- Al Hashemi: Our new offices help Dubai’s companies to expand to growing markets in the Middle East and Turkey, and attract foreign investment from these countries to the emirate
- Dubai International Chamber’s representative offices are brought to 15 offices across Africa, Latin America, Eurasia, India, and China.
- The Egyptian companies registered as members of the Dubai Chamber of Commerce, which are operating in the emirate are more than 14,700 Egyptian companies with a growth of 103% compared to 2016
- The volume of trade exchange between the UAE and Israel has increased significantly since they signed the Abraham Accords in 2020, reaching USD1.19 billion in 2021.
- The volume of non-oil trade between Dubai and Turkey in 2021 reached USD12.8 billion, making Turkey the seventh largest trading partner of the emirate
Dubai, United Arab Emirates – Dubai International Chamber, one of the three chambers operating under Dubai Chambers, announced the opening of three new representative offices in Egypt, Israel, and Turkey today, which are located in Cairo, Tel Aviv, and Istanbul respectively.
The Cairo office was officially inaugurated yesterday, on Sunday, in the presence of Mariam Khalifa Al Kaabi the UAE Ambassador in Egypt, Omar Khan the Executive Director of External Offices at Dubai International Chamber, and several Emirati and Egyptian businessmen leaders.
Dubai International Chamber’s representative office in Tel Aviv will open tomorrow, Tuesday, December 13, followed by the opening of the Istanbul office on Wednesday, December 14.
The opening of the new representative offices supports Dubai Chambers’ strategic goals to attract foreign business and direct investment to Dubai and to enhance its members expansion into international markets. The opening of these offices is in line with “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 commercial offices for Dubai around the world over the next few years.
“Dubai Global” initiative aims to attract multinational companies, small and medium enterprises, investors, and talents to the emirate by showcasing its competitive advantages, sharing investment information, and communicating with stakeholders abroad. With the support of its strategic partners from the public and private sectors, Dubai International Chamber aims to increase Dubai’s non-oil foreign trade volume from AED1.4 trillion to AED2 trillion by 2026, as part of the Dubai foreign trade plan.
Commenting on the opening of the new offices, Hassan Al Hashemi, the Vice President of International Relations at Dubai Chambers, said: “We are delighted to announce that three new representative offices in Egypt, Israel, and Turkey have joined our overseas offices. Dubai Chambers continues to lead the efforts of the business community in the emirate to enhance trade and economic cooperation between the UAE and global markets, and our new offices are helping Dubai’s companies to expand to growing markets in the Middle East and Turkey and attract foreign investment from these countries to the emirate.”
The opening of the new offices brings the number of representative offices of the Dubai International Chamber to 15 across Africa, Latin America, Eurasia, India, and China.
The tasks of Dubai International Chamber’s representative offices include supporting and guiding Dubai companies through all stages of their international expansion, from providing market intelligence and operational expertise to establishing the company, in addition to finding new mechanism to attract foreign direct investment from strategic markets to Dubai, and promoting the emirate as a preferred business hub and gateway to emerging markets.
Al Hashemi added: “We help Dubai Chambers’ members explore diverse investment opportunities in the region by developing our network of representative offices, organizing corporate networking events, and facilitating partnerships between public and private sectors. In light of the great economic potentials of Egypt, Israel, and Turkey, we are working to stimulate trade exchange between the UAE and the three countries to strengthen cooperation in new and existing trade sectors, and to allow the benefit of the huge investment opportunities offered by Dubai’s diverse business environment for Egyptian, Israeli, and Turkish companies.”
Egypt
With trade between the UAE and Egypt reaching USD7.5 billion in 2021, Dubai International Chamber’s new representative office in Cairo will strengthen trade relations between the two countries and enhance mutual investment in the key sectors, including trade, industry, food industries, information technology, and maritime services.
The Cairo office will provide Dubai’s companies with information on the Egyptian market, access strategies, and operational expertise which will enhance business opportunities in Egypt. Similarly, the new office will allow Egyptian multinationals and small and medium enterprises in Egypt to gain the necessary financial and operational expertise as well as access to trusted partners in Dubai.
Egypt is Dubai’s second trading partner in Africa and ranked twentieth globally in Dubai’s list of trading partners last year. The number of Egyptian companies registered as members of the Dubai Chamber of Commerce and operating in the emirate is more than 14,700 Egyptian companies, representing a growth of 103% compared to the number of companies in 2016, reflecting Dubai’s importance and good reputation to Egyptian businessmen and entrepreneurs. Moreover, Egypt is one of the largest startup hubs in Africa, accounting for 14% of all startups in Africa according to The Organization for Economic Cooperation and Development report.
Israel
Israel is a strategic market for Dubai. The volume of trade between the UAE and Israel has increased significantly since they signed the Abraham Accords in 2020, reaching USD1.19 billion in 2021.
Dubai Chamber’s new representative office in Tel Aviv will strengthen the relationship between the two countries and open new horizons, especially in the sectors of electronics, information technology, clean energy, aerospace, retail, machinery and vehicles, chemicals, and the food industries.
The new representative office will also enable Dubai Chambers’ members to explore expanding opportunities in Israel, engage with potential stakeholders and partners to facilitate their access to new markets, expand their businesses in Israel, and forge strong overseas partnerships.
The new office will support Israeli investors in exploring investment opportunities in Dubai and allow Israeli multinationals and small and medium enterprises to expand their presence in the Middle East, North Africa, and South Asia by benefiting from the emirate’s strategic location, its close business ties, and easy access to surrounding markets.
Turkey
The volume of non-oil trade between Dubai and Turkey in 2021 reached USD12.8 billion, making Turkey the seventh largest trading partner of the emirate. In turn, the UAE is Turkey’s largest trading partner in the Gulf Cooperation Council region. Upon completion of the upcoming free trade agreement between the two countries, the volume of trade is expected to double to USD27.4 billion.
Through its new representative office in Turkey, Dubai International Chamber seeks to strengthen the already strong relationship between the two countries and identify new trade and investment opportunities in key sectors such as automotive, agriculture, textiles, logistics, and chemicals.
The office will also work to find new communication channels and economic cooperation between Emirati and Turkish companies, and cooperate with Turkish partners in organizing networking events, business forums, and business meetings between companies.
The Istanbul office will focus on building strong relationships with key stakeholders in the public and private sectors, helping companies in Dubai expand into the Turkish market and supporting Turkish companies that intend to enter the Dubai market and expand through it to the rest of the world.
Source: Dubai International Chamber
