UAE capital looking to increase inward investment to meet its Vision 2030 goals
The Abu Dhabi Investment Office and the Chinese Business Council have signed a memorandum of understanding (MoU) to develop strategic economic sectors including financial services, industry and manufacturing, tourism, renewable energy, and ICT and communications between the two countries.
The MoU forms part of the Abu Dhabi Investment Office’s remit to encourage increased investment in the UAE capital to help realise the Abu Dhabi Vision 2030 goals, which provides for enhanced diversification across a range of sectors within a knowledge-based economy.
The meeting was attended by H.E. Saif Mohamed Al Hajeri, Chairman of Abu Dhabi Department of Economic Development.
Commenting on the agreement, Mr Khalifa Bin Salem Al Mansouri, Undersecretary of the Department of Economic Development, said: “The signing of this MoU indications the strength of business and trade relations between the UAE and China. Through ambitious joint projects run by public-private sector partnerships and attracting foreign investment, Abu Dhabi is charting a course towards greater economic diversification, liberalisation, sustainability, an enhanced non-oil export capacity.”
Mr Ahmed Bin Ghannam, CEO of Abu Dhabi Investment Office, added, “Abu Dhabi Investment Office is delighted to sign this Office of the Chinese Business Council, which signifies both the strength of Abu Dhabi’s economic links with China’s business sector and our commitment to working with strategic partners to maximise synergies for successful investment through bilateral cooperation for ease of business and the growth of trade between our two countries.”
The MOU was signed as Chinese President Xi Jinping finished his three-day state visit to the UAE. The two countries issued a joint declaration on the final day of the visit, agreeing to establish a comprehensive strategic partnership.
A raft of bilateral trade and other agreements are being put into place, adding to the annual $50bn in bilateral trade that is expected to reach $80bn in the next two years.