Wednesday, March 3, 2021

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Why are China and the UAE Bonding Big Time?

China-UAE relations are skyrocketing as both the nations discussed bolstering ties on the second day of the Chinese President’s visit to Abu Dhabi. The President of China met the Ruler of Dubai, the Crown Prince and the Vice President on Friday to discuss the enhancement of strategic bilateral ties.

The President of China is on a three-day visit to Abu Dhabi during which he will be meeting several UAE officials. The two sides discussed the strengthening of bilateral ties as well as issues of mutual concern in the regional the international scenarios.

This visit of the Chinese President comes in the backdrop of oil trade pacts between the two nations. China is one of the largest importers of Iranian oil and with Iran undergoing sanctions from November, China has signed oil accords with the UAE.

Abu Dhabi National Oil Corporation which is owned by the state said that is has signed two contracts worth $ 1.6 billion with an affiliate body of the China National Petroleum Company. The contract has been awarded to the Chinese firm to conduct seismic surveys in UAE. 30,000 square kilometres of offshore 23,000 kilometres of onshore will be surveyed by the BGP Inc.

Earlier, China’s leading developers announced that it plans to build the largest China Town of the Middle East in the UAE. State-owned DP world of UAE also signed a contract with a Chinese commodities trading firm to establish a new sprawling trade zone in the United Arab Emirates.

After his visit to Abu Dhabi is concluded, the Chinese President is scheduled to visit Senegal, South Africa and Rwanda. China’s economy has been hit by the US sanctions and China is planning to carve out a grand anti-US alliance. China has also been trying to convince the European Union to stand in consolidation against the unilateralism of Donald Trump.

More News at EurAsian Times

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