By Melissa Hancock
Booming business at Jebel Ali has helped establish China as Dubai's top trading partner.
China is top of the list of Dubai's trading partners and last year alone Chinese goods worth US$4.9bn (Dhs18 bn) passed through the Jebel Ali Free Zone (Jafza).
Speaking at the ceremony last Thursday night to mark the opening of Shanghai Baosteel Group Corporation's Middle East headquarters in Jafza, Mrs. Salma Hareb, CEO Jafza and Economic Zones World, observed: "The past decade has seen relations between China and Dubai grow exponentially as a result of the all-round developments we have been witnessing in Dubai and the rest of the UAE."
Shanghai Baosteel Corporation established its offices in Jafza in January 2007. Set up in 1998, Baosteel is a large iron and steel conglomerate, with the former Baoshan Iron and Steel Corporation at its core. Baosteel went on to absorb the former Shanghai Metallurgical Holding Group Corporation and the former Shanghai Meishan Group Co., Ltd.
"It is indeed an honour for Jafza to be home to a Fortune 500 company like Shanghai Baosteel," commented Mrs. Hareb.
Baosteel has a registered capital of US$5.92bn (45.8 billion Yuan), making it one of the most profitable steel enterprises in the world. It possesses 22 wholly owned subsidiaries, 14 holding companies and 24 equity-sharing companies and has an annual production capacity of around 20 million tonnes.