UAE-China Relations Important For Real Estate Growth
While the US and China are stuck in a trade dispute, the real estate sector is set to create a surge in growth. AMEInfo reported that improving China-UAE relations are the reason behind this occasion, with tourism, trade, and investments set to increase with the influx of Chinese nationals into the country.
The two countries have always had strong cultural and trade ties in the past decades. What drove the deals home was the issuance of a visa on arrival policy for Chinese visitors checking into the country. This was also underpinned by 35 years of diplomatic relations between the two nations. It has evolved into a strong catalyst for the country's real estate sector.
According to reports from the tourism authorities of both countries, more than 1.1 million Chinese tourists have entered the UAE in 2018. Their numbers have continued to rise, with over 150 commercial flights connecting various cities per week in China.
The interest in the UAE has been an after-effect of Chinese president Xi Jinping's dealings with the country, particularly under the Belt & Road Initiative. The interest in the country has also led to the rise of Chinese expatriate residents living in the UAE, which is currently at 200,000.
The Crown Prince Mohamed bin Zayed Al Nahyan of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces, visited the People's Republic of China from July 21-23 in a bid to improve the relationship of the two nations, according to The Khaleej Times.
The visit was to secure investments from China to use for the nation's various projects. The crown prince and Chinese president Xi Jinping both agreed that the nations will be working towards increased bilateral trade, with the volume of goods from both countries to reach $200 billion by 2030. The value of investments from both parties represents a three-fold increase.
The Chinese president and Sheikh Mohamed also came into the agreements by signing no less than 16 agreements and Memorandums of Understanding (MoUs). These are focused on creating strengthened cooperation in a number of areas, from investment, economy, technology, and trade, as well as an environment-friendly policy and food security.
China's policies of strengthening ties with friendly nations are aimed toward easing the effects of the US-China trade dispute. The UAE, on the other hand, is working towards creating more growth for the Middle-Eastern nation. Creating a sustained success story, as well as long-term growth, should be the focus for the UAE's actions.