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Dubai International Chamber of Commerce, one of three chambers under the Dubai Chamber umbrella, has opened three new international representative offices in Egypt, Israel and Turkey, in Cairo, Tel Aviv and Istanbul.
The new opening supports the Dubai Chamber’s strategic objectives of attracting international business and investment to Dubai and driving the global expansion of its members. They are in line with the ‘Dubai Global’ initiative launched by His Highness 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 on five continents by 2030.
The Cairo office was officially inaugurated at a special ceremony attended by Mariam Khalifa Al Kaabi, UAE Ambassador to Egypt; Omar Khan, Executive Director, International Office, Dubai International Chamber of Commerce; and a number of high-profile Emirati and Egyptian business leaders.
The official inauguration of the Tel Aviv representative office will take place tomorrow in the Israeli capital, with the Istanbul representative office on Wednesday.
dubai target
“Dubai Global” aims to attract foreign multinational companies, SMEs, investors and international talents to Dubai by showcasing Dubai’s competitive advantages, sharing investment intelligence and interacting with overseas stakeholders. With the support of strategic public and private sector partners, Dubai International accelerates efforts to increase Dubai’s non-oil foreign trade from AED1.4 trillion (US$380 billion) by 2026 as part of Dubai’s five-year foreign trade plan to 2 trillion dirhams.
Commenting on the inauguration of the new office, Hassan Al Hashemi, Vice President International Relations, Dubai Chamber, said: “Dubai Chamber continues to lead the Dubai business community in its efforts to strengthen channels of trade and economic cooperation between the UAE and regional markets The new office will help expand Dubai companies’ access to growing markets while attracting investment from these countries to Dubai.”
The new office brings DICC’s global presence to 15. The Chamber already has representative offices in Africa, Latin America, Eurasia, India and China.
dual mission
The international office’s dual mission is to support and guide Dubai companies through every stage of their international expansion journey, from market intelligence and business introductions to company set-up, and to create new mechanisms to attract foreign direct from key markets of strategic importance to Dubai. Investment, promotion of the emirate as a preferred business center and gateway to emerging markets.
Al Hashemi added: “Through global network development, business engagement events and the facilitation of public-private sector partnerships, we offer our member firms unparalleled opportunities to harness the region’s diverse investment opportunities. Economies of Egypt, Israel and Turkey The potential is impressive and we will continue to promote bilateral trade between the UAE and these three countries to facilitate cooperation in new and existing business areas and unlock unlimited business opportunities for the highly diverse business environment in Dubai Egypt, Israel and Turkish companies.”
Egypt
With trade between the UAE and Egypt reaching $7.5 billion in 2021, Dubai International Chamber of Commerce’s new office in Cairo will strengthen business ties between the two countries, boosting trade in key sectors such as manufacturing, agribusiness, IT and maritime investment contacts
The Cairo office will provide Dubai businesses with market intelligence, go-to-market strategy and operational setup expertise to maximize business opportunities in Egypt. Likewise, MNCs and SMEs in Egypt will gain market and operational expertise and access to trusted partners in Dubai.
Egypt is Dubai’s second-largest trading partner on the African continent in 2021 and ranked 20th globally in Dubai’s list of trading partners last year. Reflecting Dubai’s importance and reputation for Egyptian businessmen and entrepreneurs, the number of Egyptian companies registered as members of the Dubai Chamber of Commerce and operating in the emirate exceeded 14,700, an increase of 103% compared to 2016. Furthermore, Egypt is one of the continent’s largest startup hubs, accounting for 14% of all startups in Africa, according to an OECD report.
Israel
Israel is a strategically important market for Dubai. Since the UAE and Israel signed the historic Abraham Accords in 2020, bilateral trade between the two countries has grown significantly, reaching $1.19 billion in 2021.
The Tel Aviv office further strengthens the trade relationship between the UAE and Israel, unlocking opportunities especially in the fields of electronics, water security, clean energy, space, retail, culture, machinery, vehicles, chemicals and food.
The Tel Aviv office will enable Dubai businesses to explore expansion opportunities across Israel, connecting them with trusted stakeholders and potential partners to help them enter new markets, scale their businesses and secure cross-border partnerships.
It will also support Israeli investors looking for business opportunities in Dubai and enable Israeli multinationals and SMEs to expand into the MENASA region taking advantage of the emirate’s strategic location, connectivity and excellent geographic access.
turkey
Non-oil trade between Dubai and Turkey will reach $12.8 billion in 2021, making Turkey Dubai’s seventh-largest trading partner. The UAE is Turkey’s largest trading partner in the Gulf, and with the two countries’ expected CEPA free trade agreement, bilateral trade is expected to double to $27.4 billion.
With the new office, DICC aims to strengthen the already strong business relationship between the UAE and Turkey, capitalizing on new trade and investment opportunities in key sectors such as automotive, agriculture, textiles, logistics and chemicals.
The Istanbul office will create new channels for exchange and economic cooperation between UAE and Turkish businesses, organizing networking events, business seminars and business matching events with Turkish partners.
It will also work to build strong relationships with key public and private sector stakeholders, support Dubai companies expanding into Turkey, and assist Turkish companies to enter the Dubai market and expand internationally through the emirate. — trade arab news agency
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