13 agreements and MoU signed between China and the UAE during Xi’s visit

Dubai : China and the United Arab Emirates signed a raft of financial, business and trade agreements yesterday during a visit by President Xi Jinping to the UAE, underscoring energy-hungry Beijing’s rapidly growing interest in the Middle East.

Xi made the first visit by a Chinese leader to the Gulf state in 29 years, meeting two of its leaders, Shaikh Mohammed bin Rashid Al Maktoum, ruler of Dubai, and Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi.

They announced 13 agreements and memoranda of understanding, including approval for the first Chinese state-owned financial services firm to set up in Abu Dhabi Global Market, a financial center, while the Abu Dhabi National Oil Company and the China National Petroleum Corporation agreed to explore joint business opportunities.

 As both a major energy exporter and a hub for international trade, the UAE is an important part of Xi’s “Belt and Road” initiative to invest in infrastructure linking China by both sea and land to markets in Asia and Europe.