Bilateral relations between the UAE and China on the economic, political and cultural fronts reached new heights as the two countries inked a wide range of agreements with investments running into billions of dollars.
Agreements were signed in key sectors such as space, construction, tourism, healthcare, clean energy, oil and environment during the ongoing three-day visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
The leaders witnessed the signing of 16 memoranda of understanding aimed at developing a comprehensive strategic partnership in different walks of life.
"We share common aspirations, ambition, a vision of investment in human capital and envisage a future of safety, peace and stability worldwide. The UAE and China are moving towards a promising future," Sheikh Mohamed said.
In addition, the UAE-China Economic Forum also began on Monday which saw over 500 people representing public and private sectors in attendance.
Under the agreements signed on Monday, Dubai's Emaar Properties will develop Dh40.5 billion ($11 billion) residential and leisure projects along with Beijing Daxing International Airport over a period of 10 years. Abu Dhabi National Oil Co also signed an agreement with China National Offshore Oil Co for upstream exploration and development, oil refining and LNG trade. Both the companies will share the latest know-how in developing ultra-acidic natural gas fields.
With the UAE and China being top trading partners in the Arab world, Sheikh Mohamed's visit will build on $3.4 billion investment agreements signed in April.
Importantly, the UAE will also be a key partner in China's "One Belt, One Road" initiative due to its strategic location.
Sultan bin Saeed Al Mansouri, UAE's Minister of Economy, said China is the UAE's leading trade partner in terms of non-oil commodities, accounting for 9.7 per cent of its total non-oil trade in 2018, valued at over $43 billion. It is estimated that bilateral trade will reach $70 billion in 2020.
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