Dubai International Chamber lures five MNCs and 20 SMEs during Q1

Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has announced details of several achievements in attracting foreign direct investment and supporting chamber members in their efforts to expand into global markets.

The chamber attracted five Multinational Corporations (MNCs) and 20 Small and Medium-sized Enterprises (SMEs) during Q1 2023 alone, which exceeds the total numbers attracted throughout the whole of 2022. In addition, the chamber also supported the expansion of seven local and national companies into foreign markets by helping them increase their exports or establish a presence abroad.

The Chamber also opened a new representative office in Hong Kong, bringing the total number of its international offices to 16 by the end of Q1 2023 with a presence in Africa, Latin America, Eurasia, India, China, and the Middle East.

The opening of these offices comes as part of the Dubai Global initiative, which was launched by Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, and is led by Dubai International Chamber. The initiative aims to establish a powerful network of 50 commercial representative offices for Dubai across five continents by 2030.

Sultan Ahmed Bin Sulayem, Chairman of Dubai International Chamber, highlighted the vital role the Chamber plays in consolidating Dubai’s position as a global destination for foreign direct investments and a launchpad for expansion into global markets. He further emphasised the significant contribution of the Chamber’s international offices to promoting Dubai as a city for business, talent, capital, and companies of all types and sizes.

“Participating in exhibitions and conferences and organising bilateral business meetings abroad are at the core of the Chamber’s efforts to support the global expansion of Dubai’s private sector,” Bin Sulayem added. “Our trade mission to the Central Asian markets was a prime example and achieved its goal to enable participants to forge new business relations that will soon mature into economic partnerships. Dubai International Chamber remains committed to supporting the emirate’s target of boosting the volume of non-oil foreign trade from Dhs1.4 trillion to Dhs2 trillion by 2026.”

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, “We launched several new initiatives in Q1 2023, most notably the International Partner Network, which aims to enhance cross-border dialogue between the chamber and commercial attachés and business councils. In addition, the network will enrich interaction, communication, and partnerships to accelerate the implementation of the chambers’ plans and support the interests of Dubai’s business community.”

The chamber intensified its efforts to support Dubai-based companies in their plans for global expansion with the launch of the “New Horizons” initiative to support the expansion plans of its member companies. The initiative is aimed at forming trade missions consisting of companies from the emirate to visit targeted global markets, where events and meetings will be held to explore investment opportunities and prospects for joint economic partnerships. The first mission targeted the Central Asia region and included more than 430 bilateral business meetings between representatives of 24 companies from Dubai and their counterparts in Uzbekistan, Kazakhstan, and Kyrgyzstan.

Partners Network: Dubai International Chamber has launched the International Partners Network, a new platform to enhance cross-border dialogue and cooperation between DIC and trade promotion agencies, commercial attaches, and business councils.

The launch of the network was attended by more than 100 representatives from these organisations. During the event, Mohammad Ali Rashid Lootah, President and CEO of DIC, delivered a keynote address on the importance of cross-border cooperation for businesses. He also highlighted the chamber’s efforts to support businesses in expanding into new markets.

Hassan Al Hashemi, Vice President- International Relations, Dubai Chambers, commented, “We are in the process of reshaping and enhancing the role of country-specific business councils operating under the umbrella of Dubai Chambers. We are engaging with embassies and consulates in the UAE, as well as foreign trade and commercial offices that work with them, to establish several new business councils that will cover countries that are currently not represented by existing business councils.”

“Our goal is to empower these councils and commercial offices to expand their efforts to promote cross-border business opportunities and boost trade and investment flows between Dubai and other markets,” he added.

“The international partners network is an ideal and exceptional platform for exchanging visions, ideas and proposals, introducing cooperation opportunities, encouraging dialogue, engaging target groups in efforts to stimulate a business environment, launching strategic initiatives for the chambers, and opening new channels of interaction, communication and partnership to serve the private sector and business communities in Dubai and these countries,” Al Hashemi explained.