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Sun 30 Oct 2016 12:09 PM

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11 new agreements signed at Dubai Week in China

Dubai Chamber to open office in Shanghai, Dubai Duty Free to offer discount

11 new agreements signed at Dubai Week in China

The UAE and China strengthened their ties with a total of 11 agreements signed between
leading entities during Dubai Week in Shanghai.

The ties between the Shanghai and Dubai were strengthened further with the Dubai Chamber of Commerce and Industry, a non-profit public entity with 2,829 Chinese firms among its membership, announced plans to open a Shanghai office ahead of Expo 2020 event.

“With its world-class logistics infrastructure, Dubai is an ideal hub for Chinese companies looking to expand their global footprint,” said Hisham Al Shirawi, Vice Chairman, Dubai Chamber.

“There is incredible investment and trade potential in key growth sectors yet to be explored. We are confident our first representative office in China will help take bilateral relations to the next level.”

With 250 Chinese companies based at Jebel Ali Free Zone (Jafza) and 150 at Dubai Multi Commodities Centre (DMCC), free zones is an area of growing collaboration.

Jafza signed a memorandum of understanding (MoU) with China Chamber of International Commerce to increase investment co-operation, while DMCC entered three new partnerships.

 

Dubai Gold and Commodities Exchange obtained a license from Shanghai Gold Exchange to list Shanghai Gold Futures and signed an agreement with Agricultural Bank of China for it to become the first market maker. It also signed an agreement with Mega Capital for export of up to 130,000 tonnes of coffee beans from Yunnan State Farms Group to Dubai.

DIFC Courts and Shanghai High People’s Court signed an agreement to bring certainty to businesses by enabling them to trade securely, while  Dubai Duty Free (DDF) signed a MoU with Ctrip, the No.1 Chinese online travel agency, to provide its 141 million members an attractive discount from January 1 to June 30, 2017. Besides, it also signed a MoU with UnionPay International.