The Abu Dhabi Global Market has launched its first overseas representative office in Beijing. The office will work on regulatory collaborations and initiating new projects and joint activities to generate more cross-border commerce. Here's a recap of what's at stake for China and the UAE to beef up cross-border capital flows.

The United Arab Emirates is China's top investment destination in this region and China is the UAE's biggest trade partner. With the launch of the Belt and Road Initiative in 2013, the UAE's location and robust economic policy fit well into China's growth path and plans.

​​​​​​The Shanghai Stock Exchange agreed to a deal in principle with the Abu Dhabi Global Market in April. The partners signed a memorandum of understanding to develop a stock exchange in Abu Dhabi to support businesses and investors involved in Belt and Road projects.

Rashed Alqemzi Consul General of the UAE in SH "Speaking of 2016, China has outnumbered India in term of largest trade partner of UAE, with amount of non-oil trade with amount of 48 billion US dollars. There is huge potential to increase the trade and investment flows in key sectors such as trade, tourism, retail, logistics, renewable energy, high tech, and real estate. Speaking of the currency as well, we used to have the US dollars between our currency. Nowadays, we can do a direct exchange between the DIRHAM and RMB."

In 2017, UnionPay International and the oldest privately owned lender in the United Arab Emirates, Mashreq Bank, announced a deal to bring QuickPass payment service to the UAE for the first time. UnionPay cards have been accepted for payment in the UAE since 2009, and now most merchants and ATMs in the country accept UnionPay cards.

LARRY WANG, VP UNIONPAY INTERNATIONAL "On the one hand, UnionPay cardholders visiting the country can pay by tapping their UnionPay chip cards or mobile phones. On the other hand, the local customers may enjoy this safe and convenient mobile payment too, since over 50,000 UnionPay chip cards have been issued there and all these cards support contactless payment function."

Meanwhile, the UAE is gearing up for a big event. It will host the 2020 World Expo, becoming the first country in the Middle East to host the event. The theme of the 2020 World Expo is Connecting Minds, Creating the Future.

In 2017, more than 370 thousand Chinese tourists visited the country, a 60% increase from 2016. Chinese passport holders have been able to visit the UAE without a visa since January. Abu Dhabi authorities said the number is expected to reach 600 thousand in 2021.