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China and UAE Discuss Bilateral Relationship

by Mary Swire, Tax-News.com, Hong Kong

11 November 2008


President of the United Arab Emirates Sheikh Khalifa bin Zayed Al Nahayan hosted Chinese diplomat Liang Guanglie in Abu Dhabi this Sunday to discuss bilateral ties.

Liang Guanglie arrived in Abu Dhabi on Saturday as part of a regional tour of the UAE which will include visits to Bahrain, Oman, and Qatar.

Sheikh Khalifa hailed the economic and technological development China has achieved and hoped the UAE and China will work together to cope with the global financial crisis following rapid progress in bilateral cooperation between the countries in recent years.

Many UAE investment companies have also developed relationships with Chinese companies, with Abu Dhabi Investment House (ADIH) set to form a joint venture with a top Chinese construction firm in a deal worth USD6bn.

Trade between the two countries has increased rapidly over the last few years. China was the largest exporter to the UAE last year, when exports amounted to USD17bn.

Total bilateral trade amounted to AED74.9bn (USD20.4bn) last year, an increase of 41.2% compared to 2006. The UAE is also home to more than 2,000 Chinese companies and 200,000 Chinese nationals.


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