Dubai launches China website
State-owned Dubai World goes live with Mandarin website following Dubai ruler's visit to China.
State-owned conglomerate Dubai World has launched a Chinese-language website, as UAE business leaders seek stronger economic ties with the world's fastest growing economy.
The website was launched on Wednesday, coinciding with a visit to China by Dubai ruler Sheikh Mohammed bin Rashid Al-Maktoum, also vice president prime minister of the UAE, this week for bilateral trade talks with Chinese President Hu Jintao.
Trade between the two countries has surged in recent years. China was Dubai's second biggest trading partner in 2007 for the third year running, with non-oil trade increasing by 47% to reach 71.2 billion UAE dirhams ($19.4 billion).
Sheikh Mohammed is being accompanied by a 50-strong business delegation, including Sultan Ahmed bin Sulayem, chairman of Dubai World.
UAE business leaders are seeking $2 billion worth of new deals in China, with under performing companies being targeted for acquisition in the next six months, officials have said.
Speculation is also mounting that a special Dubai-China investment fund will be announced in the next few weeks, set up to invest in Chinese companies.
The website, www.dubaiworldchina.cn, in Mandarin language provides details on Dubai World group and its subsidiary companies including DP World, Istithmar, Tejari, and Limitless, who are also expanding their China operations.
Bin Sulayem, said in a statement on Wednesday that the Chinese market represented an important investment destination for Dubai, especially since China's economy is forecast to grow at an annual average rate of 8% until 2010.
”China is a huge market with immense investment potential. The country is also one of the biggest trade partners of Dubai. Sheikh Mohammed's visit will add new vigour to the bilateral relations between the two countries,” he said.