Page 62 - MOE ENGLISH PR REPORT - DECEMBER 2024 (International)

Press Release

China has been a key trading partner for the UAE, accounting for 11.2 per cent of the UAE’s non-
oil trade in the first half of 2024. In 2023, the UAE became China’s leading trading partner in the
Middle East and Africa, representing 25 per cent of its non-oil trade with the region.

In the first six months of 2024, the trade between the UAE and China reached over USD 42.4
billion, marking a growth of approximately 3 per cent, as compared to the same period in 2023. In
2023, the trade value between the UAE and China reached USD 86.7 billion, experiencing a
growth of 12.1 per cent compared to the previous year. Additionally, by the end of 2023, the
bilateral trade between the two nations amounted to AED 120 billion.

China ranks 10th among the UAE’s non-oil exports, making up 2 per cent during the first half of
2024. Similarly, China also holds the 10th position in the UAE’s re-exports, accounting for 2.5 per
cent during the same period. Meanwhile, China is the source of 18 per cent of the UAE’s imports.
By the end of 2023, the UAE’s investments in China reached around USD 4.5 billion, reflecting a
doubling of the previous year’s figures with a remarkable 96 per cent increase. These investments
are allocated across key sectors, including renewable energy, infrastructure, transportation, and
telecommunications. On the other hand, China’s investments in the UAE reached a total value of
USD 5.8 billion by the end of 2023.

The meeting addressed key aspects of investment cooperation between the two countries, including
strategies to enhance UAE investments in China and encourage Chinese companies to expand their
investments in the UAE. Furthermore, the meeting explored opportunities of collaborations in
areas including the digital economy, green development, support for small and medium-sized
enterprises (SMEs), and entrepreneurship. Additionally, the sectors of tourism, air transport, and
aviation were also highlighted, with the UAE welcoming more than a million Chinese tourists in
2023 and operating over 200 flights per month between the two countries. Both sides emphasised
the importance of leveraging this momentum to strengthen cultural and economic exchange.

The UAE extended an invitation to the Chinese business community to leverage the attractive
investment environment offered by the UAE. With over 15,000 Chinese companies already
operating in the UAE, the aim is to further strengthen the strategic partnership between the two
countries in order to achieve their economic visions.

The formation of the UAE-China Investment and Economic Cooperation Working Group is the
outcome of a memorandum of understanding (MoU) signed by both countries in May. The primary
objective of the MoU is to strengthen economic and investment collaboration as part of the Belt
and Road Initiative and create new avenues for cooperation in critical sectors - including green
development, infrastructure, and the digital economy. These efforts will enhance bilateral relations
and foster sustainable development for both countries.

Representatives from a range of government and private organisations in both UAE and China
attended the meeting. From the UAE side, participants included representatives from the Ministry
of Investment, the Ministry of Climate Change and Environment, the Ministry of Industry and
Advanced Technology (MOIAT), the Abu Dhabi Chamber of Commerce, the Dubai Chamber of
Commerce, the Department of Economic Development and Tourism in Dubai, and the Abu Dhabi
Investment Office. On the Chinese side, participants included delegates from the Ministry of