The so-called New Silk Road continues to fascinate policy makers and analysts as rising Asian economic power seals its imprint on this century.
This “east-east” corridor, named after ancient trade routes linking Asia with the Middle East, saw trade volumes quadruple over the past decade.
From Chinese tourists shelling out on luxury goods in Dubai to Asian interest in regional oil and petrochemicals, Asia is now writ large into Gulf business plans. The Middle East unit of Industrial and Commercial Bank of China, the country’s largest bank, saw lending, deposits and profits all more than double last year amid booming demand for trade financing between the two regions.
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