Page 33 - MOE ENGLISH PR REPORT - FEBRUARY 2024 ( International)

Press Release

establishing frameworks for the advancement of small and medium-sized enterprises in both
markets.”

The UAE-China economic partnership is experiencing a notable surge in growth:
His Excellency added: “The economic collaboration between the two nations is experiencing

significant growth, evident by the number of economic licenses of Chinese businesses in the UAE,
exceeding 14,500 licenses. Additionally, China stands as the UAE’s third largest contributor of

foreign direct investment (FDI), with a value of $6.3 billion. Over the past few years, bilateral

investment between the two countries has witnessed a surge, reaching a record high of $15 billion
in 2022.”

Bin Touq continued: “The tourism industry also plays a vital role in the mutual economic

relationship between the UAE and China. In the initial ten months of 2023, the UAE welcomed
over a million Chinese tourists, emphasizing their substantial contribution. Furthermore, with

approximately 350,000 Chinese residents in the UAE, the cultural exchange is vibrant. Facilitating

this interaction, there are currently over 210 monthly flights operated between the two countries
by the UAE’s national airlines.”

Encouraging the Chinese business community to leverage the benefits of the UAE's favorable

business environment:

His Excellency encouraged the Chinese business community to capitalize on the opportunities and
resources available in the UAE’s business environment, which adheres to global best practices.

With its dynamic economic policies and regulations, the UAE has emerged as an attractive hub for
business and commerce, boasting significant regional and global competitiveness. This conducive

environment has cemented the UAE’s position as a leading economic destination, evidenced by

its second-highest surge in new foreign investment projects globally during 2023. Furthermore,
the number of companies operating in the country exceeded 788,000 by the end of 2023.

Continued UAE support for "Belt and Road" initiative:

His Excellency reaffirmed UAE’s commitment to supporting the "Belt and Road" initiative, as an
active partner of the initiative since its launch in 2013, through its development potential, strategic