On November 23, UAE President Sheikh Khalifa bin Zayed al Nahyan signed the revised UAE Business Company Law, announcing the lifting of restrictions on foreign investors' shareholding in locally incorporated companies from December 1, 2020. The is seen as a major move to open up the UAE's market. It is reported that the UAE has been committed to developing the non-oil economy and infrastructure construction is one of the key investment sectors since the UAE announced its first national overall construction plan "UAE 2021 Vision Plan" in 2010. The United Arab Emirates is China's second largest investment destination in the Arab region. According to data, by the first half of 2019, China's direct investment in the UAE reached US$5.91 billion, and the total turnover of contracted projects reached US$29.7 billion. At present, more than 4,000 Chinese companies are expanding local and regional businesses in the UAE, and nearly 300,000 Chinese people are working and living in the UAE. As Dubai is an important node in China's trade with the Middle East and North Africa, it is also China's largest export market and second largest trading partner among Arab countries. In 2019, bilateral trade volume between China and Arab states reached us $48.669 billion, up 5.99% year on year. Meanwhile, Saudi Arabia's Energy Minister Abdulaziz bin Salman said on November 23 that China's economic recovery is of great significance to stabilizing the international energy market and Saudi Arabia looks forward to further strengthening cooperation with China. Saudi Aramco, the state oil company, announced sharp price cuts for Asian customers in October and is expected to supply China with 2.13 million to 2.24 million barrels a day of oil in November, nearly double the amount in October and the highest amount this year. Last week, Aramco said it had started preparing to issue Chinese bonds denominated in RMB.