MEP Middle East – August 2019

NEWS EXTRA

http://www.mepmiddleeast.com August 2019 | MEP Middle East 17

UAE-China bilateral trade swelled 16.21% year-on-year to reach $11.2billion in the fi rst

quarter of this year, and trend is expected to ‘maintain momentum of rapid growth’

BILATERAL TRADE

Chinese engineering contractors
based in the UAE are reporting
massive increases in revenue as
bilateral trade shows no signs of
slowing.
UAE-China bilateral trade
swelled 16.21% year-on-year to
reach $11.2billion in the fi rst
quarter of 2019, a top diplomat
has said.
Speaking to Emirates News
Agency (Wam) in an exclusive
inter view, Ni Jian, Chinese am-
bassador to the UAE, said that
trade is expected to “maintain
the momentum of rapid growth
throughout 2019 and beyond.”
He also reported that between
Januar y and May this year, bi-
lateral trade amounted to $19bn

• an 11.37% spike on the same
  period last year.
  Chinese engineering con-
  tracting companies signed new
  project contracts worth $7.64bn
  in the UAE in 2018, up 53% year-
  on-year, posting revenues to the
  tune of $3.61bn, a 44.8% increase
  compared to 2017.
  “China and the UAE have
  made solid steps in our co-oper-
  ation under the ‘Belt and Road’
  framework and yielded remark-
  able achievements,” Jian said.

“Our co-operation in commodi-

ties trade is optimising, with the

UAE maintaining its status as

China’s second largest trading

partner and top export market in

the Middle East and North Africa

region.”

In 2018, China’s exports to

the UAE grew 3.2% to $29.66bn,

while China’s imports rose 32.8%

to $16.26bn.

“In general, Chinese com-

panies in the UAE have been

growing by leaps and bounds,

especially at a time when our bi-

lateral relations are thriving and

the UAE has become an impor-

tant partner in the ‘Belt and Road’

co-operation,” said Jian.

He added that there are cur-

rently between 4,000 and 6,

Chinese companies operating

in the UAE, mostly based in

Dubai.

Chinese engineering contractors post

44.8% spike in revenue for 2018

There are currently between 4,000 and 6,000 Chinese companies operating in the UAE.

NEW MARKET

Creating a new market for wind
power in Saudi represents “an im-
portant opportunity to be seized.”
Italian contractor Saipem
has signed a memorandum of
understanding with Plambeck
Emirates LLC – a solutions com-

pany in the fi eld of renewables

based in Abu Dhabi – and an

exclusive agreement for a

500MW fl oating offshore wind

farm in the kingdom.

Francesco Balestrino, renewa-

bles and green tech product man-

ager of Saipem’s Xsight division,

says he is ready for the challenge.

“We believe that the wind mar-

ket in Saudi Arabia can be sup-

ported by innovative solutions

for the construction of offshore

wind farms, such as the Saipem

technology Hexafl oat, with an

accelerated programme and

reduced costs,” he said. “Initiat-

ing the new market in Saudi Ara-

bia is an important opportunity to

be seized and we are ready with

Plambeck for this challenge”.

Project phases will commence

in the coming weeks via Plam-

beck Saudi, based in Riyadh.

Norbert Plambeck, shareholder

of Plambeck Emirates LLC, ex-

plained: “The development of

the 500MW fl oating offshore

wind farm project is part of the

new 5GW ‘Wind Market’ con-

cept which has been proposed to

Saudi Arabia.”

Italian and Abu Dhabi fi rms team up for

500MW fl oating wind farm project in Saudi

Francesco Balestrino, renewables and green tech product manager

of Saipem’s Xsight division, says he is ready for the challenge