China tops the list of trading partners for both Jafza and Dubai, and last year alone Chinese goods worth Dh18 billion (some US$5 billion) passed through the Jebel Ali Free Zone.
Mrs. Salma Hareb, CEO Jafza and Economic Zones World, stated on Thursday night (March 22) during the ceremony to mark the opening of Shanghai Baosteel Group Corporation’s Middle East headquarters in Jebel Ali Free Zone.
Mrs. Hareb said: “The past decade has seen relations between China and Dubai grow exponentially as a result of the all-round developments we have been witnessing in Dubai and the rest of the UAE.
“By partnering with one of the world’s fastest-growing free-zones, Shanghai Baosteel has initiated a strategy for a win-win situation on the basis of mutual benefit and it is indeed an honour for Jafza to be home to a Fortune 500 company like Shanghai Baosteel.”
Shanghai Baosteel Corporation, which established its offices in Jafza in January, is a large iron and steel conglomerate set up on November 17, 1998, with the former Baoshan Iron and Steel (Group) Corporation as the core, and absorbing the former Shanghai Metallurgical Holding Group Corporation and the former Shanghai Meishan Group Co., Ltd.
Baosteel has a registered capital of 45.8 billion Yuan. It possesses 22 wholly owned subsidiaries (including 9 overseas subsidiaries) and 14 holding companies (including 2 overseas subsidiaries) and 24 equity-sharing companies.
Among the wholly owned subsidiaries and share holding companies, 11 are iron and steel companies, 2 financial companies, 8 trading companies.
Baosteel is one of the most profitable steel enterprises in the world enjoying international competence, and its annual production capacity is about 20 million tons.