United Arab Emirates and China seek $200 billion in trade by 2030
2 min read
Economic and trade cooperation between China and the UAE has flourished in recent years, with China consistently ranking as the UAE’s largest trading partner. In 2023, the total volume of bilateral trade between the countries reached about $95 billion. Both China and the United Arab Emirates seek to strengthen their economic relations and increase trade exchange to 200 billion dollars by 2030.
In its report, “China Modernization and Development of China-UAE Relations,” Trends Research and Advisory also reveals that the UAE has maintained its position as the largest market for China’s exports in the Middle East.
In addition to trade, the report highlights growing cooperation between the two countries in various fields, including investment, technology and culture.
Belt and Road Initiative
Within the framework of the ambitious Belt and Road Initiative (BRI), the United Arab Emirates has become a key player, facilitating the land route linking China with Europe through Central Asia. The initiative includes the implementation of major projects, including the model park for industrial capabilities cooperation between China and the United Arab Emirates. In addition, it is the second phase of the Khalifa Port container terminal and the Dubai photovoltaic thermal power plant.
Economic dynamics
China and the UAE have collaborated on multiple economic projects, including establishing and managing the first joint investment fund between China and Middle Eastern countries. In addition, they signed the first agreement that considered the Renminbi, the official currency of China, a recognized currency in the Middle East. China and the United Arab Emirates also established the first digital currency bridge between the central banks of three countries and four regions.
In addition, the Chinese central bank and the central bank of the United Arab Emirates signed an agreement to renew the currency swap between them for five years for a total value of $4.9 billion.
Technological advances
The report highlights the remarkable progress China and the UAE have made in high-tech collaborations. He highlighted his collaboration in establishing the world’s first artificial intelligence university in Abu Dhabi. In addition, both nations joined forces to carry out the inaugural phase of an international clinical trial of a vaccine against Covid-19.
Progress in digital economy initiatives, vital health sectors and space exploration further underlines the depth of technological cooperation between China and the UAE.
Cultural exchange
Facilitating people-to-people connections and cultural exchanges has been a cornerstone of China-UAE relations. The report cites initiatives such as the “Hundred Schools Project,” which has propelled Chinese language and culture teaching in the UAE to a global benchmark. Furthermore, the long-awaited launch of the UAE-Chinese Cultural Center promises to enrich bilateral relations and foster intercultural understanding.
