Abu Dhabi signs agreements with China to strengthen partnerships

An Abu Dhabi economic delegation, led by the Abu Dhabi Department of Economic Development (ADDED), concluded a successful visit to China, which saw the signing of groundbreaking agreements to further enhance cooperation between government entities and private sector companies in Abu Dhabi and China, reaffirming the emirate’s efforts to build and cement partnerships with leading economies and trading partners.

The visit showcased the ‘Falcon Economy’s’ attributes, the ample growth opportunities available in Abu Dhabi, and the emirate’s commitment to transformative strategies to address new trends and changes in the global economy.

A strategic cooperation agreement was signed between the Abu Dhabi Government and Shanghai Municipal People’s Government, covering wide-ranging areas including business, trade, finance, science, technology, education, culture, health, tourism, and ports. The Foreign Affairs Office of the Shanghai Municipal People’s Government and ADDED will lead efforts and initiatives to achieve the objectives of the agreement in line with the joint communiques and statements announced by the leaderships of the People’s Republic of China and the UAE.

Over the course of six days, the Abu Dhabi economic delegation actively engaged in bilateral meetings with top government officials, key businesses and investors in Beijing, Shanghai, Shenzhen, and Hong Kong. The meetings included Chen Jining, Member of the Politburo of the Chinese Communist Party and Party Secretary of Shanghai, Yin Yong, the Mayor of Beijing, Gong Zheng, Mayor of Shanghai and John Lee, Chief Executive of Hong Kong.

The delegation also explored new opportunities with leading Chinese powerhouses including ByteDance, Xiaomi, Legend Holding, Xiaodong, BYD, CICC, and CATL.

Ahmed Jasim Al Zaabi, Chairman of ADDED, said: “We are pleased with the outcomes of our visit to China, building on strong foundations to further enhance our partnership by exploring new opportunities in clusters with high-growth potential and emerging industries. The steady and impressive growth of bilateral trade and mutual investments between the UAE and China is a testament to our shared commitment to further strengthen the strategic cooperation, based on mutual trust, collaboration, and a common vision to address global economy’s challenges”.

“As economic cooperation is a key pillar in cementing relations, we are forging ahead with efforts to build bridges and enhance bonds with key economies, powerhouses, and trading partners around the world, guided by our leadership’s collaborative and proactive approach to shaping a better future for all,” Al Zaabi added.

In recent years, economic ties between the UAE and China have seen outstanding growth rates; with bilateral trade growing from just $2 billion (Dhs7.4 billion) in 2000 to nearly $100 billion (Dhs367 billion) in 2023. In the first nine months of 2024, trade between the UAE and China reached $74.5 billion (Dhs273.4 billion) and is projected to rise to $200 billion (Dhs734 billion) by 2030. Chinese investments in the UAE rose 16% and UAE investments in China soared 120%.

The number of Chinese companies registered with the Abu Dhabi Chamber of Commerce and Industry grew by 38% in 2023 and 69.4% in 2024, reflecting the attractiveness of Abu Dhabi to Chinese businesses and investors.

Badr Al Olama, Director General of the Abu Dhabi Investment Office (ADIO), Rashed Lahej Al Mansoori, Director General of the Abu Dhabi Customs, Shamis Al Dhaheri, Second Vice Chairman - Managing Director of the Abu Dhabi Chamber, Hamad Sayah Al Mazrouei, CEO of the Registration Authority ADGM, and Ahmad Ali Alwan, CEO of Hub71, as well as senior officials and executives from the government and private sector participated in meetings and events organised as part of the Abu Dhabi economic delegation’s visit to China.

The Abu Dhabi Investment Forum (ADIF), organised by ADIO and ADGM in Beijing and Shanghai, attracted Chinese investors and businesses to explore opportunities in the emirate and capitalise on its business-friendly ecosystem to grow and expand globally.

During the visit, ADIO and ADGM inked agreements with leading Chinese entities, including Fosun International Limited (HKEX stock code: 00656), a global innovation-driven consumer group; Hejun Group, one of China’s leading consulting firms; Wind Information, China’s leading financial information services provider; and Yicai, a leading Chinese financial media group and provider of reliable and insightful information and analysis of the economy, finance, tech, startups, and entrepreneurs.

The agreements aim to introduce Abu Dhabi’s investment opportunities to leading Chinese businesses and investors, enhance investment intelligence, support Chinese companies’ international expansion, and deepen economic ties between Abu Dhabi and China.