Dubai Chambers has signed a Memorandum of Understanding (MoU) with Bank of China – DubaiBranch to develop collaboration and enhance cooperation between the business communities in Dubai and China.

The signing of the agreementcoincides with the 40th anniversary of the establishment of diplomatic relations between the UAE and China. Trade and investment ties between the two markets have been growing steadily, with Dubai emerging as an increasingly attractive destination for Chinese businessesin all sectors seeking to expand both within the region and globally.

The MoU was signed by H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, andXinYuanPan, General Manager of Bank of China – Dubai Branch, at Dubai Chambers’ headquarters. The agreement outlines a framework for enhanced cooperation between the two parties and is aimed at contributing to achieving their shared goals through the exchange of knowledge and services, as well as enhancing mutual support for investors, entrepreneurs, and businesses in Dubai and China to boost the growth ofbilateral trade and investments and strengthen economic relations.

The signing of the MoU comes ahead of the Dubai Business Forum – China, which will beorganised by Dubai Chambers and will take place in Beijing on August 21. The event aims to highlight the diverse opportunities available in Dubai for Chinese investors across a wide range of strategic sectors.

The Bank of China ranksamong the four largest state-owned commercial banks in the People’s Republic of China. Dubai is home to the first branch of the Bank of China in the Middle East region, which was launched in 2013.