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FINANCIAL NEWS
UAE’s trade with China hits USD15.6b in 2011
11 Sep 2012
(MENAFN) Official data showed that the bilateral trade between the UAE and China has grown by 10 percent in 2011, indicating that China is seeking to strengthen its economical relations with the Arab world, Arabian Business reported.
According to the figures from UAE’s Ministry of Foreign Trade, the value of trade between the two countries reached USD15.6 billion last year, almost five-fold from USD3.1 billion in 2002.
The ministry said that China remained the UAE’s second largest trade partner, with main imports being electronic appliances and devices, as well as iron and steel.
China’s main imports from the Gulf state included plastics and their products, copper and its products and iron and iron-based products.
In June, Chinese foreign minister Yang Jiechi said that his country wants to boost trade with Arab nations by 50 percent by 2014, or USD300 billion across the entire Arab world.
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Bank of Bahrain and Kuwait BSC announces the transfer of HSBC Middle East, Bahrain Retail Business to BBK.
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