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Dubai: UAE companies with business interests in China hailed as timely the visit to Beijing by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.
Top executives said China is an important global economic power and developing closer relations with it is in the UAE's long-term interests.
Jamal Majid Bin Thaniah, vice-chairman of DP World, and Group CEO of Port and Free Zone World, said both China and the UAE have seen tremendous growth in the last 10 years in the trade, maritime and transportation sectors.
"China is crucial in the changed dynamics of global trade that has seen a huge increase in the flow of manufactured goods from the East to the West. Today every big European and US company has manufacturing in China. The UAE plays an important role in East-West trade so developing relations with China is important," Bin Thaniah said.
"As a strong economy in the Middle East, the UAE will play a bigger role in the distribution of cargo from East Asia. I think this visit is taking place at the right time and it will bring immense political and economic value to UAE-China relations," he said.
DP World manages marine terminals in Hong Kong and mainland China and has several projects under development.
RAK Ceramics, which has a factory at Gaoyao City in the Guangdong Province, hopes Shaikh Mohammad's visit will generate more interest in Ras Al Khaimah.
"The relationship with China is already good and His Highness is going there to improve it. We have a factory in China and we are doing well. We hope many Chinese investors will come to invest in Ras Al Khaimah," chief executive officer Khater Massad said.
China's competitive cost advantage is also encouraging UAE companies to look at the country as a manufacturing base.
"Shaikh Mohammad's visit will help in developing long-term collaboration between UAE and Chinese companies," said Feroz Merchant, chairman of Pure Gold, whose company will start a jwellery factory in June with a Chinese partner.
Several leading UAE companies are investing in the Chinese market. Government-owned fund Istithmar World has set up an office in Shanghai to look for assets, while hotel management group Jumeirah is opening a luxury hotel in Shanghai later this year.
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