China appears to be setting up Dubai to be the gateway to both Europe and Africa along their new Silk Road

One of the more fascinating results or consequences of the ancient Silk Road was the fact that it helped spawn the religion of Islam since its foundations arose at one of the major outposts (Jeddah/Mecca) along the trade route.

And perhaps the significance of the Middle East in the Silk Road of the past is why it appears now that China is selecting one of the region's capitals to become the gateway from the East into Europe and Africa.

Dubai's Multi Commodities Center (DMCC), the largest free trade zone in the United Arab Emirates (UAE), expects a stronger Chinese presence in its trade community, due to China's increasing influence in the world trade scene. 

"The Chinese presence and contribution to the global economy and commodities trade always surprises me," said the DMCC's Executive Chairman Ahmed Bin Sulayem during a news conference presenting DMCC in Beijing on July 9. 

DMCC is expected on July 11 to sign a memorandum with the provincial branch of China Council for the Promotion of International Trade in Hubei province, to seek deeper understanding and cooperation. 

Bin Sulayem also foresees extensive opportunities for DMCC to attract Chinese companies. 

Nearly 70 countries (and regions) are connected in some way to the Belt and Road Initiative, and he believes Dubai and DMCC could be a gateway to both Europe and Africa for Chinese companies driven by the Belt and Road Initiative to go abroad.ECNS

Dubai is also a significant spot because they are quickly becoming one of the world's most important gold trading hubs, which is expected to become the primary currency for trade as China gears up for a future gold trade note.