Ningbo inks deals worth over $100m with UAE, Saudi Arabia

A ceremony is held to mark the inking of five deals worth more than $100 million between Ningbo and countries including the UAE and Saudi Arabia on Nov 16. [Photo/Ningbo Daily]

Ningbo in East China's Zhejiang province inked five deals worth more than $100 million with countries including the UAE and Saudi Arabia on Nov 16.

The deals were signed at an economic and trade negotiation meeting between Ningbo and the UAE, involving fields like electric power products, cosmetic tools, electric appliances, as well as vehicle accessories and after-sales service.

The conference also saw more than 100 Ningbo enterprises conduct online negotiations with more than 500 buyers from the Middle East and its neighboring countries, including the UAE, Saudi Arabia, Oman, Turkey, Israel, Lebanon, and Jordan.

The UAE is an important trading partner of Ningbo. In the first three quarters of this year , Ningbo's trade volume with the UAE hit $1.7 billion, up 27.5 percent year-on-year.

Ningbo is currently home to 63 investment projects with a combined value of $63.37 million from the UAE, while the UAE houses 102 companies and institutions funded by Ningbo, with the registered capital totaling $291.86 million.

Fourteen container shipping routes connecting Ningbo Zhoushan Port with Dubai have also been launched on a weekly basis.