Mubadala, Man City chief Khaldoon Khalifa Al Mubarak is given new role as UAE-China trade exceeds $53bn in 2017
UAE President Sheikh Khalifa bin Zayed Al Nahyan has issued a decree appointing Khaldoon Khalifa Al Mubarak as his Special Envoy to China, state news agency WAM reported on Thursday.
The appointment follows the first visit by President of China, Xi Jinping, to the UAE in July as trade between the two countries continues to grow.
Al Mubarak, born in Abu Dhabi and educated in the United States, is the CEO and managing director of Mubadala Development Company.
He sits on a number of boards, including First Gulf Bank, Aldar Properties and Ferrari and is also a member of the Executive Council for Abu Dhabi.
Al Mubarak became the chairman of Manchester City Football Club, when the club was bought by the Abu Dhabi United Group in September 2008.
The UAE said in July it agreed to set up a "comprehensive strategic partnership" with China, and agreed to "enhance cooperation in all fields to higher levels and forge overall strategic partnerships”.
The UAE is home to approximately 200,000 Chinese citizens and 4,000 trading companies.
The value of trade between the UAE and China in 2017 grew to $53.3 billion, compared to $46.3 billion in the previous year, an increase of 15.1 percent.
The UAE’s foreign trade with China made up 14.7 percent of the its total foreign trade in 2017, according to statistics issued by the Ministry of Economy.
Ethylene polymer products topped the non-oil exports, with a value of $1.09 billion, while cars topped re-exports, with the value of $1.143 billion.