Ahmed Bin Sulayem, executive chairman and chief executive officer of DMCC [Photo provided to chinadaily.com.cn]

As China and the UAE celebrate 40 years of diplomatic relations, their economic ties have significantly strengthened, with 900 Chinese companies now operating at the Dubai Multi Commodities Center (DMCC), UAE's largest free zone. This reflects the UAE's status as China's top trading partner in the Arab region, with non-oil trade increasing nearly 800-fold since 1984. DMCC leaders highlighted the rapid growth of Chinese businesses, driven by strong bilateral economic relationships and opportunities in technology, services, and sustainability. The Future of Trade 2024 report emphasized shifts towards regionalization, supply chain restructuring, and a surge in digital services, all underpinned by sustainability goals.

As China and the United Arab Emirates continue to deepen trade and economic ties, a total of 900 Chinese companies have established presence at the Dubai Multi Commodities Center, which is the UAE's largest free zone, and the Government of Dubai Authority on commodities trade and enterprise, said DMCC senior executives on July 22 at a media briefing in Shanghai.

This year marks the 40th anniversary of the establishment of diplomatic relations between China and the United Arab Emirates. The UAE has emerged as China's largest trading partner in the Arab region. Official data shows that the two nations have made significant advancements across various sectors since 1984, with non-oil trade soaring nearly 800-fold.

"Today, DMCC celebrates a milestone of 900 Chinese members, reflecting the rapid growth in recent years of Chinese companies joining our business district on the back of our unique value offering and the strength of the UAE-China economic relationship. With bilateral non-oil trade set to double to $200 billion by 2030, we expect to see these numbers grow in the coming years as the UAE and China deepen their commercial networks and leverage the enormous opportunities on offer in high-growth areas like technology, services and sustainability," said Ahmed Bin Sulayem, executive chairman and chief executive officer of DMCC.

He pointed out that the trade relations between China and the UAE is not the ceiling or the limit from his perspective. Instead, it is a foundation to build on, and there will be a lot more to come in various sectors.

"China plays a pivotal role in the global economy, and it is very natural that China is a key focus market for us. The focus of the UAE and China's cooperation is very much on growth, sustainability and environmental technologies, both of which are highlighted in the Future of Trade report," said Feryal Ahmadi, chief operating officer of DMCC.

The Future of Trade 2024 is the fifth edition of DMCC's biennial flagship report on the changing nature of global trade.

Ahmadi explained that the Future of Trade report 2024 highlighted three main findings. One is the shift towards regionalization away from globalization, focusing more on forging bilateral agreements. The second one is supply chain restructuring, specifically for businesses to safeguard their operations away from areas of conflict. The third one is a surge in digital services, particularly in AI adoption.

"All of these are underpinned by the commitment to net-zero and sustainable development and technologies," said Ahmadi, indicating that this is where China and the UAE can further deepen cooperation.

The report found sizable opportunities for the UAE and China to collaborate more closely on tech and environmentally sound technologies (ESTs). China is the world's No 1 exporter of green technologies and other environmental products, and a global leader in sales of critical raw materials like graphite and goods such as electric vehicles and solar panels. With the UAE and China among the top 10 importers of ESTs in the world by value, the strategic importance of UAE-China ties will rise as both hubs play a leading role in the global sustainability transition.

"A lot of countries, including the UAE and China, are moving towards net-zero commitments. So the focus on sustainability and technology will be key in the next decade. We see China is currently leading the world when it comes to electronic vehicles and solar panels.

"New partners, new corridors and new trade relationships are being forged," said Ahmadi.

Muhannad Sulaiman Al Naqbi, consul general of the UAE in Shanghai, added that the UAE and China share an unparalleled strategic partnership that has only grown stronger over the years. DMCC's success in attracting hundreds of leading Chinese companies to Dubai is a testament to the immense potential that exists between our two nations.