China to invest US $3.4bn in Dubai logistics facilities for trade

China will invest US $2.4-billion in Dubai operation that will be used to store Chinese products for shipping around the world, along with a US $1-billion processing plant
HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, meets president of China
HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, meets president of China

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China plans to invest US $3.4 billion in two Dubai-based trading facilities, increasing the influence of the world’s second-largest economy in the Gulf region.

The country will invest US $2.4 billion in a 60-million square-foot (5.6 million square-metre) operation that will be used to store Chinese products for shipping around the world, Dubai ports group DP World said in a statement on Saturday, citing HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai.

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“It will include wholesale and retail outlets that help enhance regional and international trade,” according to the statement.

DP World has also signed an agreement with China to create a $1 billion project in Dubai to import, process, pack and export agricultural, marine and animal products.

The UAE has been seeking Chinese investments, and companies from the Asian country invested US $300 million in Abu Dhabi’s industrial zone in 2017.

China Cosco Shipping Corp. agreed in 2016 to spend US $738 million on a new port in Abu Dhabi.

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