Trade between UAE and China surged to $102 billion in 2024

Gulf Today

21-04-2025

His Highness Sheikh Mansour Bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, attended the first meeting of the UAE-China Investment Cooperation Committee, which was held virtually on Monday, in the presence of several senior officials from both countries.
Addressing the meeting, Sheikh Mansour conveyed the greetings of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, to President of the People's Republic of China, Xi Jinping, along with his best wishes for continued prosperity and growth in bilateral relations.
He also extended congratulations to the Chinese side on the occasion of the Chinese New Year.
Sheikh Mansour emphasised that the meeting marks a significant milestone within the strategic comprehensive relations between the UAE and China, rooted in fruitful cooperation across sectors such as economy, investment, energy, and technology.
Sheikh Mansour highlighted that 2024 marked a significant year as the two countries celebrated 40 years of diplomatic relations.
He indicated that bilateral trade between the UAE and China surged to $102 billion in 2024, up 7% on the previous year, reflecting the accelerating growth of their economic ties.
He also praised China's continued commitment to strengthening its economic partnership with the UAE.
The meeting saw the announcement of the renewal of the UAE-China Joint Investment Fund, originally launched in 2012. The fund has played a vital role in supporting impactful investment projects across several key sectors and will continue to serve as a mechanism for advancing joint strategic initiatives.
Additionally, several new agreements and memoranda of understanding were signed, covering cooperation in energy, advanced industry, digital economy, and emerging technologies.
The General Secretariat of the UAE-China Investment Cooperation Committee presented a comprehensive update on progress made by both sides. The session included presentations from committee members and representatives of relevant institutions, reviewing developments across vital investment and cooperation sectors.
In closing, Sheikh Mansour reiterated the UAE's commitment to deepening its strategic partnership with China, supporting the ''Belt and Road'' Initiative, and to working to raise bilateral trade volume to $200 billion by 2030, with a strong emphasis on collaboration in the energy sector to ensure energy security and sustainability.
The meeting was attended by Mohamed Hassan Al Suwaidi, Minister of Investment; Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology; Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Khaldoon Khalifa Al Mubarak, Chairman of the Executive Affairs Authority, and Managing Director and Group Chief Executive Officer of Mubadala, and several officials.
The Chinese delegation included Zhao Chenxin, Vice Chairman, National Development and Reform Commission; Liu Bin, Assistant Minister, Ministry of Foreign Affairs; Xuan Changneng, Deputy Governor of the People's Bank of China; Li Ming, Vice Chairman of China Securities Regulatory Commission; Zhang Qingsong, Chairman and CEO of China Investment Corporation; Tan Jiong, President of China Development Bank, and other high-ranking officials.
Meanwhile, G42, the UAE-based global technology group, released a report in collaboration with Semafor titled 'What AI Experts Want from Their Employers.' The study sheds light on what motivates the world's most sought-after AI professionals and what employers must offer to attract and retain them in an increasingly competitive global talent market.
Drawing on insights from 750 AI specialists across leading talent hubs, the report explores critical decision-making drivers, including job satisfaction, career advancement, compensation, and the growing importance of flexible work environments and advanced AI infrastructure.
The findings, part of which are highlighted below, can inform workforce development policies and shape recruitment strategies for organisations worldwide looking to attract top AI talent.
Key Findings from the Report Include: • What They Value Most: Compensation (68% important vs. 43% satisfied), job security (70% vs. 48%), and work-life balance (67% vs. 48%) were top concerns. Key offer drivers include salary/bonuses, access to advanced AI projects, and comprehensive benefits packages.
Skills That Stand Out: Deep learning, data engineering, and programming lead across experience levels. Senior professionals emphasise machine learning specialisation, while implementation experts value cybersecurity and intellectual curiosity.
Different Roles, Different Priorities: Research-focused AI professionals seek autonomy and global exposure; implementation specialists are drawn to competitive salaries, rapid career growth, and a commitment to ethical AI.
Hierarchy and Hybrid Work: 70% of associate-level respondents prioritize hybrid work models compared to 53% of team leaders.
Experience Matters: Senior professionals are drawn to leadership roles, sustainability-focused projects, and long-term impact. Junior talent seeks flexibility, hands-on learning, and fast-tracked career progression.
WAM