President Xi Jinping's upcoming visit to the United Arab Emirates will be the first visit of a Chinese head of state to the UAE in 29 years.
The UAE was the first Gulf state to establish a strategic partnership with China. In 2017, bilateral trade between China and the UAE jumped to $41 billion and has grown an impressive 800 fold since 1984, making China one of the UAE's top trading partners.
Today the trading relations span a wide range of sectors, including energy, logistics, finance, agriculture, technology and tourism.
Trade
China, the world's second-largest economy, has been Dubai's biggest trade partner since 2014.
Dubai's competitiveness plays a key role in attracting investors from around the world, who seek to take advantage of Dubai's position as a regional and international trading hub.
Dubai Multi Commodities Centre (DMCC), the biggest free trade zone in UAE, signed a memorandum of understanding with China Council For the Promotion Of International Trade (CCPIT) to strengthen the strong and longstanding economic ties between Dubai and China, on July 11, 2018.
DMCC also signed a memorandum of understanding with Xi'an International Trade & Logistics Park in Central China's Shaanxi province at the Xi'an Dubai Free Trade Zone Economic Cooperation Conference 2017 held in China, Sept 19, 2017.
The purpose of the MoU is to open doors for businesses in the UAE and China hoping to expand into new markets as well as organizing joint trade missions and economic delegations.
Energy
The UAE has emerged as a trusted partner of China in energy after landmark agreements that awarded China National Petroleum Corporation shares in Abu Dhabi's 40-year onshore and offshore concessions in 2017 and 2018.
Under the agreements, PetroChina has been granted a 10 percent stake in the Umm Shaif and Nasr concession, and a 10 percent stake in the Lower Zakum concession.
Both concessions will be operated by ADNOC Offshore on behalf of all concession partners.
Logistics
The Dubai’s flagship carrier Emirates Airline SkyCargo signed a Memorandum of Understanding with Cainiao Smart Logistics Network Ltd, the logistics arm of Alibaba, to jointly facilitate the delivery of cross-border parcels on June 13, 2018.
Under the MoU, SkyCargo and Cainiao will work closely to manage e-commerce shipments in the Middle East and neighboring regions via Dubai, the biggest trade and logistics hub in the region.
Given its unique geographic location, as the gateway between both the East and West, the UAE can play a pivotal role in helping realize the Belt and Road vision.
In 2017, an agreement between Abu Dhabi Ports and COSCO Shipping to build a container terminal that will double Abu Dhabi's handling capacity was signed.
