May EN 2019

The report noted that the Arab region is part of the proposed project, which will link China, Central Asia and West Asia, “so we must find the tools and means to make the most out of the mutual investments with China.” Over and above, according to the report, the heightened competition between the East and West has earned the Gulf region the chance to utilise China's overseas expansion plans, specially that these plans do not require a paradigm change in domestic economic performance to approve credit facilities. Neither does China interfere in the domestic affairs of the countries it is borrowing, which gives sufficient flexibility to make more successful deals which will necessarily reflect positively on economic growth. 4 Mazaya Monthly Real Estate Report - Week 1 - May 2019 However, the region’s countries need to prepare for some conditions that may adversely affect the status of national workers and construction companies, as the Chinese authorities prefer their projects be carried out by Chinese companies and labourers, which will haveanadverseimpactontheprospects of growth in the local private sector. The report said whatever the outcome of talks with the United States of America, China is forging ahead with tapping fresh markets and forging new partnerships with all countries of the world and is expected to make even greater strides in this regard, despite the criticismlevelledbytheUSandGermany towards this project until the moment. The Belt and Road Initiative seeks to establish large infrastructure projects across the world and to control more land and sea routes. Thus, the economies of the Gulf region are now in a good position to capture more investment opportunities and raise the value of FDI inflows from all around the world in order to achieve the goals of their long-term investment plans. The report concluded by saying that that the competition between the East and the West will open hundreds of such silk roads for the benefit of the Gulf region, which can capitalise on such opportunities only if they have the will and get ready enough to reap the dividends of such huge projects. Al Mazaya Report added that the total trade volume between China and Saudi Arabia reached about $63 billion in 2018, while it stood at about $53 billion with the UAE where the bilateral trade exchanges are expected to hit $70 billion by 2020. The trade exchange with the Sultanate of Oman reached a new level of $22 billion by the end of 2018, an increase of 40% as compared to 2017.