UAE – Mubasher: The UAE and China launched the Qingdao Overseas Integrated Service Centre at the China-Arab Business Forum that was recently held in Qingdao, according to a press release.

Organized by the Qingdao Municipal People’s Government and China India Middle East and North Africa (CHIMENA) Business Council, the forum aimed at boosting the $400 billion trade between China and the Arab world.

Mohammed Saqib, Secretary-General of CHIMENA Business Council, noted: “The QOISC combines the strength of the public and private sector to push for greater economic cooperation that will bring not only the businesses, but also the peoples of these regions closer through trade, tourism and cultural cooperation.”

Commenting leveraging the UAE as a hub, Saqib said: “It will actively engage in activities such as overseas industrial parks, international exhibitions, and procurement resource matching, linking business opportunities, optimizing resources, and fostering coordinated development.”

“This will further contribute to deepening trade and investment partnerships and to jointly building the Belt and Road Initiative,” he added.

The conference witnessed the signing of 40 key projects, with a total value of $5.93 billion, covering industries, such as high-end equipment, new energy and new materials, and next-generation information technology.

The launch comes six months after two-way trade between China and Arab countries recorded a substantial increase, exceeding $400 billion in 2024, as per the London-based International Finance magazine. This represents a more than ten-fold leap from $36.70 billion in 2004. 

More than 15,500 Chinese companies invested over $6 billion in the UAE, according to the UAE Ministry of Economy.