Sheikh Mohammed announces $3.4 billion 'new Silk Road' investment

WAM

Major investment deals have been announced during the Dubai ruler's state visit to China.

On Twitter, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, revealed the launch of 60 million square feet station on the new Silk Road in Dubai for Expo 2020.

Sheikh Mohammed, who is in Beijing for the second edition of the Belt and Road initiative, added that Chinese firm Yiwu will invest $2.4 billion to use the station for storing and transporting Chinese goods from Jebel Ali to the world.

Sheikh Mohammed also announced the $1 billion 'vegetable basket' project. Backed by the China-Arab investment Fund, it will import, process and pack agricultural and animal products for global exportation through the new Silk Road.

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