UAE solidifies its position as a major global economic force

The United Arab Emirates has emerged as a key player in regional and global development, driven by its visionary leadership, strategic location, and favourable business climate.

This established the country as an influential economic force, particularly in supporting major global initiatives such as China's Belt and Road Initiative (BRI), launched by President Xi Jinping in 2013.

As a regional economic powerhouse, the UAE continues to make significant contributions to the initiative, with 65 participating countries representing 30 percent of the global gross domestic product (GDP).

The country has invested US$10 billion in the UAE-China Joint Investment Cooperation Fund to support BRI projects in East Africa and signed 13 memorandums of understanding (MoUs) with China in 2018 to invest in multiple areas within the UAE.

Data for the first half of 2023 showed that the value of the UAE's non-oil trade with the countries within the BRI reached US$305 billion, which contributed 90 percent of the UAE's non-oil trade during that period and achieved a growth of more than 13 percent compared to the first half of 2022.

Around 88 percent of the UAE's imports from countries participating in the BRI represent 94 percent of the UAE's non-oil exports to these countries, and 92 percent of re-exports go to these countries.

The Belt and Road Initiative, a massive infrastructure and investment project, aims to connect Asia, Europe, and Africa through land and maritime routes. The UAE, with its strategic location, has become a critical point in the success of the initiative.

The ninth edition of the summit comes as the UAE and China celebrate 40 years of diplomatic relations in 1984, with China being the UAE's number one trading partner in the world.

Recent data released by the Chinese Ministry of Foreign Affairs showed that during the first half of 2024, the volume of trade exchange between the two countries reached US$50.108 billion, including US$18.66 billion in UAE exports and US$31.448 billion in imports from China.

As an influential economic powerhouse in the region, the UAE continues to make valuable contributions to various global initiatives, contributing to a more interconnected and prosperous world.