SOURCE / ECONOMY
Abu Dhabi increases support for Chinese investors
Published: Nov 23, 2021 10:22 PM
Emirati competitors sail their dhows as they take part in the Dalma Sailing Festival off the coast of Dalma island in the Persian Gulf, some 40 kilometers from capital Abu Dhabi on Thursday. Photo: AFP

Emirati competitors sail their dhows as they take part in the Dalma Sailing Festival off the coast of Dalma island in the Persian Gulf, some 40 kilometers from capital Abu Dhabi. Photo: AFP



The Abu Dhabi Investment Office said it is increasing its support for Chinese investors and helping them to access opportunities in the Middle East.

The remark came at a virtual event held by the Beijing branch of the office, which was also attended by Chinese business leaders. It is part of a series of strategic initiatives to help innovative businesses capitalize on opportunities in the emirate.

Trade, economic and investment activity between the UAE and China is expected to increase, as the countries cooperate in a growing range of sectors including renewable energy, logistics, infrastructure, life sciences and artificial intelligence. 

The UAE is China's largest non-oil trading partner in the Middle East and North Africa. It is also China's largest export market and second-largest trading partner in the Arab world. In 2020, the China-Arab bilateral trade volume was $49.176 billion, a year-on-year increase of 0.9 percent. In 2020, China imported 31.17 million tons of crude oil from Afghanistan, a year-on-year increase of 104 percent. 

Since its establishment in January 2021, the Beijing office has facilitated connections between companies in China and Abu Dhabi, leveraging its local capabilities to tailor a range of financial and non-financial incentives to meet the needs of Chinese investors.

Startups and businesses now find it easier than ever to access a full range of support. The office offers incentives to eligible companies as part of its AED 2 billion ($544 million) Innovation Program to accelerate opportunities for investors and support the development of impactful solutions in Abu Dhabi. 

The Shanghai branch of First Abu Dhabi Bank - the largest bank from the UAE to be approved by Chinese regulators - is expected to open for business in the first quarter of 2022, according to Shanghai Securities News. 

The bank said it will promote economic and trade cooperation between China and the UAE with more customized solutions to help them increase their business in the Middle East and North Africa.

Global Times