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

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.

We launched 60-million square feet 'Traders Market', an international station for the Belt and Road Initiative in Dubai opposite to Expo site. Our Chinese partner will invest $2.4 billion in using the station to store and ship Chinese products from Jebel Ali to the world. pic.twitter.com/JWf6FXdYwR

— HH Sheikh Mohammed (@HHShkMohd) April 26, 2019

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.

We also launched a $1 billion 'Vegetable Basket' project in Dubai, supported by the China-Arab Investment Fund, to import, process, pack and export agricultural, marine and animal products to the world through the new Silk Road. UAE will be a vital station along the new Silk Road pic.twitter.com/hITPDq3VRp

— HH Sheikh Mohammed (@HHShkMohd) April 26, 2019

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.