Dubai International Chamber’s new offices boost the emirate’s bilateral ties with global markets

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Dubai, UAE – Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has inaugurated new international offices in Egypt, Israel and Türkiye, last week, in line with its strategic objective to maximize business opportunities in priority markets globally, and support the international expansion plans of Dubai companies, enhancing the emirate’s economic ties with global markets.

The launch of the new offices in Cairo, Tel Aviv, and Istanbul, respectively, expands the Chamber’s global network to 15 representation offices around the world. These play an instrumental role in accelerating the Chamber’s business expansion and attraction objectives while reinforcing Dubai’s position as one of the world’s leading commercial hubs.

The inauguration ceremonies in the three markets saw high-level presence from the UAE and the respective countries, including government officials, ambassadors, and local business representatives.

“I am pleased to say that the three office openings have been a tremendous success. We will hit the ground running, engaging businesses as well as public and private sector stakeholders within these markets to enhance economic cooperation, increase trade and drive investment activities. We look forward to co-organising networking events and seminars for businesses as well as carry out business matching with partners in these respective countries,” said Hassan Al Hashemi, Vice President of International Relations at Dubai Chambers.

The synergy between the UAE and Egypt, Israel, and Türkiye is compelling and the opening of the new representative offices will only stand to further strengthen economic ties and increase the flow of bilateral trade.

UAE has maintained a positive trade balance with Egypt, with total non-oil trade reaching US$7.5 billion in 2021. Egypt’s ranking on Dubai’s trading partners list jumped from 25th in 2011 to 20th in 2021, while coming second on Dubai’s list of top trading partners in Africa in 2021.

“The UAE believes that the future of regional security depends on strong multilateral partnerships and a shared commitment to achieving stability and prosperity through peaceful political and economic means, and the Comprehensive Economic Partnership agreements will continue to pave the way for more opportunities for the people of the region and open the door to the vital economic development of the Middle East, accelerating and enhancing countries’ trade and increasing the ease of doing business across the region, and in other markets such as Europe, Asia, Africa and Latin America,” said H.E. Mariam Khalifa Al Kaabi, UAE Ambassador to Egypt.

Dubai’s non-oil trade with Turkiye reached US$12.8 billion in 2021. The country’s ranking on Dubai’s trading partners list jumped from 20th in 2011 to 7th in 2021.

Commenting on the inauguration, H.E. Saeed Thani Hareb Al Dhaheri, UAE Ambassador to Turkiye said, “The strategic location of the UAE and Türkiye between Asia and Europe serves both East and West and provides optimal commercial conditions for the two countries to facilitate trade. The comprehensive development witnessed by the two cities (Dubai – Istanbul) and the high competitiveness made both sides an important economic and commercial center and a key destination for global and regional companies.”

Echoing similar sentiments, Fatma Nilgun Emrem, Chairman of the Turkish Business Council in Dubai said, “The opening of Dubai International Chamber in Turkiye will have definitely a very positive impact for all the Turkish investors, entrepreneurs and will be well received. It is a token of commitment to achieve the targeted growth in bilateral trade. The real sector will have the comfort of availing firsthand and reliable information as well as direct contact with the relevant officials, which will accelerate the entry for investors into the UAE market with confidence. We as Turkish Business Council for Dubai and Northern Emirates, would like to congratulate Dubai Chamber of Commerce for this initiative that comes at the perfect timing.”

Bilateral trade between the UAE and Israel reached US$1.19 billion in 2021 and Israel’s ranking on Dubai’s trading partners list jumped from 110 in 2020 to 58 in 2021.

Dubai Chambers is the engine of economic advancement for the emirate and is committed to attracting foreign investments and international companies to the emirate as well as supporting its member companies with global expansion. The chambers will continue to launch new initiatives to engage with businesses and cement Dubai’s position as a global business hub.

In line with this strategy, Dubai International Chamber continues to attract foreign MNCs, SMEs, investors and international talent to Dubai and showcases the emirate’s competitive advantages, sharing investment intelligence and engaging with overseas stakeholders. The Chamber works to support the ‘Dubai Global’ initiative, launched by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council in 2022 to establish 50 representative offices for Dubai in five continents by 2030.

About:

Dubai International Chamber one of three chambers operating under the umbrella of Dubai Chambers, was established to promote Dubai as a global business hub, attract multinational companies and expand the emirate’s trade ties with promising markets. The Chamber has a mandate to meet His Highness Sheikh Mohammed’s ambition to increase Dubai’s foreign trade from AED 1.4 trillion to AED 2 trillion by 2026