Sheikh Mohammed bin Rashid has confirmed the UAE's role as a major player in China's Belt and Road global mega-project after announcing on Friday that deals worth $3.4 billion (Dh12.49bn have been agreed to by the two countries.

The Vice President and Ruler of Dubai said that China would invest $2.4bn to create a storage and shipping station in an area spanning 5.57 million square metres in Jebel Ali, Dubai, to export Chinese goods all over the world.

The Merchants' Market scheme will include large warehouses and wholesale retail outlets.

At the three-day Belt and Road Forum in Beijing, Sheikh Mohammed said a further $1bn would be spent on setting up a major food project in Dubai, which would involve importing, processing and packaging agricultural, fishery and animal products for export to the world.

Sheikh Mohammed attended the signing ceremony for both projects with Chinese investment partners.

وشهدت إطلاق مشروع آخر بقيمة مليار دولار سيكون مقره في دبي لإنشاء مشروع "سلة الخضروات"..بتمويل من صندوق الاستثمار العربي الصيني لاستيراد ومعالجة وتغليف المنتجات الزراعية والسمكية والحيوانية وتصديرها للعالم عبر طريق الحرير الجديد. الامارات ستكون محطة حيوية على طريق الحرير الجديد pic.twitter.com/YbNNHIFwGr — HH Sheikh Mohammed (@HHShkMohd) April 26, 2019

The Belt and Road initiative, Chinese President Xi Jinping's signature policY, combines a land "economic belt" and a "maritime silk road" to link China with South-East, South and Central Asia, the Arabian Gulf, North Africa, then Europe.

The three-day forum is being attended by 37 leaders.

United Arab Emirates Vice President and Prime Minister Sheikh Mohammed bin Rashid shakes hands with Chinese President Xi Jinping. Getty Images United Arab Emirates Vice President and Prime Minister Sheikh Mohammed bin Rashid speaks with Chinese Premier Li Keqiang, unseen, during their meeting at the Diaoyutai State Guesthouse, Beijing. AP BEIJING, CHINA - APRIL 25: United Arab Emirates Vice President and Prime Minister Sheik Mohammed bin Rashid al Maktoum talks to Chinese President Xi Jinping (not pictured) during a bilateral meeting of the Second Belt and Road Forum at the Great Hall of the People on April 25, 2019 in Beijing, China. (Photo by Andrea Verdelli/Pool/Getty Images) BEIJING, CHINA - APRIL 25: United Arab Emirates Vice President and Prime Minister Sheik Mohammed bin Rashid al Maktoum (center) walks towards Chinese President Xi Jinping (not pictured) before a bilateral meeting of the Second Belt and Road Forum at the Great Hall of the People on April 25, 2019 in Beijing, China. (Photo by Andrea Verdelli/Pool/Getty Images) United Arab Emirates Vice President and Prime Minister Sheikh Mohammed bin Rashid attends a meeting with China's Premier Li Keqiang at the Diaoyutai State Guesthouse, Beijing. AFP Russia's President Vladimir Putin arrives at Beijing airport ahead of the Belt and Road Forum in Beijing. AP Two security guards secure an area as China's Foreign Minister Wang Yi (not seen) meets for talks with his French counterpart Jean-Yves Le Drian (not seen) at Diaoyutai State Guesthouse in Beijing, China. Reuters Honour guards prepare for the welcome ceremony of Mongolian President Khaltmaagiin Battulga, (not pictured) at the Great Hall of People in Beijing, China. Getty Images Mongolian President Khaltmaagiin Battulga and Chinese President Xi Jinping attend the welcome ceremony at the Great Hall of People in Beijing, China. Getty Images The second Belt and Road Forum (BRF) at the Diaoyutai State Guesthouse in Beijing. AFP Malaysia Prime Minister Mahathir Mohamad shakes hands with President of the People's Republic of China Xi Jinping at the Diaoyutai State Guesthouse in Beijing. AFP China's Foreign Minister Wang Yi meets for talks with his French counterpart Jean-Yves Le Drian at Diaoyutai State Guesthouse in Beijing, China. Reuters China's Foreign Minister Wang Yi shakes hands with his French counterpart Jean-Yves Le Drian at Diaoyutai State Guesthouse in Beijing, China. Reuters Mongolian President Khaltmaagiin Battulga and Chinese President Xi Jinping attend the welcome ceremony at the Great Hall of People in Beijing, China. Getty Images Philippine President Rodrigo Duterte speaks during a meeting with Chinese Premier Li Keqiang, not pictured, at the Diaoyutai State Guesthouse on April 25, 2019 in Beijing, China. Getty Images Cambodia's Prime Minister Hun Sen arrives at Beijing airport to attend the Belt and Road Forum in the Chinese capital on April 25, 2019 in Beijing, China. Getty Images Laos President Bounnhang Vorachith arrives at Beijing airport to attend the Belt and Road Forum in the Chinese capital on April 25, 2019 in Beijing, China. Getty Images Tajikistan's President Emomali Rahmon arrives at Beijing airport to attend the Belt and Road Forum in the Chinese capital on April 25, 2019 in Beijing, China. Getty Images epa07527786 Chinese President Xi Jinping (R) shakes hands with Egypt President Abdel Fattah El-Sisi (L) before a bilateral meeting during the Second Belt and Road Forum at the Great Hall of the People n Beijing, China, 25 April 2019. Leaders from 37 countries have been converging in Beijing for the Belt and Road Forum on 25 April. EPA/ANDREA VERDELLI / POOL Chinese President Xi Jinping shakes hands with Hungarian Prime Minister Viktor Orban before the bilateral meeting of the Second Belt and Road Forum at the Great Hall of the People, in Beijing, China April 25, 2019. Andrea Verdelli/Pool via REUTERS *** Local Caption *** BEIJING, CHINA - APRIL 25: Egypt President Abdel Fattah El-Sisi talks to Chinese President Xi Jinping (not pictured) during a bilateral meeting of the Second Belt and Road Forum at the Great Hall of the People on April 25, 2019 in Beijing, China. (Photo by Chinese Premier Xi Jinping, right, shakes hands with Belarus President Alexander Lukashenko before the bilateral meeting of the Second Belt and Road Forum at the Great Hall of the People on Thursday, April 25, 2019 in Beijing, China. (Andrea Verdelli/Pool Photo via AP)

Sheikh Mohammed met Mr Xi on Thursday and reaffirmed the UAE’s commitment to helping build the “next phase for the global economy”.

.@HHShkMohd during the opening session of the 'Belt and Road Conference for International Cooperation': The world needs major economic initiatives to accelerate global economic growth. Economic globalization will cement sustainable international economic growth. pic.twitter.com/asJrij4D5S — Dubai Media Office (@DXBMediaOffice) April 26, 2019

The UAE has played a leading role in the Belt and Road project, using its infrastructure to create a centre for trade to the region and as a gateway to Africa and the wider Middle East.

Sheikh Mohammed also met Chinese Premier Li Keqiang to discuss investment opportunities from the initiative and development projects in culture, tourism, education and the economy.

The Minister of State for Foreign Affairs, Dr Anwar Gargash, said the UAE's participation in the Belt and Road forum showed its "firm conviction that our economic and development success is based on communication, co-operation and the exchange of experiences".

"We carry a model of successful Arab experience and seek to develop and modernise it," Dr Gargash said in a tweet on Friday