Thursday 21 February 2019

UAE 'a key Middle East stop for Silk Road project'

UAE, July 15, 2018

The UAE, due to its world-class infrastructure and the top rankings in the world’s quality indices, will be the most important stop on China's 21st Century Maritime Silk Road Initiative, said a report.

The Industrial and Commercial Bank of China, one of the largest financial establishments in the world with estimated assets of $2.3 trillion, has already set its eyes on expanding in the Middle East, and on contributing to the relations with the UAE, given the latter’s major role in international affairs and its fast-growing business sector, reported Emirates news agency Wam.

This will allow for a significant increase in trade between the two countries and cooperation among their business and financial sectors, it said.

Last year, Abu Dhabi Ports signed a 50-year Mustaha (usufruct) agreement with the Jiangsu Provincial Overseas Cooperation and Investment Company, JOCIC, in the free trade zone of Khalifa Industrial Zone of Abu Dhabi (Kizad), it said.

JOCIC signed lease contracts worth Dh1.1 billion ($299.4 million) in total with five Chinese firms, namely; Hanergy Thin Film Power Group, Jiangsu Fantai Mining Development Group Co Ltd, Xuzhou Jianghe Wood Co, Jiangsu Jinzi Environmental Technology Co and Guangzheng Group.

The deal is expected to contribute in providing 1,400 job opportunities and in strengthening the region’s bonds with the Silk Road initiative, it added.

Since the visit made by HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to China and the consequent signing of the strategic agreement between the two countries, UAE’s trade with China witnessed a surge to $70 million annually.

The UAE also plays a vital role as a distribution point for 60 per cent of Chinese exports to the region, added the report.

Tags: | UAE | Middle East | project | Silk Road |

More Industry, Logistics & Shipping Stories

calendarCalendar of Events