Abu Dhabi's Economic Development Chief Leads Delegation to Shanghai to Strengthen Ties

A delegation of 140 government and business officials led by Ahmed Jasim Al Zaabi, chairman of the Abu Dhabi Department of Economic Development, is visiting Shanghai to strengthen alliances and explore new economic and trade cooperation opportunities with Chinese companies.

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The Shanghai Federation of Industry and Commerce and the Abu Dhabi Chamber of Commerce and Industry jointly held the Abu Dhabi-Shanghai Business Connect meeting on February 19. The event aimed to deepen the economic and trade relations between the pair, establish a multi-level and regular cooperation mechanism, and promote exchanges and project ties between enterprises from both sites.

JuneYao Group, SenseTime Group, Pinduoduo, the Shanghai Humanoid Robot Innovation Incubator, and other Chinese companies shared their experiences with the Abu Dhabi delegation on aviation, artificial intelligence, and cross-border e-commerce, as well as their diversified development and innovative practices at the meeting.

The energy, manufacturing, and technology industries are the key development areas in Abu Dhabi, Kelvin Zhao, chief executive of leading global macro investment firm AG Capital Investment, who has worked in the city for 12 years, told Yicai.

In the early years, mainly engineering and real-estate Chinese companies came to Abu Dhabi, most being state-owned enterprises, Zhao noted. However, the type of firms investing locally has gradually diversified over the past two or three years, covering new energy, technology, finance, and other fields, he added.

Abu Dhabi is paying attention to AI and other cutting-edge technologies and especially welcomes companies from these fields to settle in the city, Mohammad Ali Al Kamali, chief trade and industry officer of the Abu Dhabi Investment Office, said to Yicai.

The Middle East is an ideal destination for international trade, some representatives from the Chinese firms told Yicai on the sidelines of the meeting. Abu Dhabi's Khalifa Port and other major ports in the region can help Chinese companies easily connect to the Asian, European, and African markets, reducing logistics costs and time, they pointed out.

The Middle East is strongly interested in investing in and introducing Chinese information technology and manufacturing enterprises, according to some entrepreneurs, who hope to explore more business opportunities in the region.

Abu Dhabi is the largest emirate in the United Arab Emirates, and its namesake capital is also the country's capital, with around 95 percent of the nation's oil resources concentrated there. With USD1.7 trillion of capital managed by its sovereign wealth funds, Abu Dhabi often refers to itself as the undisputed "capital of capital."

In addition, the large desert areas in Abu Dhabi have sufficient sunlight throughout the year, making solar power generation an ideal renewable energy alternative.

About Yicai Global

Launched in August 2016, Yicai Global is the English-language news service of Yicai Media Group, the financial news arm of Shanghai Media Group, which is one of China's largest state-owned media conglomerates. Focused primarily on China's business world, Yicai Global is dedicated to provide reliable and insightful information and analysis of the economy, finance, tech, startups, and entrepreneurs.
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