China’s outbound direct investment in The Belt and Road Initiative will reach $300 billion by 2030, according to the chief economist of Bank of China.
“The investments will more than double from the current levels and there will be a lot of transactions related to belt and road initiative,” said E Zhihuan, while speaking at the Global Financial Markets Forum in Abu Dhabi on Wednesday.
China is investing heavily in a number of countries as part of the initiative to build roads, railways, ports and oil and gas pipelines.
In the UAE, Chinese companies are involved in the construction of a terminal at Khalifa Port and in the development of oil and gasfields in Abu Dhabi.
China National Petroleum Corporation (CNPC) and CEFC China Energy signed a 40-year concession agreement with Adnoc to develop the emirate’s prized onshore oilfields which will produce roughly about half of Abu Dhabi’s oil production in 2017.
UAE, China also set up a joint strategic investment fund worth $10 billion in late 2015, financed equally by both countries to take up projects under the one belt initiative.
Source: Gulfnews
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