Date: July 2, 2024

Location: The China National Convention Center, Floor 1 Ballroom

Time: 10:00-11:10

Introduction: 

Your Excellencies, Honourable Guests, Ladies and gentlemen. Good morning.

Today, I am honored to address you on a subject that resonates deeply with the entrepreneurial spirit – fostering collaboration in the digital community. As we navigate through an era defined by rapid technological evolution, the UAE stands out as a beacon of opportunity and innovation.

In a world where digital transformation is reshaping industries at an unprecedented pace, the UAE has emerged as a trailblazer, embracing blockchain technology as a catalyst for economic growth and societal advancement. Today, I am thrilled to share insights into how the UAE is empowering entrepreneurs and startups to harness the transformative power of blockchain.

Trade Relations Between UAE and China: 

I am delighted to be here in Beijing where I first visited exactly 20 years ago. I have been a strong proponent of the relationship between the UAE and China and I am delighted to see the progress we have made over the years. 

The trade relationship between the UAE and China is rapidly expanding, creating new opportunities for digital collaboration. China is the UAE’s top trading partner, with trade volumes reaching nearly $95 billion in 2023. This flourishing relationship is marked by growing investments, with Chinese investments in the UAE surging by 16% to $1.3 billion in 2023. We aspire to achieve $200 billion in trade flows by 2030, underscoring the strength of our bilateral ties. 

Since the establishment of diplomatic relations in 1984, trade between the UAE and China has grown 800 times. In 2022, China’s exports to the UAE reached $32 billion, showing a five-year annual growth rate of over 2800%. Similarly, the UAE’s exports to China increased to $13 billion, with a growth rate of over 12,400%. This impressive growth trajectory highlights the mutual benefits and strong economic partnership between our nations.

Weaving the Digital Silk Road: 

The UAE and China are also boosting digital trade, focusing on artificial intelligence, infrastructure, and new technologies. A significant milestone in this partnership is the introduction of the ‘Digital Dirham,’ initiated by His Highness Sheikh Mansour bin Zayed, which facilitates smoother trade payments between our countries. This collaboration, known as “mBridge,” aims to improve cross-border payments and enhance economic efficiency. 

Our partnership extends to space technology, where China and the UAE are collaborating to build a space tech center focused on remote-sensing satellites, advanced telescopes, and exploration missions. We are also working together on future lunar missions, including the UAE’s second moon rover on China’s Chang’e-7 mission in 2026. These initiatives symbolize our commitment to advancing technological innovation and exploration. 

UAE Digital Economy:

The UAE is among the leading nations globally in digital competitiveness and e-government development. Launched in 2022, the Digital Economy Strategy aims to double the digital economy’s contribution to the UAE’s GDP from 9.7% to 19.4% by 2030. Our digital market is expected to reach AED 87 billion by 2030, with strong growth in emerging technologies and traditional software solutions. Cloud computing and cybersecurity are projected to be the fastest-growing segments, supported by robust infrastructure and digital media pillars.

Empowering Blockchain Enterprises:

At the forefront of this movement is RAK Digital Assets Oasis, or RAK DAO, the world’s first and only Free Zone with Common Law features established to support digital assets companies. RAK DAO represents more than just a regulatory framework; it embodies a vision of empowerment and opportunity for entrepreneurs seeking to innovate and disrupt in the blockchain space.

Through RAK DAO, we have cultivated an ecosystem designed to nurture and support blockchain enterprises, providing them with the tools, resources, and mentorship needed to thrive in the UAE and beyond. From access to state-of-the-art infrastructure to a supportive regulatory environment, RAK DAO is empowering entrepreneurs to turn their visions into reality and contribute to the UAE’s status as a global blockchain hub.

RAK DAO offers a comprehensive ecosystem for digital and virtual assets businesses, with over 170 customized business activities including AI, Metaverse and Blockchain, tailored specifically for these companies. Entrepreneurs benefit from seamless banking solutions, clear regulations, and extensive growth and funding opportunities. Ras Al Khaimah, with its advantageous location in the UAE, lower cost of living, great infrastructure, and investor-friendly policies, further enhances this supportive environment. 

Inaugurated by the Ruler of Ras Al Khaimah, HH Sheikh Saud Bin Saqr Al qassimi, it provides dedicated resources for startup support, economic growth, and mentorship, propelling the UAE’s global leadership in digital innovation.

We have also signed MOUs with global major players like Tencent Cloud and Tether, as well as other partnerships to push blockchain innovation through collaborations with companies such as Conflux in China. 

Thank You & Outro: 

In conclusion, the UAE, with a clear focus on the Digital Economy and AI and through initiatives like RAK DAO, is committed to fostering an environment where digital innovation thrives. Our strong trade relations with China, coupled with our ambitious digital economy strategy, position us at the forefront of technological advancement. We invite entrepreneurs and innovators to join us in this exciting journey as we shape the future of blockchain and digital assets together.

Thank you for your attention, and I look forward to fruitful discussions and collaborations at this esteemed event.