The United Arab Emirates has significantly bolstered its economic and trade relationships with a diverse array of international partners through a series of high-level meetings, forums, and strategic agreements. These initiatives span across continents, focusing on key sectors such as energy, technology, finance, and infrastructure, aiming to foster mutual growth and investment.
Deepening Ties with China
The UAE has intensified its economic engagement with China, a relationship characterized by substantial trade volumes and increasing Chinese investment. Recent delegations from Abu Dhabi and Dubai to major Chinese cities underscore this focus.
- In mid-February, a 140-strong delegation from Abu Dhabi, led by the Abu Dhabi Department of Economic Development (ADDED), visited Beijing, Shanghai, Shenzhen, and Hong Kong. This visit aimed to strengthen business and government-to-government cooperation.
- Trade between the UAE and China reached approximately $104 billion in 2023, with the UAE serving as a crucial re-export hub for Chinese goods to Europe, Africa, and the Middle East.
- The number of Chinese companies operating in the DMCC increased by 17.5% last year, with over 950 currently active.
- Chinese investment in the UAE has surpassed $6 billion, with nearly 15,500 Chinese companies having operated in the country.
Strengthening European Partnerships: France
The UAE and France are reinforcing their economic and investment cooperation, particularly in advanced technology and sustainable development.
- The third meeting of the UAE-France High-Level Business Council in Paris saw the participation of over 50 Emirati and French entities.
- Key agreements included a framework for cooperation in Artificial Intelligence, aiming for a 1-gigawatt AI complex with investments between €30 billion and €50 billion.
- Non-oil trade between the two nations increased by 21.3% in 2024, reaching approximately AED 44 billion.
- The UAE hosts the largest number of French companies in the Middle East, with about 600 companies employing over 30,000 people.
Expanding Reach in North America: Michigan, USA
Michigan’s Governor Gretchen Whitmer led an investment mission to the UAE, highlighting the state’s aerospace and defense sectors and seeking to attract investment.
- The mission aimed to secure high-quality jobs and enhance Michigan’s role in global defense and aerospace supply chains.
- Governor Whitmer participated in the World Government Summit, discussing talent attraction, higher education, and Michigan’s global presence.
Forging Connections in Asia and the Middle East
The UAE is actively pursuing stronger economic ties across Asia and the broader Middle East.
- Iraq: The second UAE-Iraq Business Forum in Dubai facilitated over 250 business-to-business meetings across sectors like energy, real estate, and AI. The first official session of the UAE-Iraq Business Council was also held.
- Laos: The inaugural Laos-UAE Business Forum in Dubai marked a significant step in bilateral trade, showcasing Laos’ economic potential in renewable energy, technology, and agriculture.
- Bahrain: Discussions are underway to deepen trade ties between Bahrain and the UAE, focusing on mutual economic growth.
- India: Opportunities for business leaders to strengthen UAE-India ties are being actively explored.
- Morocco: The first UAE-Morocco Business Council convened to foster economic collaboration.
Strategic Investments and Future Outlook
The UAE’s proactive approach to international economic relations is evident in its strategic investments and future plans.
- ADNOC and US partners plan to invest $440 billion in the energy sector through 2035.
- The UAE continues to host various business forums and dialogues, such as the upcoming EAEU-UAE Business Dialogue in Minsk, to explore new avenues for cooperation.
These concerted efforts underscore the UAE’s commitment to diversifying its economy, attracting foreign investment, and establishing itself as a global hub for trade and innovation.
Sources
- UAE sharpens focus on China for business growth, Arabian Gulf Business Insight | AGBI.
- The "UAE-France High-Level Business Council" meeting was held with the participation of over 50 entities to
Strengthen economic and investment cooperation., TotalEnergies.com. - Gov. Whitmer Concludes Historic Investment Mission to the UAE, Strengthening Michigan’s Aerospace and Defense
Sectors and Paving the Way for Job Creation, Michigan Economic Development Corporation. - Iraq and UAE strengthen economic ties at Dubai business forum, Iraqi News.
- UAE Business Forum Ignites New Era of Trade and Investment, WRIC ABC 8News.
