China 'vital partner' for Abu Dhabi

China remains a vital partner in the economic development strategy of Abu Dhabi, United Arab Emirates, especially in key areas like trade, technology and energy, a senior executive at the emirate's investment facilitator said.

"China remains a key player in the global economy, and its economic trajectory is of significant interest to Abu Dhabi," Massimo Falcioni, chief competitiveness officer at the Abu Dhabi Investment Office (ADIO), told China Daily during a recent interview.

Falcioni underscored China's ability to weather macroeconomic challenges while continuing to demonstrate resilience and ambition for growth.

He said: "Abu Dhabi likely views China's focus on transitioning to a more consumption-driven economy, technological innovation, and green energy as positive indicators for sustainable growth.

"China's emphasis on sectors like artificial intelligence, renewable energy, and advanced manufacturing aligns with Abu Dhabi's economic diversification priorities. This alignment offers opportunities for collaboration and mutual growth, especially in areas like clean energy and digital transformation.

"Our mission at ADIO is to enable the development and transformation of the Abu Dhabi economy by attracting innovative companies in future-focused sectors, and China boasts a wealth of such players."

Viewing China as a valued trade partner, he emphasized that China is making significant contributions to the global innovation ecosystem. "Through our ADIO's office in Beijing, we remain keen to continue partnering with investors in China toward advancing industries of the future."

The relationship between China and the UAE has shown robust strength in recent years. China has been the UAE's largest trading partner for years, with non-oil trade between the two countries reaching some $81 billion in 2023, marking a 4.2 percent increase from the previous year.

"China and UAE have a thriving trade relationship, with bilateral trade set to touch $200 billion by 2030," Falcioni said. "In Abu Dhabi, we see significant opportunities to drive greater cooperation in smart and autonomous vehicle development, financial services, logistics and renewable energy sectors."

Falcioni said ADIO actively supports Chinese investors by offering an environment conducive to growth, characterized by Abu Dhabi's world-class infrastructure, and provides a favorable regulatory framework and access to opportunities for strategic partnerships.

"As the UAE and China celebrate 40 years of diplomatic relations, we are focused on enhancing bilateral trade, exploring new strategic agreements, and reducing barriers to investment to strengthen our union further," he said.

Falcioni said Abu Dhabi will continue to cooperate with Chinese partners in key sectors. "The key industries driving China's economic transformation are closely aligned with Abu Dhabi's strategic priorities, and also reflect global trends in industrial and economic growth."

Falcioni said that China's focus on economic transformation, particularly through technological innovation and industrial upgrading in sectors like artificial intelligence, advanced manufacturing, and green industries, is a strategic response to both domestic challenges and global economic shifts. "This transformation is crucial for sustaining long-term growth and enhancing China's global competitiveness.

"We believe in creating ecosystems where innovation thrives, and in supporting initiatives that foster long-term, mutually beneficial partnerships. Through our global network, including our office in Beijing, we actively seek to connect with Chinese companies that share our vision for a sustainable, diversified and technologically advanced future," he added.

On the Belt and Road Initiative, he said the BRI presents opportunities for Abu Dhabi to enhance connectivity and investment with China, leveraging on its geographical position as a hub linking Asia, Europe and Africa.

"The BRI has positively impacted Abu Dhabi's economy, particularly by enhancing trade, infrastructure and investment opportunities," Falcioni said.

Looking ahead, Falcioni said the office sees significant potential for further collaborations with China in sectors such as nuclear energy, financial services, renewable energy, and technology and innovation, which should inspire optimism for the future economic prospects of both sides.