Regional trade for China awakens dragon

In what is being dubbed “the New Silk Road,” trade and political ties between China and the Arab Gulf are growing stronger as both regions take an increasingly prominent role on the financial world stage. Politics is playing its part, with Saudi Arabia’s newly appointed King Abdullah opting for Beijing over Washington for his first trip overseas last year, and Chinese President Hu Jintao repaying the visit with trips to Riyadh and Dubai. Bilateral trade between the United Arab Emirates and China is soaring as Emirati companies look eastward for investment opportunities to diversify away from oil, while Beijing secures energy sources and new export markets to keep its burgeoning economy afloat. Strictly business “Arabs see China purely as business, at least for the moment,” said Glen Osmond, managing partner for Middle East Strategy Advisors, a leading strategy consultant and investment advisory firm in the GCC. “The Chinese don’t have