Dubai to cement its position as global trade hub with new ‘3-year strategy’

By Arya M Nair, Official Reporter
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Dubai Chamber
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Dubai International Chamber has approved a new three-year plan (2022-2024) aimed at cementing Dubai’s status as a global trade hub, attracting multinational companies to the emirate, and supporting local businesses with international expansion.

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

The new strategy aims to attract 50 multinational companies to Dubai in three years and support the external expansion of 100 companies from Dubai to priority foreign markets in two years, with the goal of improving Dubai’s business environment and making it more conducive to business growth, in addition to supporting and motivating multinational companies to list on the Dubai Financial Market (DFM).

HE Sultan bin Sulayem, Chairman of the Chamber stated that the strategy supports the five-year plan announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai in 2021, which seeks to boost Dubai’s non-oil foreign trade to $545 billion. Once implemented, the plan is expected to elevate Dubai’s position in the global arena and expand the emirate’s trade partnerships with promising markets around the world.

The Dubai International Chamber is ideally positioned to address the new trade objectives as it enjoys access to representative offices across Africa, Eurasia and Latin America that are working to facilitate Dubai’s trade flow with other countries. 30 target markets have been identified under the strategy, which offers huge economic potential.

The strategy enables Dubai International Chamber to effectively promote Dubai as a preferred global business hub, strengthening its competitiveness in key sectors such as trade, infrastructure, logistics, digital economy, retail, and manufacturing.

Related: Dubai approves plans for 30% CO2 emissions reduction by end of 2030