Agreement to increase trade and investment cooperation signed by Dubai FDI and Invest Shanghai at event highlighting how Dubai is a global gateway for China

Shanghai, China – 27 October 2016

Dubai Week in China: Shanghai – an event highlighting how Dubai is a global gateway for economic development and cultural exchange - began today with the signing of an agreement to increase trade and investment cooperation between the twin cities.

Demonstrating the strengthening of ties, the memorandum of understanding (MoU) between Dubai Investment Development Agency (Dubai FDI) and Invest Shanghai set the tone for the event initiated by Falcon and Associates, co-hosted by Invest Shanghai and supported by the Shanghai Municipal Commission of Commerce (SMCC).

His Excellency Abdulla Al Saleh, Under Secretary of the UAE Ministry of Economy for Foreign Trade and Industry Affairs; Mr Hanmin Zhou, Vice President, Shanghai Municipal People’s Political Consultative Conference; and Miss Liu Min, Vice Chairwoman, SMCC, opened the event that aims to build on the success of the inaugural Dubai Week in China in Beijing last year, celebrate the thriving relationship and create connections for future mutual growth.

“Dubai Week in China: Shanghai signals the importance the UAE places on our strategic partnership with China and that we are committed to collaborating on new opportunities and enhancing economic and cultural bonds between our two great nations,” said His Excellency, addressing more than 250 Chinese government officials, business and thought leaders, entrepreneurs and investors. “Strategically located at the crossroads of East and West - with a network of air, sea and road links which enable seamless connectivity with the world – the UAE is a global hub for trade, travel, finance and investment and a perfect partner for China and the Belt and Road Initiative.”

“China and the UAE share an energy and drive and the relationship is going from strength to strength,” said Mr Zhou. “This event is a tremendous opportunity for business leaders from Shanghai and Dubai to foster friendships, gain greater levels of mutual understanding and discuss new opportunities which will bring us closer together and further strengthen economic and cultural ties.”

“The Shanghai-Dubai relationship is flourishing and the increased cooperation between us is creating greater opportunities for cultural understanding and exchange which in turn is helping unlock economic growth,” said Miss Min. “With our two cities sharing a similar vision of a future built on innovation, finance, shipping and trade, there is tremendous potential to enter meaningful dialogue in the pursuit of common goals.”

A series of high-level panel discussions featured senior figures from Dubai’s leading entities. Strategic Partner Expo 2020 Dubai was represented by Manal AlBayat, Vice President of Engagement and Gillian Hamburger, Vice President of Commercial, while spokespersons from Official Partners included: His Excellency Hisham Al Shirawi, Vice Chairman, Dubai Chamber; Arif Amiri, CEO, DIFC; Gautam Sashittal, CEO, DMCC; Issam Kazim, CEO, DCTCM; Khalid Al Marzooqi, Head of Asia Pacific, Jafza; and Graham Kiy, Regional Vice President, Greater China, and General Manager Jumeirah Nanjing, Jumeirah Group.

Commenting on the MoU signing, Fahad Al Gergawi, CEO, Dubai FDI, said: “As Dubai’s number one trading partner since 2014, the relationship with China is built on solid foundations. We look forward to working in partnership with Invest Shanghai to help facilitate mutually beneficial investments and take our levels of economic exchange and cultural understanding to new levels through opening more doors and creating more opportunities for Chinese companies to use Dubai as a platform for growth and expansion.”

“Dubai is a city of opportunity with a diverse and robust economy,” said Luo Zhisong  Director, Invest Shanghai. “Ties are already strong - 4200 Chinese companies operate in the UAE - and Chinese investment in Dubai is already significant across a number of sectors. As both cities and their economies continue to expand, there is great potential and we look forward to working with Dubai FDI to help increase levels of collaboration in shared areas of strength such finance, shipping and trade.”

Also represented in the Dubai delegation at the event staged across The Langham Hotel and The House in the bustling Xintiandi district, were Supporting Partners Dubai Duty Free, DIFC Courts, Emirates and KHDA, while Dubai Sports Council, Emirates Academy of Hospitality Management and Emirates Aviation University are also participating.

-Ends-

For further information, please contact:
Tameem Alkintar
ASDA’A Burson-Marsteller
Tel: 971-4-4507600
Email: Tameem.alkintar@bm.com

Scott Melrose
Falcon and Associates
Phone: +971 56 681 3582 
Email: scott.melrose@falconandassociates.ae

Dubai/UAE-China Fast Facts
Since the establishment of diplomatic relations between China and the UAE in 1984, the two countries have built strong and deepening bilateral ties.

  • China has been Dubai’s No 1 trading partner since 2014

  • China has been the second largest trading partner of the UAE since 2011

  • Almost 60% of trade between China and the UAE is re-exported to Africa and Europe

  • China’s investment in the UAE is close to $2.33bn, according to Dubai Chamber

  • Over 4200 Chinese firms are operating in the UAE, up from 18 in 2005, while 1775 companies have Dubai Chamber membership

  • Over 200,000 Chinese expats live in the UAE. The majority live in Dubai, accounting for about 10% of its population

  • In 2015, Dubai welcomed 450,000 Chinese tourists, an increase of 29% on the previous year

  • Expo 2020 Dubai will be one of the largest global events in the history of the Middle East and will welcome 25 million visitors

  • 13 Chinese cities - Beijing, Chengdu, Chongqing, Guangzhou, Kunming, Shanghai, Shenzhen, Urumqi, Wuhan, Yinchuan and Zhengzhou, as well as Hong Kong and Taipei - are connected to Dubai with over 100 weekly flights

  • Emirates has 39 weekly flights to mainland China, serving Beijing, Guangzhou, Shanghai, Yichuan and Zhengzhou, as well as 28 to Hong Kong and seven to Taiwan. In 2015, it carried 1.3m passengers between Dubai and China, connecting them to 150+ destinations, including 70+ in Africa, Europe and the Middle East

  • Jumeirah’s Himalayas Hotel Shanghai opened in 2011. It has eight more properties in the pipeline – in Sanya, Guangzhou, Haikou, Hangzhou, Macau, Nanjing, Qiandaohu and Wuhan

  • Dubai’s Department of Tourism and Commerce Marketing (DTCM) has four offices in China  - Beijing, Shanghai, Guangzhou and Chengdu

  • Dubai International Financial Centre (DIFC) is home to China’s four biggest banks – the Industrial and Commercial Bank of China, Bank of China, China Construction Bank and the Agricultural Bank of China

  • DP World signed an agreement in 2016 to invest $1.9bn in ports at Tianjin and Quanzhou and also has interests in Hong Kong, Qingdao and Yantai

  • Jebel Ali Free Zone (Jafza) is home to over 250 Chinese companies, including China National Petroleum Corporation, China National Building Material Group, Baosteel, SAIC Corporation and Haier. China is its No 1 trading partner, with 2015 trade valued at $12.6bn

  • Dubai Multi Commodities Centre (DMCC) hosts more than 150 Chinese companies, including China State Construction Engineering Corporation, Hisense, Sinopec and China Harbour Engineering Company

  • Dragon Mart, the world’s largest Chinese trading hub outside China, welcomes 120,000 visitors every day and of its 5000 shops, more than 1700 are run by Chinese retailers

About Falcon and Associates 
Falcon and Associates FZ-LLC is an independent strategic advisory and implementation company that was established to deepen the understanding and appreciation of the vision of Dubai both nationally and internationally. Falcon delivers initiatives to help with the long-term strategic positioning of Dubai as part of the UAE, by partnering with businesses and government departments to deliver specific social, economic and trade-related goals. www.falconandassociates.ae 

About Invest Shanghai
Invest Shanghai is a governmental agency providing various public investment services including consultation, liaison and visiting. With the major function of two-way investment promotion, Invest Shanghai is dedicated to facilitate foreign investment in Shanghai as well as helping Shanghai enterprises with their overseas investment. By promoting the two-way investment, Invest Shanghai expands employment to a large extent both home and abroad and has set up a number of overseas offices in the US, Japan, UK, Germany, Sweden. Nowadays, Invest Shanghai is regarded as a platform for foreign enterprises to invest in Shanghai, a bridge for Shanghai companies to go global and a strong employment promoter.

About Shanghai Municipal Commission of Commerce (SMCC)
The Shanghai Municipal Commission of Commerce is a department under the Shanghai municipal government. Primary responsibilities include implementing laws, rules, regulations, guidelines and policies regarding domestic and international trade, as well as international economic cooperation.

About Dubai Investment Development Agency (Dubai FDI)
The Dubai FDI, an agency of the Department of Economic Development (DED), works to promote investment opportunities in Dubai and support international investors to establish a presence here while taking advantage of Dubai's strategic location to access the MENASA region.  The agency guides, advises and provides practical help on all aspects of business decisions and management, from determining the best legal structures to identifying investment opportunities and introducing a vast network of government and private sector contacts. From planning to implementation and beyond, Dubai FDI has the expertise, resources and knowledge to ensure a smooth journey to commercial success.

About Expo 2020 Dubai
Our world is being reshaped by the power of connections – more are being made, more quickly than ever before. Globalisation, urbanisation, and above all the transformative impact of technology are the cause of profound changes. They also open up huge opportunities. We believe progress happens when people and ideas come together in new ways. Expo 2020 Dubai will host 200 countries, companies and NGOs, and a global audience of 25 million visitors for a celebration of human ingenuity. We will provide a platform for global collaboration. We want to spur innovation and showcase invention, in the fields of Opportunity, Mobility and Sustainability, by hosting dialogue and debate, by supporting research and development, and by nurturing disruptive thinking that encourages people to wonder what their futures could hold.

About the Dubai Chamber of Commerce & Industry 
A non-profit public organisation whose mission is to represent, support and protect the interests of the business community in the emirate, Dubai Chamber serves over 195,000 members comprising of over 200 nationalities with a wide range of smart, value-added and innovative services to support the growth of the multinational business community. With a vision to become one of the best chambers in the world, the non-profit organisation has initiated a wide range of initiatives to create a favourable image of Dubai worldwide as a business friendly environment.

About Dubai’s Department of Tourism and Commerce Marketing (DTCM)
With the ultimate vision of positioning Dubai as the world’s most visited city, DTCM is the principal authority for the planning, supervision, development and marketing of Dubai’s tourism sector; marketing and promoting the emirate’s commerce sector. It is also responsible for the licensing and classification of all tourism services, including hotels, tour operators and travel agents. Brands within the DTCM portfolio include Dubai Corporation for Tourism and Commerce Marketing, Dubai Festivals and Retail Establishment, Dubai Convention and Events Bureau and Dubai Calendar. DTCM operates 20 offices worldwide, including four offices in China - Beijing, Shanghai, Guangzhou and Chengdu.

About Dubai International Financial Centre (DIFC)
DIFC is the financial hub for the Middle East, Africa and South Asia, providing a world-class platform connecting the region’s markets with the economies of Europe, Asia and the Americas. The centre’s ecosystem includes an independent regulator and judicial system, a global financial exchange, inspiring architecture, powerful, enabling support services and a vibrant business community. The infrastructure within the district features ultra-modern office space, retail outlets, cafes and restaurants, art galleries, residential apartments, public green areas and hotels. Currently, 1539 active registered companies operate from the centre, with a combined workforce of 21,076 professionals.

About Dubai Multi Commodities Centre (DMCC)
DMCC is the authority on trade, enterprise and commodities in Dubai - home to the world’s leading businesses of today and tomorrow. It facilitates trade through its free zone, the UAE’s largest and fastest, growing with over 12,700 member companies, commodity exchanges like the Dubai Gold & Commodity Exchange (DGCX), legal and regulatory frameworks and its real estate offering. DMCC is also developing the ‘Burj2020 District’ as part of its DMCC free zone expansion strategy to provide businesses with a commercial property offering unique to the Dubai marketplace.

About Jebel Ali Free Zone (Jafza)
Jafza is one of the world’s leading free trade zones.  A DP World-owned company, the free zone was created in 1985 to promote trade and support container throughput at the Jebel Ali Port. Today, it is one of the largest free zones globally and the region’s most efficient logistics hub. Located in Dubai between the world’s most productive container terminal, Jebel Ali Port, and Al Maktoum International Airport, Jafza provides the best multi-modal connectivity. Jafza accounts for almost 32% of total FDI flow ‎into the country. The free zone contributes 21% of Dubai’s GDP and it sustains more than 144,000 jobs.

About Jumeirah Group
Jumeirah Group, the global luxury hotel company and a member of Dubai Holding, operates a world-class portfolio of hotels and resorts including the flagship Burj Al Arab Jumeirah. Jumeirah Hotels & Resorts manages properties in Dubai and Abu Dhabi, UAE and Kuwait in the Middle East; Baku, Bodrum, Frankfurt, Istanbul, London and Mallorca (Spain) in Europe; and the Maldives and Shanghai in Asia. Jumeirah Group also runs the luxury serviced residences brand Jumeirah LivingTM, the new contemporary lifestyle hotel brand VenuTM, the wellness brand TaliseTM, Jumeirah Restaurant Group DubaiTM, Wild Wadi WaterparkTM, The Emirates Academy of Hospitality ManagementTM and SiriusTM, its global loyalty programme. Future openings include luxury and lifestyle hotels in China.

About Dubai Duty Free
DDF opened for business in 1983 and, over the past three decades, has grown to become one of the leading airport retailers in the world with a turnover of $1.888bn in 2015. Employing almost 6000 people, the operation has consistently raised the benchmark for airport retailing and it continues to grow. Its founding principle of providing travellers with a first class retail experience in a shopper-friendly environment and a diverse range of products still holds true to this day. DDF currently operates some 34,000sqm of retail space at Dubai International Airport and 2500sqm in Al Maktoum International in Dubai South.

About Dubai International Financial Centre Courts (DIFC Courts)
DIFC Courts administer a unique English-language common law system – offering swift, independent justice to settle local and international commercial or civil disputes. The Courts, based in Dubai, provide certainty through transparent, enforceable judgments from internationally-recognised judges, who adhere to the highest global legal standards. The DIFC Courts are independent from, but complementary to, the UAE’s Arabic-language civil law system – offering a choice that strengthens both processes while ensuring public access to world-class justice.

About Dubai’s Knowledge and Human Development Authority (KHDA)
KHDA is responsible for the future growth, direction and quality of education and learning in Dubai. It aims to support the people of Dubai in achieving their potential from birth and through life’s journey, as it works toward achieving the goals set out in the Dubai National Agenda.

About Emirates
Based in Dubai, Emirates’ global network serves 154 destinations in 82 countries and territories across six continents. Emirates operates one of the world’s youngest modern wide-body fleets and operates the world’s largest fleets of A380s and Boeing 777s. Recently, Emirates was named the World’s Best Airline 2016 by SKYTRAX World Airline Awards 2016. It is the fourth time Emirates has won the top accolade since the awards were introduced 15 years ago. Emirates also won the World’s Best Inflight Entertainment for a record of 12th consecutive year.

© Press Release 2016