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Dubai commodities center attracts more Chinese firms

By WANG XIN in Shanghai | China Daily | Updated: 2024-03-12 09:27

A view of the skyline with Burj Khalifa in Dubai, United Arab Emirates. [KAMRAN JEBREILI/AP]

An increasing number of Chinese member companies have settled down at the Dubai Multi Commodities Center, the largest free zone in the United Arab Emirates and of the Government of Dubai Authority on commodities trade and enterprise, according to senior executives.

The center is looking to welcome more Chinese firms seeking global expansion, the executives said during a road show in Shanghai on March 1.

Last year, the DMCC saw 852 Chinese companies registered with the free zone, a growth of 25 percent year-on-year. Among them were major industry players Autel Robotics and Hebei Logistics Group Metal Materials, according to the center.

The latest figures reveal that the DMCC is now home to over 14 percent of the estimated 6,000 Chinese businesses based in the UAE.

"For the past two years, we have maintained a consistent 25 percent growth in Chinese companies joining DMCC. Such strong numbers are a testament to our ability to provide both the bespoke services and quality commercial space demanded by Chinese businesses," said Ahmed Bin Sulayem, executive chairman and CEO of the DMCC.

He said the DMCC is one of the biggest hubs for Chinese businesses in Dubai across various critical sectors, such as services, technology, fintech, manufacturing, gaming, renewable energy and electric vehicles.

Over the past two years, the DMCC has also noticed some new trends in the expansion of Chinese companies.

"During the past two years, more Chinese companies have been looking for growth and expansion beyond just trading. Dubai continues to be the easiest place to start, (and) then to expand into the rest of the region. So, we start to see more Chinese companies looking to Dubai but beyond Dubai," said Hamad Buamim, chairman of the board of directors at the DMCC.

Looking ahead, the DMCC is optimistic about further collaboration opportunities that Dubai presents for Chinese businesses looking to expand through global markets.

"The Belt and Road Initiative is of great interest for us. Dubai is well located in the corridor between the East and the West. We believe that Chinese companies in Dubai will definitely benefit and contribute more to this important initiative. Besides, the UAE has just joined the BRICS. This can open more opportunities for both of our countries to benefit from the economic ties and growing relationship further," Buamim added.

Muhannad Sulaiman Al Naqbi, consul-general of the United Arab Emirates in Shanghai, said at the road show: "The UAE and Shanghai share a deep connection built on a foundation of collaboration and thriving trade ties. The work that the DMCC is doing to further this cause reflects the major opportunities on offer as we work together to boost bilateral trade, and the global trade landscape as a whole."

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