UAE strengthens more ties with China

DUBAI: DP World Group Chairman Sultan Ahmed Bin Sulayem has met with Hong Kong Chief Executive Carrie Lam as the UAE moves to further strengthen its ties with China and the former British colony.
They discussed collaboration in a range of sectors from ports, logistics and customs to education and innovation at a meeting in Hong Kong in mid-September.
The move to develop close ties between the UAE and Hong Kong follows the recent opening of a Dubai Export Office there and the planned Hong Kong Economic and Trade Office in Dubai to attract capital investment.
Firm partnerships also exist through the DP World’s Jebel Ali Freezone in Dubai, which is home to 32 Hong Kong companies and saw trade worth US$339.7 million with Hong Kong in 2016.
The meeting at Government House was also attended by the Consul-General of the UAE to Hong Kong Nabila Abdelaziz Nasir Saeed Alshamsi, Hong Kong Secretary for Transport and Housing Frank Chan Fan, Hong Kong Chief Executive-Elect Office Director, Kong Eric Chan Kwok-ki, and senior company officials.
The development of financial services and
cruise terminal facilities, customs collaboration and OBOR (One Belt, One Road) were also discussed.
Bin Sulayem said: “Hong Kong and Dubai are at the crossroads of world trade and we share a common history as capitals of commerce, where well-developed logistics infrastructure has enabled growth of our economies.
“Asia will continue to play a major role in our global network across 40 countries and we look forward to working with Dubai Exports to grow trade there for the long term. We are partners in this journey, we are on the same ‘Belt and Road.’ DP World and its partners are investing $1.9 billion in China port terminals until 2020 & already have operations alongside Hong Kong in Qingdao, Tianjin & Yantai.”
Asian region remained the top non-oil trade partner for Dubai in the first quarter of 2017. Dubai trade with Hong Kong totaled AED31 billion in 2016.
DP World revenues grew 9.6 percent during the first half of 2017 with adjusted EBIDA margin of 53.4%, delivering profit attributable to owners of the company of US$606 million & EPS of 73.0 US cents.