Dubai is looking to increase non-oil foreign trade to $545bn by 2026, says the Dubai International Chamber.
To aid the ambitions it will open 50 offices across five continents by 2050 to represent the city’s businesses and share investment intelligence with overseas investors.
This week new offices will open in in Egypt, Israel and Turkey, based in Cairo, Tel Aviv and Istanbul, respectively.
Dubai Chambers expansion
The Cairo office was officially inaugurated at a special ceremony in the presence of Mariam Khalifa Al Kaabi, UAE Ambassador to Egypt; Omar Khan, Executive Director, International Offices at Dubai International Chamber; and a number of high-profile Emirati and Egyptian business leaders.
The formal inauguration of the representative office in Tel Aviv will take place in the Israeli capital on Tuesday, December 13 and the Istanbul office will follow on Wednesday, December 14.
The new openings support strategic goals to attract international business and investment to Dubai and to drive global expansion of its members.
They are in line with the ‘Dubai Global’ initiative launched by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council to establish 50 representative offices for Dubai in five continents by 2030.
Dubai Global aims to attract foreign multi-national companies, small and medium enterprises, investors, and international talent to the city by showcasing the emirate’s competitive advantages, sharing investment intelligence, and engaging with overseas stakeholders.
Supported by strategic public and private sector partners, Dubai Global accelerates efforts to boost the emirate’s non-oil foreign trade from $381bn (AED1.4tn) to $545bn (AED2tn) by 2026, as part of the emirate’s five-year foreign trade plan.
The new openings bring the number of the International Chamber’s representative offices around the world to 15. The Chamber already has representative offices across Africa, Latin America, Eurasia, India, and China.
International offices have a dual mission of supporting and guiding local companies through every stage of their international expansion journey, from market intelligence and business introductions to company set-up, and create new mechanisms to attract FDI from key markets of strategic importance to the city, promoting the emirate as a preferred business hub and gateway to access emerging markets.
Hassan Al Hashemi, Vice President International Relations, Dubai Chambers, said, “We are delighted to announce the addition of three new bases in Egypt, Israel and Turkey to our global network of international representation offices”
Egypt
With trade between UAE and Egypt reaching $7.5bn in 2021, Dubai International Chamber’s new office in Cairo will strengthen the commercial relationship between the two countries, boosting investment ties in key sectors including trade manufacturing, agribusiness, IT and maritime
Egypt was Dubai’s second trading partner in Africa in 2021 and last year ranked 20th globally on the list of Dubai’s trading partners.
The number of Egyptian companies registered as members of the Chamber of Commerce and operating in the emirate amounts to more than 14,700 companies, which represents a growth of 103% compared to 2016 numbers.
Israel
Israel is a market of strategic importance to the UAE. Since the UAE and Israel signed the historic Abraham Accords in 2020, the bilateral trade between the two countries increased reaching $1.2bn in 2021.
The Tel Aviv office further strengthens the trade relationship between UAE and Israel, unlocking opportunities particularly in the areas of electronics, water security, clean energy, space, retail, culture, machinery, vehicles, chemicals, and food.
Turkey
Non-oil trade between Dubai and Turkey reached $12.8bn in 2021, making Turkey the 7th largest trading partner to the emirate.
The UAE is Turkey’s largest trade partner in the Gulf, and with the anticipated CEPA free trade agreement between the two countries, bilateral trade is expected to double to $27.4bn.
The new office aims to strengthen an already robust commercial relationship between the UAE and Turkey, capitalising on new trade and investment opportunities in key sectors such as automotive, agriculture, textile, logistics and chemicals.
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