UAE set to ink economic deals with China

ECONOMIC TIES: Sheikh Mohammed on Monday begins a state visit to China to boost economic and political cooperation. (Getty Images)

The UAE is set to ink several agreements with China on economic and political cooperation this week when the ruler of Dubai meets with Chinese leaders during a state visit to the People’s Republic.

Sheikh Mohammed bin Rashid Al-Maktoum, also vice president prime minister of the UAE, will hold talks with Chinese President Hu Jintao and Prime Minister Wen Jiabao to discuss "issues of mutual concern", UAE daily Gulf News said, citing a senior official.

Sheikh Mohammed's arrival in Beijing on Monday will be the first visit by a UAE leader since 1990.

He will be accompanied by a 50-strong business delegation as the UAE looks to forge stronger economic ties with the world's fastest growing economy.

The size of the delegation reflects the "economic importance of the visit", the official told the newspaper.

"Cementing ties with China is in the best interests of the UAE, which can become an important centre to re-export Chinese products to the region," the official said.

"This is why China will always be an important economic partner to the UAE."

China was the emirate's second biggest trading partner in 2007 for the third year running, with non-oil trade increasing by 47% to reach 71.2 billion UAE dirhams ($19.4 billion), according to state-owned conglomerate Dubai World.

Dubai World said China was the biggest importer of goods into Dubai last year, worth 69.9 billion dirhams, while it was the emirate's 12th biggest export destination, worth 661.2 million dirhams.

Dubai World said non-oil trade between the two commercial hubs has been steadily increasing over the past five years.

Trade grew by 37.5% in 2004, 30.7% in 2005 and 35.2% in 2006, it said.

Dubai, China trade surges 47%
Trade between two commercial hubs hits $19.4bn, with China the emirate's second biggest trading partner.

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