Abu Dhabi and China sign cooperation agreement

16/09/2011 - Dubai Investment News Posted by Bob Brunskill
Abu Dhabi and China sign cooperation agreement

New figures have shed light on the increasingly prosperous business relationship between Abu Dhabi and China.Abu Dhabi's Department of Economic Development (DED) confirmed that the volume of non-oil trade between the countries during the first half of 2011 amounted to Dh2.16 billion, a rise of 64.24 per cent from the corresponding period a year earlier.Nasser Ahmad Al Suwaidi, chairman of the DED, signed an agreement which promotes cooperation in the economic, social, financial and infrastructure sectors."The United Arab Emirates, and the Emirate of Abu Dhabi in particular, attach great importance to developing and strengthening economic and investment ties with China, as the UAE is the second largest trading partner of China in the Gulf region," Al Suwaidi said.According to recent estimates, more than 3,000 Chinese companies are operating in the UAE, working across sectors such as real estate, construction and trade.This business relationship is likely to expand, of course, in light of the new agreement.