Dubai International Chamber, part of Dubai Chambers, continued to drive foreign direct investment (FDI) to the emirate and facilitate the expansion of local businesses into international markets throughout 2024.

In 2024, the chamber successfully attracted 207 companies to Dubai, marking a 56 per cent increase compared to the 133 companies it drew in 2023.

The new arrivals included 51 multinational companies (MNCs) and 156 small and medium-sized enterprises (SMEs).

The number of MNCs attracted increased by 55 per cent, from 33 in 2023 to 51 in 2024, while the number of SMEs grew by 56 per cent, from 100 to 156.

In addition to attracting new businesses, Dubai International Chamber helped 114 local companies expand into new international markets, a 48 per cent increase compared to the 77 companies supported in 2023.

Dubai International Chamber: Supporting business communities’ growth

Sultan Ahmed bin Sulayem, chairman of Dubai International Chamber, said: “The results achieved during 2024 reflect the impact of the chamber’s efforts to enhance Dubai’s appeal among global investors and support the growth of the local business community on the international stage.”

Bin Sulayem further emphasised the importance of the chamber’s international offices in expanding Dubai’s global footprint. “The chamber’s international offices play a vital role in showcasing the opportunities Dubai offers for international investors and supporting multinational companies in leveraging the emirate’s competitive advantages, as well as enhancing the capabilities of Dubai-based companies to expand their operations into key international markets,” he said.

As part of its ongoing expansion, Dubai International Chamber opened two new offices in Kazakhstan and Colombia in 2024, bringing the total number of international representative offices to 33. These new offices strengthen efforts to attract foreign investment and provide support to Dubai-based businesses seeking opportunities in emerging global markets.

The chamber’s international outreach also included hosting 182 visiting delegations, with 500 participants, and participating in 127 global events across 78 cities in 50 countries last year.

International trade missions and forums organised

In line with its drive to foster international cooperation, Dubai International Chamber organised multiple trade missions under its ‘New Horizons’ initiative.

These missions visited Indonesia, Vietnam, Senegal, Morocco, Serbia, Türkiye, Uganda, and Tanzania in 2024.

During these missions, a total of 2,205 bilateral business meetings were arranged between Dubai-based companies and their counterparts in these countries, representing an 88 per cent increase in the number of meetings compared to 2023.

The chamber also launched international editions of the Dubai Business Forum, including the Dubai Business Forum – China in Beijing and the Dubai Business Forum – UK in London, both of which collectively attracted 1,150 participants.

Additionally, the chamber organised key business forums in Dubai, such as the UAE-China Business Forum, the Dubai–Chile Business Forum, and the Vietnam–UAE Business Forum.

TA’ZIZ has awarded Samsung E&A a $1.7bn (Dhs6.2bn) engineering, procurement, and construction (EPC) contract to construct one of the world’s largest methanol plants in Al Ruwais Industrial City, located in the Al Dhafra region of Abu Dhabi.

The new plant, slated to produce 1.8 million tonnes per annum (mtpa) of methanol, will be the first of its kind in the UAE.

Set for completion in 2028, the facility will be powered by clean energy from the grid, making it one of the most energy-efficient methanol production plants globally.

TA’ZIZ is enabling ADNOC’s global ambition to lead the chemicals sector

Mashal Saoud Al-Kindi, CEO of TA’ZIZ, emphasised the project’s significance as a critical part of the UAE’s economic diversification strategy. “This landmark EPC contract award is a significant step in realizing TA’ZIZ’s vision to drive the UAE’s industrial growth by creating a world-scale integrated chemicals ecosystem in the Al Dhafra region,” said Al-Kindi. “The plant will enhance the UAE’s position as a leader in sustainable chemicals production and strengthen TA’ZIZ’s role in enabling ADNOC’s global ambition to lead the chemicals sector.”

TA’ZIZ, a joint venture between ADNOC and ADQ established in 2020, is focused on driving the UAE’s industrial development and economic diversification. The company aims to create an integrated ecosystem for manufacturing, industrial services, logistics, and utilities to support the production of chemicals and transition fuels.

The methanol plant is part of TA’ZIZ’s broader initiative to advance industrialization in the UAE and expand its chemicals value chain. The company plans to produce a range of chemicals, including low-carbon ammonia, polyvinyl chloride (PVC), ethylene dichloride, vinyl chloride monomer, and caustic soda. Many of these chemicals will be produced for the first time in the UAE.

Key partnership

Hong Namkoong, president and CEO of Samsung E&A, praised the partnership and the potential for industrial innovation. “This milestone underscores the power of collaboration in creating world-scale facilities that will position the UAE as a global hub for advanced methanol production,” he said.

This project follows the announcement in November 2024 of over $2bn in contracts for the development of essential site infrastructure, including utilities and a chemicals terminal, at the TA’ZIZ complex.

Methanol, a versatile chemical, is gaining prominence as a transition fuel due to its cleaner profile compared to traditional fuels like coal and diesel, especially in power generation and marine transportation.

It also serves as a key feedstock for producing various products, including plastics, resins, pharmaceuticals, and building materials.

Read: TA’ZIZ, Japan’s Mitsui to build ammonia plant in UAE, production to start 2027

At its core, human fraternity embodies coexistence – respecting traditions, beliefs, cultures, and religions, and supporting one another across any differences.

Young generations hold the key to translating these ideals into action with their energy, and imagination to dream of a better world and their awareness of the interconnectedness of humanity.

As a professor at NYU Abu Dhabi, I teach students theoretical concepts and practical tools for conflict resolution. Through empathy, negotiation, and mediation, we explore how disputes can be transformed into opportunities for understanding.

A key takeaway is recognising the challenges that people face around us and proactively exploring opportunities to create solutions that serve communities.

Youth Zayed Award for Human Fraternity honouree: Heman Bekele

The first-ever youth Zayed Award for Human Fraternity honoree Heman Bekele exemplifies how empathy for others can motivate innovation and progress.

Growing up in Ethiopia and witnessing the challenges facing his community enabled him to brainstorm and propose a novel approach to skin cancer treatment: a Skin Cancer Treating Soap, a compound-based bar of soap charged with immunotherapeutic drugs to fight the disease.

His journey highlights the extraordinary potential of young changemakers who, once they find their purpose, transform their communities through creativity and compassion.

Through my work with young people, I have witnessed their unique ability to pursue greater ambitions and leverage their knowledge for the greater good. Their inventiveness, coupled with dedication and compassion, underlines why we recognise them as changemakers. Yet, despite their immense potential, many young people face significant challenges, including limited access to education, healthcare, and employment. These barriers hinder their ability to contribute fully to their communities and to the world at large.

Changemakers should have the opportunities they need to thrive

It is our responsibility to ensure that these changemakers have the opportunities they need to thrive. By expanding access to resources and creating avenues for civic engagement – as well as personal growth – we empower young people to realise their potential as advocates for peace and progress.

As part of my work with the Zayed Award for Human Fraternity, I had the opportunity to engage with students participating in the Sounds of Human Fraternity programme – an initiative launched by NYU Abu Dhabi and the award that merges peace education with the transformative power of arts, offering students a unique platform to compose and showcase music that embodies the spirit of unity.

Like Heman, these students have the vision and the motivation to advance human fraternity through their interests, in particular arts and culture, and are eager to take advantage of programs and opportunities that allow them to do so.

Today, nations are recognising the vast opportunities youth empowerment can create. Initiatives like the United Nations Youth 2030 Strategy are guiding action with, and for, youth, prioritising peace and security, human rights, and sustainable development.

This strategy highlights the indispensable role of youth in contributing to the resilience of their communities and driving progress through innovation.

Closer to home, the Zayed Award for Human Fraternity exemplifies the transformative potential of youth-driven change. This independent and international award each year recognises individuals and organisations from diverse backgrounds who work tirelessly to advance the values of human fraternity and solidarity.

Established in 2019 following the signing of the Document on Human Fraternity by Pope Francis and Grand Imam of Al-Azhar Ahmed Al-Tayeb, the award places future generations at the heart of its mission. This year, for the first time since the award’s inception, a teenager has been selected as one of its recipients.

Bekele’s journey serves as a beacon of what is possible when young people are empowered with opportunities to lead.

By addressing a global healthcare challenge with ingenuity and compassion, he exemplifies the transformative role youth can play in advancing human fraternity and how young innovators can bridge divides and create solutions that impact lives across the globe.

Bekele’s ambition to help others is an inspiration to every person, no matter what age. His selection as a recipient of the 2025 Zayed Award for Human Fraternity is a reminder that young generations must be at the forefront of change, empowered to lead transformative efforts to shape a common, prosperous future, deeply rooted in the values of human fraternity.

Professor Ouided Bouchamaoui is a Nobel Peace Prize Laureate (2015), former Judging Committee Member of the Zayed Award for Human Fraternity, and professor of Practice of Diplomacy and Conflict Resolution at New York University Abu Dhabi (NYU Abu Dhabi).

The State Council and Majlis A’Shura in Oman have approved a draft law on personal income tax in the country.

The tax exemption limit has been raised to OMR50,000 to benefit the middle class, and the tax rate has been reduced to 5 per cent.

GCC countries: From tax havens to global business hubs

End-of-service gratuity and other benefits will be exempt from taxes, as they are not considered sources of income.

According to a report in the Oman Observer, the tax will only be imposed under suitable conditions.

Oman’s Minister of Finance also stated that raising VAT (Value Added Tax) will affect all residents, whereas the income tax will impact just 1 per cent of the Sultanate’s population.

Read: UAE set to roll out 15% tax for global corporate giants

Six other draft laws jointly issued by the councils include regulations on electronic transactions, public health, human organ and tissue transplants, individual income tax, special economic zones, and free zones.

Oman raised approximately OMR1.4bn in taxes in 2024, including corporate, selective, and VAT collections revenue.

The Roads and Transport Authority (RTA) in Dubai will be implementing three major developments on Sheikh Zayed Road.

Important: Dubai increases speed limits on these key roads

According to a Dubai Media Office report, these developments aim to enhance both capacity and efficiency on this critical road in Dubai.

The initiatives align with the RTA’s plan to:

• Improve the road network and mobility systems
• Ensure smooth traffic flow
• Keep pace with Dubai’s rapid urban growth and expansion

The addition of an extra lane

The first development involves extending the merging distances between Umm Al Sheif Street and Al Manara Street, heading toward Abu Dhabi. An additional lane will also be added for traffic headed toward Al Manara, increasing vehicle space by 30 per cent. This will improve the entry and exit flow on the road.

Modifications to service road exit

The second development includes remodelling the service road exit in front of the Shangri-La Hotel, leading to the first interchange on Sheikh Zayed Road, near Dubai Mall. The RTA plans to extend the merging distances between the service road and the exit toward Al Safa Street and Dubai Mall, which should significantly reduce congestion at this key point.

Watch: RTA unveils AI-powered detection system for Dubai’s roads

Extension of merging distances

The third initiative involves extending the merging distance between Al Marabi Street and Al Manara Street in the direction of Abu Dhabi. This reconstruction will reduce waiting times, ease traffic at the merge point, and increase traffic flow during peak hours.

Why these developments are necessary

Sheikh Zayed Road is a vital traffic corridor, connecting major commercial and financial hubs like the Dubai International Financial Centre, Burj Khalifa, and Dubai Mall. It also serves as a key route for global corporations, banks, and investment institutions in the area.

For this reason, the RTA places significant emphasis on its maintenance and development, as noted by Abdullah Lootah, Director of Road and Facilities Maintenance at the Traffic and Roads Agency.