Dubai Chambers and Bank of China—Dubai Branch have signed a Memorandum of Understanding (MoU) to strengthen economic cooperation and facilitate trade and investment between the two nations.

The partnership comes as Dubai and China celebrate the 40th anniversary of diplomatic relations, a period marked by significant growth in economic exchanges. Dubai has emerged as a strategic hub for Chinese businesses looking to expand their reach in the Middle East and beyond. The agreement establishes a framework to enhance collaboration between Dubai Chambers and the Bank of China, promoting the exchange of knowledge and services to achieve shared goals.

The agreement also aims to provide mutual support for investors, entrepreneurs, and businesses in Dubai and China, fostering the growth of bilateral trade and investment while strengthening economic ties. This announcement comes ahead of the Dubai Business Forum—China, scheduled for August 21 in Beijing. The event will showcase Dubai’s investment potential across various sectors to a Chinese audience.

In 2023, bilateral trade between China and the UAE totaled approximately $95 billion. As they deepen economic relations, both nations aim to boost this figure to $200 billion by 2030. By joining forces, Dubai Chambers and the Bank of China seek to position Dubai as an even more attractive destination for Chinese investment and trade.

Now accepting applications for Fast Company Middle East’s Most Innovative Companies. Click here to apply.