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FINANCIAL NEWS
China to become Dubai’s largest trading partner in 2014
18 Dec 2014
(MENAFN) According to a new study by Invest Dubai, Falcon and Associates, China is set to overtake India to become Dubai’s largest trading partner for 2014, Emirates 24/7 reported.
The study indicated that China which was Dubai’s second largest trading partner in 2013 with USD9.52 billion in trades, following India which topped the list with USD10.07 billion and beating the US, which came in third, is now reading to beat India after registering USD21.79 billion in trades during the January-June period of this year.
These figures registered by China were followed by India at USD14.42 billion and the US at USD11.16 billion, with Dubai’s total foreign trade hitting USD178 billion during the first half of this year.
In addition to the increase in bilateral trade, Chinese investments are also registering an increase in construction, wholesale trade and retail, with more than 3,000 Chinese companies registered in Dubai, up from just 18 in 2005.
“Since 2011, emerging Asia has continued on trend, especially China, despite the emerging markets slowdown. And while oil continues to be a major trade driver, we are seeing greater commercial diversity, from China-built malls and markets in the Gulf, to Gulf investments in Asian mobile telecoms, real estate and financial services,” the study was quoted as saying.
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