Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, has inaugurated a new international representative office in London, United Kingdom.
The launch of the new office, which is DIC’s first representative office in Europe and 20th globally, marks a significant step in the chamber’s global expansion strategy.
The new office will focus its efforts on strengthening relationships with key public and private sector stakeholders, as well as supporting UK companies that are seeking to relocate to or expand into Dubai and grow their business internationally through the emirate. The number of UK companies registered with Dubai Chamber of Commerce reached 9,200 at the end of 2022, registering an increase of 69 percent since 2016.
Long journey of mutual cooperation
The office was officially inaugurated today during a special ceremony in London with the participation of Mansoor Abdullah Khalfan Juma Abulhoul, the UAE’ Ambassador to the United Kingdom; Simon Penney, His Majesty’s Trade Commissioner (HTMC) for the Middle East and Pakistan and His Majesty’s Consul General (HMCG) to Dubai; and Khalid Al Shamsi, Vice President of Operations at Dubai Chambers.
“It is a real honour to open the Dubai International Chamber Representative Office in London, and long overdue given the illustrious relationship between our two countries! The UAE is comfortably the UK’s largest trading partner in the Middle East, and third largest outside of Europe after the US and China.
The opening of the Representative Office is the next step in a long journey of mutual cooperation and prosperity between the Emirates and the UK. It follows the hugely successful Sovereign Investment Partnership and last month’s UAE-UK Strategic Dialogue. I look forward to the next chapter of our economic relationship.”
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers commented,
“As Dubai International Chambers’ first international office in Europe, the opening of our 20th commercial representative office in London is a landmark occasion that will bring far-reaching benefits. The United Kingdom has always been a key strategic market for Dubai and a land of opportunity where our members can thrive as they seek out exciting new trade and investment opportunities.”
“Today’s inauguration represents another important step on our journey to consolidate Dubai’s position as a leading global business destination and further strengthens the close historic economic ties between Dubai and the United Kingdom.”
The opening of the London office comes as part of the Dubai Global initiative, which was launched last year by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai.
50 international offices
The initiative aims to develop a powerful network of 50 international representative offices worldwide by 2030 that will support Dubai Chambers’ strategic goals of attracting international business and investment to Dubai and driving the global expansion of its members.
According to Dubai Customs statistics, the UK ranked 14th on Dubai’s list of trading partners in 2022, with non-oil trade achieving year-on-year growth of 28.6 percent to reach AED29.7 billion. The representative office will open new channels for communication and economic cooperation between businesses and organisations in the two markets, and aims to unlock promising opportunities to enhance trade volumes and bilateral investments.
Growing UK exports to UAE
According to International Trade Centre, the UK exports of aircraft, spacecraft, and parts to the UAE amounted to AED6.24 billion in 2022, and have the potential to be increased to AED8.45 billion.
Meanwhile, exports of motor vehicles and parts could grow from AED2.5 billion to AED5.5 billion.
Exports of processed or preserved food products have the potential to expand from AED528 million to AED642 million, while meat exports could reach as high as AED282 million, up from just AED13 million.
Huge potential of UAE exports to UK
Strong opportunities also exist to increase UAE exports to the UK. Precious metals exports are currently at only 17 percent of their full potential and could increase from AED286 million to AED1.66 billion.
Exports of electronic equipment have the potential to expand from AED183 million to AED1.45 billion, while exports of jewellery and precious metal articles could rise from AED558 million to AED1.01 billion.
Similarly, exports of machinery have the potential to expand from AED474 million to AED867 million.
Dubai’s strategic location and world-class logistics facilities have established it as a trade hub of choice for UK companies with global ambitions. The emirate serves as a gateway between East and West that offers convenient access to 2.2 billion consumers and unlocks opportunities for businesses looking to expand their footprints in the GCC, Africa, and South America.
News Source: Emirates News Agency