UAE and China Qingdao Overseas Integrated launch service centre to boost trade
This service centre, established by the SepcoIII Electric Power Construction and Hisense Group, aims to serve as a new bridge for China-Arab economic and trade cooperation. By leveraging the long-standing presence and influence of these two companies in the UAE and other Middle Eastern countries, the centre seeks to better support the overseas development of enterprises. Trade between China and Arab countries has history back over 2,000 years, and China has been an important trading destination for the Arab world since the Islamic caliphate, and later through the Silk Route that connected China with the Arab world, said a statement.
Saudi Arabia and China are said to be crucial trading partners, with a combined bilateral trade volume of $107.53bn in 2024. In contrast, trade between China and the UAE reached $101.838bn, a 7.2% increase year-on-year. Despite global economic fluctuations, these figures demonstrate the resilience of trade. Experts believe that China's engagement with Arab states is a strategic move to diversify partnerships and reduce reliance on any single power, particularly the United States.
Chinese companies are increasingly involved in various sectors of Arab countries, including energy, infrastructure, manufacturing, and new energy. They are actively participating in infrastructure projects such as ports and industrial zones, contributing to the development of trade hubs in the region. Notably, the launch of the QOISC coincides with an increase in two-way trade between China and Arab countries, surpassing $400bn in 2024, as reported by the London-based International Finance magazine.
This growth represents an increase from $36.7bn in 2004. According to the UAE Ministry of Economy, over 15,500 Chinese companies have invested more than $6bn in the UAE. The QOISC, organised by the Qingdao Municipal People's Government and China India Middle East and North Africa (Chimena) Business Council, was co-hosted by the Ministry of Commerce of the People's Republic of China and the Shandong Provincial Department of Commerce.
Abdulla Albasha Alnoaimi, UAE Commercial Attaché to China and Zeng Zanrong, Secretary of the Qingdao Municipal Party Committee of the Chinese Communist Party, unveiled the QOISC at the Forum. Held under the theme 'Innovation-Driven, Mutually Beneficial: Promoting China-Arab Economic and Trade Cooperation to New Heights', the China-Arab Business Forum drew 465 multinational companies, including 135 Fortune Global 500 companies and 330 industry-leading enterprises from 43 countries across the globe.
Mohammed Saqib, Secretary General of Chimena Business Council said, 'The launch of the service centre is a significant move that will play a significant role in accelerating the $400bn trade between the two growing economic blocks. The QOISC combines the strength of the public and private sector to push for greater economic co-operation that will bring not only the businesses, but also the peoples of these regions closer through trade, tourism and cultural cooperation. It will actively engage in activities such as overseas industrial parks, international exhibitions, and procurement resource matching, linking business opportunities, optimising resources, and fostering coordinated development. This will further contribute to deepening trade and investment partnerships and to jointly building the Belt and Road Initiative.'
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