Chinese investment in the UAE grows by more than 16 percent annually, reaching $1.3 billion in 2023

China's investment in the UAE has grown by more than 16 percent annually to reach $1.3 billion in 2023, an amount that accounts for 60 percent of China's total investment in Arab countries, Chinese Ambassador to the UAE Zhang Yiming said at the China-Arab Entrepreneurs Summit in Abu Dhabi on Wednesday.

Meanwhile, the UAE's investment in China has increased by 120 percent in 2023, accounting for 90 percent of Arab investment in China.

Zhang Yiming noted that cooperation between the UAE and China is multifaceted, and that the UAE "remains China's second largest trading partner, largest export market and third largest engineering market in the Arab countries".

The UAE is taking more steps to attract foreign direct investment, aiming to diversify its economy and eventually move away from its dependence on the oil economy.

In 2023, the UAE attracted $23 billion in FDI across 1,277 projects encompassing business and professional services, software and IT services, and financial services, making the UAE the world's third largest FDI market.