China, Dubai sign $3.4bn warehousing and trading deal

China, Dubai sign $3.4bn warehousing and trading deal 
PHOTO CREDIT: Arabianbusiness

China has inked a $3.4 billion deal with the United Arab Emirates (UAE) to expand its trading and warehouse investment in Dubai.

The two countries launched a number of new investments including the development of a station at the new Silk Road in Dubai. China will invest $2.4bn in using the station to store and ship Chinese products from Jebel Ali port across the globe.

China will also provide funds to UAE’s $1 billion “Vegetable Basket” project, which will import, process, export agricultural, marine and animal products through the new Silk Road.

China is the UAE’s second largest trading partner and the largest trading partner of Dubai.