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Dubai: Trade between China and the Middle East has doubled since 2000, to $240 billion, and is estimated to grow by several times that over the next decade.
The UAE estimates that its two-way trade with China will grow seven-fold by 2015, to $100 billion from $14.2 billion in 2006. China continues to be one of the UAE's top trading partners.
A number of UAE companies have presence in China. However, the banking and finance community cites Dubai as one of the place to be - if one has to do business.
Dubai, Shanghai and Mumbai, or goodbye - is one of the sayings that investment bankers like to use these days.
"The reason for it is rather obvious: no one wants to be left out of the so-called new Silk Road," Mauricio Rios, communications associate at Cocpo said in a recent article.
"The countries of Asia have a long history of commerce with the Gulf states. But today's new silk road is linking the two regions through a web of hydrocarbons trade and investment, including an emerging Islamic finance that is quite unprecedented."
Over the past six years, the GCC countries have earned some $2 trillion from oil sales. A good chunk of this money is being spent at home, but an increasingly larger portion of it is fuelling investments across Asia.
DP World has foothold in two Chinese ports, while its other subsidiaries are looking for lands to develop masterplanned communities. Jumeirah, a government-owned hotel operator, is to operate a hotel in Shanghai soon.
The Gulf states could invest as much as $250 billion in Asia by the end of this decade, Terry Newendorp, chairman and CEO of Taylor Dejongh, said at a recent seminar.
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