The UAE contributes significantly to the Belt and Road Initiative “BRI”
The UAE plays a pivotal role in regional and international development, driven by visionary leadership, strategic positioning, and a business-friendly environment.
Notably, the UAE actively participates in China’s Belt and Road Initiative (BRI), which aims to connect Asia, Europe, and Africa through land and maritime routes.
As a regional economic powerhouse, the UAE contributes significantly to the BRI.
With 65 participating countries accounting for 30% of global GDP.
The UAE has invested $10 billion in a joint China-UAE fund to support BRI projects in East Africa.
Trade data from the first half of 2023 reveals that the UAE’s non-oil trade with BRI countries reached $305 billion.
This represents 90% of its overall non-oil trade during that period.
UAE and China: 40 Years of Diplomatic Relations
Non-oil trade has grown by over 13% compared to the first half of 2022.
Mentioning that 88% of the UAE’s imports from BRI countries constitute 94% of its non-oil exports to those nations, and 92% of re-exports are directed toward them.
Trade between the two countries reached $50.1 billion in the first half of 2024.
Highlighting that the UAE is China’s top global trading partner, and both nations aim to achieve $200 billion in trade by 2030.
Through over 148 bilateral agreements and memoranda of understanding, the UAE and China have fostered economic cooperation across various sectors.
In 2023, the UAE’s non-oil foreign trade with China amounted to AED 296 billion (approximately $81 billion).
This maintains China’s position as the UAE’s primary non-oil trading partner.
Within Belt and Road Initiative, UAE and China collaborate in Renewable energy and AI.
Given its strategic location, the UAE has become a crucial partner for the success of Belt and Road Initiative.
The UAE’s world-class ports and logistics infrastructure serve as vital hubs along the BRI routes.
As they are facilitating efficient movement of goods and services.
The UAE has actively embraces technology and innovation.
Adding that it is collaborating with China in areas such as renewable energy, artificial intelligence, and digital infrastructure.
The 9th Belt and Road Summit comes in coincide with the celebration of 40 years of diplomatic relations.
Their strong economic partnership continues to drive joint projects.
Moreover, the UAE has invested approximately $11.9 billion in China across various sectors.
Including communications, renewable energy, transportation, tourism, and manufacturing.
In return, Chinese direct investment in the UAE reached $7.7 billion during the same period.
The UAE and Hong Kong
But let’s not forget Hong Kong—a special administrative region of China.
Hong Kong plays a vital role in the Belt and Road Initiative, and its financial and logistical services are crucial for both the UAE and China.
As a gateway for UAE companies to access the Chinese market and other parts of Asia, Hong Kong facilitates trade and finance.
Additionally, both the UAE and Hong Kong are major financial centers.
Collaborating in areas like banking, insurance, and capital markets.
The official visit of His Highness Sheikh Khalid bin Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, to the friendly Republic of India embodies the depth of the solid strategic and historical relations between the two friendly countries. pic.twitter.com/rqS4KM203H
— UAE Voice (@uae_voiceeng) September 9, 2024
In the logistics and transportation sector, Hong Kong’s world-class infrastructure complements the UAE’s strategic position, making it a valuable partner for regional and global trade.
The UAE’s active engagement in the Belt and Road Initiative, supported by its strategic relationships with China and Hong Kong, reflects its commitment to sustainable economic growth and international cooperation.
As an influential economic force in the region, the UAE continues to contribute significantly to global initiatives, building a more interconnected and prosperous world.
