Dubal Holding, China's Norinco sign Belt and Road Initiative MoU
Both organisations will collaborate on industrial, mining, and energy schemes for the Xi Jinping-backed megaproject
Dubal Holding, a subsidiary of Dubai Investment Corporation, has signed a deal with defence firm China North Industries Corporation (Norinco) in a bid to strengthen bi-lateral cooperation in the UAE’s Vision 2021 plan and China’s trillion-dollar Belt and Road Initiative (BRI).
The memorandum of understanding (MoU) sets out plans for intended collaboration in the industrial, mining, and energy sectors, according to UAE state-news agency Wam.
It was signed during the second Belt and Road Forum, which took place in China's capital Beijing on 25-27 April. The event was used by Chinese President Xi Jinping to update world leaders on the project, seen largely as a flagship of his premiership.
As reported by Wam, Luo Kaiquan, Norinco’s senior vice president, said the group has been “actively participating in the construction and development” of the BRI.
"The signing of this MoU is a clear example of the companies’ strategy to engage in the principles of mutual consultation, joint contribution and shared benefits,” he added.
“Under the framework of the BRI, we will be able to fully leverage the advantages of both companies and further deepen our cooperation."
"There are natural synergies when UAE and Chinese entities work together,” added Abdulnasser bin Kalban, chief executive officer of Dubal Holding, who praised Norinco’s commitment to investing in the UAE economy.
“We look forward to building a long-term strategic partnership with Norinco and this MoU is a great milestone for the journey ahead,” he added.
The news comes nearly a year after state visit of Jinping to the UAE in July 2018, when 13 MoUs were signed related to a multitude of sectors.
During Jinping’s visit to Abu Dhabi, the Chinese head called on countries such as the UAE to join “China’s express train of development” by participating in BRI, as reported by Construction Week at the time.