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Economy: UAE Signed $3.4 Billion Deal With China

April 29, 2019 | Monday

Economy

   

The United Arab Emirates during the weekend signed a $3.4 billion worth of deal with China. That is part of China's Belt and Road Initiative, the country's huge infrastructure project involving road building, shipping lines, and railways connecting to over 60 countries in Asia, Middle East, North Africa, and Europe. This latest deal expects to boost the present $53 billion bilateral trade up to $70 billion by next year.

According to Børge Brende, World Economic Forum president, China and UAE's action in expanding trade and investment "isn't a surprise." Brende said that China currently is the second largest economy worldwide, leading Asia to hold "50 percent of global GDP." Brende added that various countries including UAE "see huge market opportunities" with China.

UAE's Vice President and Prime Minister, Sheikh Mohammed bin Rashid Al Maktoum joined the Belt and Road forum held in Beijing last weekend. There he met the Chinese President Xi Jinping and signed the deals.

China is the UAE's second-biggest trading partner. UAE supports Chinese exports providing a major gateway to the Middle East.

Meanwhile, as part of the deal, China and UAE launched various new investments which include the development of 60 million square feet station in the new Silk Road in Dubai for the 2020 Expo.

The UAE considers being a key player for president Xi's Belt and Road initiatives. The project attempts to connect China by sea and by land towards markets in Asia and Europe in range of strategic and somehow controversial investments.

For some, the project is China's way of expanding its economic and geopolitical power. However, Beijing always rejects those criticisms.

According to Brende, we are now at a different world comparing from ten years before. "It's a multipolar, Multi-conceptual world." Multipolar, he further explained is seeing more "geopolitical competition." And multi-conceptual due to "different ideologies" worldwide.

   

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