Dubai and Singapore to boost bilateral trade and investment

Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has inaugurated a new international representative office in Singapore, reinforcing the well-established business links between Singapore and the UAE.

The strategic step comes as part of the ‘Dubai Global’ initiative, which was launched in 2022 by Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, to establish 50 representative offices for Dubai in five continents by 2030. The initiative supports Dubai Chambers’ strategic goals of attracting international business and investment to Dubai and driving the global expansion of its members.

The office was officially inaugurated today at a special ceremony in Singapore with the participation of Ahmed Ali Al Sayegh, Minister of State; Jamal Abdulla AlSuwaidi, UAE Ambassador to Singapore; and Hassan Al Hashemi, Vice President of International Relations at Dubai Chambers.

Ahmed Ali Al Sayegh, Minister of State, commented: “The inauguration of Dubai International Chamber’s office in Singapore signifies the importance the UAE places on its relationship with Singapore. As a gateway to Southeast Asia and a global financial centre, Singapore offers an ideal platform for UAE businesses seeking to expand their reach and capitalise on new opportunities. Similarly, the UAE’s strategic location, unrivalled infrastructure, and flourishing business environment present Singaporean enterprises with immense potential to tap into a diverse and dynamic market.”

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said: “Dubai and Singapore have enjoyed strong bilateral relations for decades and Singapore remains a highly important market for Dubai, with non-oil trade amounting to Dhs17.4 billion in 2022. The launch of the new office represents another important step in our Dubai Global initiative, which aims to establish a powerful network of 50 global offices worldwide by 2030 that will offer Dubai businesses access to exciting expansion opportunities.”

The number of Singaporean companies registered with Dubai Chamber of Commerce stood at 687 at the end of last year, having grown by 59.4 per cent since 2016. Singapore ranked 27th on the list of Dubai’s main trading partners during 2022.

In recent years, trade between the UAE and Singapore has focused on pearls and precious stones, as well as machinery and equipment. Opportunities exist to increase exports of several other products to Singapore including plastics, metals, and chemicals. In addition, with Venture Capital (VC) investments in Singapore witnessing significant growth, there are potential synergies in VC investments in information technology, financial services, and the B2C sector.

The new office will accelerate efforts to boost Dubai’s non-oil foreign trade from Dhs1.4 trillion to Dhs2 trillion by 2026, in line with the emirate’s five-year foreign trade plan. It brings the total number of Dubai International Chamber’s representative offices to 19 across Africa, Latin America, Eurasia, and Asia, and is set to offer market intelligence and operational expertise to Singaporean businesses. The office will also unlock access to trustworthy partners for Singaporean MNCs and SMEs as they explore opportunities to leverage Dubai as a hub for global expansion.

For Dubai businesses, in addition to market intelligence, route-to-market strategies, and operational set-up expertise, the Singapore office will help companies to maximise business opportunities and provide access to reliable partners and stakeholders in Singapore.

Meanwhile 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.