3-year Strategy to Set Dubai as a Global Trade Hub

Dubai International Chamber’s board of directors approved a new strategy for the next three years (2022-2024), aiming to strengthen Dubai's position as a global trade hub to attract multinational companies to the emirate and support local companies with international expansion.

The virtual meeting was led by Sultan bin Sulayem, Chairman of Dubai International Chamber, and attended by Helal Saeed Almarri, Vice Chairman of Dubai International Chamber and board members Stephen Moss; Gassan Al-Kibsi; May Nasrallah, Mark Willis, Nader Haffar, Dr. Habib Al Mulla, Nabil Habayeb, Sanjiv Kakkar, Elissar Farah Antonios, Julia Onslow-Cole, Shukri Eid, Ahmad Alkhallafi and Rola Abu Manneh, as well as H.E. Hamad Buamim, President & CEO of Dubai Chambers.

During a virtual meeting, the board approved Dubai International Chamber’s budget for the current year and discussed the priorities and plans outlined under its three-year strategy.

The new strategy focuses on attracting 50 multinational companies to Dubai within three years, supports the external expansion of 100 companies from Dubai to priority foreign markets within two years with the aim of improving the business environment in Dubai and making it conducive to business growth with a focus on multinational companies. In addition to supporting and motivating multinational companies to list on the Dubai Financial Market.

Bin Sulayem said new strategy supports the five-year plan announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, to boost Dubai’s non-oil foreign trade to AED2 trillion. He added that the plan, once implemented, would elevate Dubai’s position in the global arena and expand the emirate’s trade partnerships with promising markets around the world.

He said Dubai International Chamber is well positioned to achieve the new trade targets announced by H.H. Sheikh Mohammed as it enjoys 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 have been identified under the strategy adopted by Dubai International Chamber, which offer huge economic potential.

Bin Sulayem said the new strategy enables Dubai International Chamber to more effectively promote Dubai as a preferred global business hub and attracting leading multinational companies to the emirate, which can enhance its competitiveness in key sectors such as trade, infrastructure, logistics, digital economy, retail and manufacturing among others.

Dubai International Chamber was established under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum as part of a recent government restructuring that aims to drive a comprehensive economic development in Dubai.

News Source: Emirates News Agency