Following the country’s partnership through the BRICS alliance, 6,000 Chinese companies are currently operating in the United Arab Emirates (UAE) as investments between the two nations boom. Indeed, the UAE’s inclusion into the bloc officially goes into effect in less than a month.
The BRICS inclusion of the country is set to allow for even greater cooperation between the two. Subsequently, they are set to officially celebrate 40 years of bilateral cooperation. Moreover, it should provide an even greater opportunity for economic growth across a host of investment sectors for both nations.
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UAE and China Poised to See Massive Surge in Flourishing Bilateral Investments
For much of the last year, the BRICS economic alliance had carefully charted a path toward expansion. Specifically, the collection of five countries where engaged in discussions regarding a potential plan to expand membership. That plan came to fruition at its 2023 annual summit, and it has provided a burgeoning economic opportunity for the alliance as a whole.
That expansion announcement unveiled six new BRICS nations. Specifically, Saudi Arabia, the UAE, Iran, Egypt, Ethiopia, and Argentina had received invitations. Although Argentina has since rejected such an invitation, the other five nations are set to join the bloc at the start of 2024.
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Now, joining the BRICS bloc has helped two countries in particular, as 6,000 Chinese companies are already in the UAE with investments set to boom. Indeed, the two countries could see their bilateral relations take a massive step forward in the coming year. Especially as the two arrive on what is their 40th anniversary.
Abu Dhabi, the UAE’s capital, has already been situated as a primary part of the global trade strategy for China. These agreements have included the Belt and Road Initiative (BRI) for which the UAE is a key aspect. Subsequently, they are poised to now further embrace key investment sectors like Energy, Technology, financial services, renewable energy, biotechnology, and tourism.