Aiming to build a long-term strategic relationship between the two parties, the agreement will facilitate mutual trade and investment activities and the exchange of expertise, with a focus on developing wholesale trade destinations and wholesale e-commerce. Dubai Wholesale City will collaborate with the Municipality of Yiwu City and the Government of Zhejiang Province, the largest shareholders in the Commodities City Group, in terms of investment and business development in the trade, manufacturing and logistical services sectors.
Abdulla Belhoul, CEO of Dubai Wholesale City, and Wenge Zhao, General Manager of the China Commodity City Group, signed the MoU in Zhejiang’s Yiwu City in the presence of senior city and province officials as well as Dubai Wholesale City delegation members.
Commenting on the agreement, Mr. Belhoul said, "China and the UAE enjoy long-standing bilateral trade and economic relations. Today, China is the UAE’s second-largest trading partner and the largest importer to the country. In addition, the UAE serves as the main gateway to the GCC region for Chinese products. This partnership will reinforce the UAE’s position as a trading and re-export hub for Chinese exports to the Middle East, Africa, and the Mediterranean region."
During the visit, Belhoul also met with Yuan Jiajun, Vice Governor of Zhejiang. They discussed future economic and trade relations as well as ways to strengthen mutual cooperation, particularly in relation to establishing wholesale trade platforms, and promoting joint investments and trade.