Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, has concluded a three-day state visit to China where he met the country’s top leadership, including president Xi Jinping. With the signing of several agreements and the creation of a joint fund between Mubadala and two Chinese state institutions worth $10 billion, the visit consolidated this country’s expanding partnership with the Asian powerhouse.
While there is a history of trade and partnership with China, the relationship has bloomed in recent years with bilateral trade totalling $54.8 billion (Dh198bn) last year. As a small country, our partnerships are not just regionally confined. We are establishing a global network of alliances instead of focusing on specific countries.
This style of foreign and economic policy is predicated on a climate of openness and a willingness to cooperate across borders and cultures. But diversification doesn’t mean that we are turning our backs on traditional allies and friends. Quite the opposite. While recognising the history of friendship with our oldest allies, we are deepening new alliances with a variety of countries. As a stable and prosperous nation at the heart of a complex region, these types of partnerships across the globe are beneficial for all.
Our energy diversification strategy provides a nice example of the mechanisms at work. As we look for ways to incorporate renewable technology so that our energy sector remains strong and robust, we have not turned our backs on hydrocarbons. By investing in both oil and renewables, therefore, we have created new opportunities with other countries, including China. Indeed, the UAE has developed into a critical bridge for China in the region, both in terms of trade and geopolitical concerns. The UAE is China’s largest trading partner in the Middle East. As a result, we have created a valuable foothold in Asia from which we can continue to serve as a bridge between continents.
The mutual benefit of initiatives such as the joint wealth fund and collaboration between renewable energy companies like Masdar and Chinese counterparts will continue to spur global growth. As such, this week’s visit is a welcome demonstration of this positive new alliance between the Middle East and Asia.
