Dubai International Chamber to attract 50 multinational companies over three years

The board of directors at Dubai International Chamber has approved a new strategy for the next three years (2022-2024) that focuses on attracting 50 multinational companies to Dubai over that period.

It also supports the international expansion of 100 Dubai-based companies to priority foreign markets within two years.

In addition, the strategy outlines intent to support multinational companies who wish to list on the Dubai Financial Market.

During a virtual meeting on Wednesday, the board approved Dubai International Chamber’s budget for the current year.

Dubai International Chamber approves 3-year strategy to elevate Dubai’s position as a global trade hub. pic.twitter.com/EyRnaF7awV

— Dubai Media Office (@DXBMediaOffice) February 9, 2022

Sultan bin Sulayem, chairman of Dubai International Chamber said that the Chamber has access to representative offices across Africa, Eurasia and Latin America that are working to facilitate Dubai’s trade flows with other countries.

He noted that 30 target markets were identified under the latest strategy that enables Dubai International Chamber to more effectively promote Dubai as a preferred global business hub which highlight the emirate’s competitiveness in key sectors such as trade, infrastructure, logistics, digital economy, retail and manufacturing among others.

Last year, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, approved a five-year plan to increase Dubai’s foreign trade from Dhs1.4 trillion to Dhs2 trillion.

Read: Sheikh Mohammed restructures Dubai government; approves five-year foreign trade plan

Dubai’s non-oil external trade surged 31 per cent in the H1 2021 to reach Dhs722.3bn from Dhs550.6bn in the corresponding period in 2020. The volume of Dubai’s non-oil external trade in H1 2021 meanwhile rose 10 per cent to 48 million tons compared to 43.7 million tons in H1 2020. Exports climbed 30.8 per cent year-on-year to reach 10.1 million tons. Re-exports totalled 7 million tons growing by 10.6 per cent, and imports increased by 4.25 per cent to 31 million tons.

China was Dubai’s biggest trading partner in H1 2021 with Dhs86.7bn worth of trade compared to Dhs66.3bn in H1 2020, up 30.7 per cent year-on-year. Direct trade in H1 2021 totalled Dhs445.6bn, up 39.5 per cent, while trade through freezones reached Dhs272bn, up 19.8 per cent.