between Abu Dhabi and China.

The Abu Dhabi Chamber of Commerce and Industry (ADCCI) also signed a strategic cooperation agreement with the Shanghai Federation of Industry and Commerce to promote bilateral trade and mutual investment cooperation, and to streamline joint efforts to support Chinese companies seeking to expand in Abu Dhabi. The Abu Dhabi-Shanghai Business Forum, organized by the Abu Dhabi Chamber of Commerce and Industry, provided a suitable platform for Chinese and UAE companies to connect and reach B2B meeting agreements.