Dubai: Senior officials from the Emirate of Dubai have expressed interest in stepping up business and investment ties with China. Officials from Dubai Chamber of Digital Economy and the Dubai Future District Fund shared their commitment to strengthening economic cooperation at Expand North Star, part of the Gulf Information Technology Exhibition (GITEX GLOBAL), held at the Dubai World Trade Centre.
According to Namibia Press Agency, GITEX GLOBAL, which took place from October 13-17, is one of the world’s largest tech, AI, and startup shows. Nader AlBastaki, Director of the Dubai Future District Fund (DFDF), emphasized the potential for increased collaboration between Dubai and Chinese counterparts. He expressed a desire for more Chinese companies to expand in the UAE and for Dubai-based entities to enter the Chinese market.
The DFDF, anchored by the Dubai International Financial Center and the Dubai Future Foundation, invests in promising ventures to bolster venture capital in the region. Its current fund size stands at 1 billion AED (272.3 million U.S. dollars), focusing on early-stage companies and sector-specific funds that align with the Dubai Economic Agenda (D33) strategy. This 10-year plan aims to double Dubai’s GDP and promote sustainable growth through various transformational projects.
Saeed Al Gergawi, Vice President of the Dubai Chamber of Digital Economy, highlighted China’s role as one of Dubai’s largest trading partners, emphasizing the expanding collaboration and trade between the regions. Dubai Chambers operates offices in Shenzhen, Shanghai, and Hong Kong to facilitate these partnerships. Chinese companies are increasingly using Dubai as a gateway to other markets, including Africa, the Middle East, Central Asia, and the Indian subcontinent.
Dubai Chambers, which includes the Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy, aims to empower the local business community and accelerate the growth of the digital economy. Al Gergawi stressed the importance of supporting digital economy initiatives, AI, and fintech, bridging the private and public sectors, and using Dubai as a launch pad for global market expansion.