Dubai Chamber Aims To Attract Several MNCs In The Next Three Years
Dubai International Chamber (DIC) has set an ambitious target of attracting 50 multi-national companies to Dubai within three years. The Emirate has already has the distinction of being the hub of start-up activities in the MENA region and the local start-ups have raised nearly $2 billion in 2021.
With the government offering several incentives to foreign investors, the Emirate has attracted $4.3 billion in foreign direct investment by implementing 378 projects in the first three quarters of 2021
According to the Dubai FDI Monitor, FDI reinvestment projects accounted for 11% of the total FDI projects in Dubai. Likewise, 16,430 new jobs were created due to FDI during the same period.
The UK, France and the US are among the top FDI source countries followed by Saudi Arabia and India, the data shows. These five countries together accounted for 725 of the total capital inflow into Dubai.
DIC Chairman Sultan bin Sulayem said the Chamber’s new strategy (2022-2024) will support the five-year plan announced by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to boost Dubai’s foreign trade to $540 billion and explore 30 target markets offering huge economic potential.
The new strategy also aims to strengthen Dubai’s position as a global trade hub, attract multinational companies to the emirate and support local companies with international expansion.
The new strategy supports the external expansion of 100 companies from Dubai to priority foreign markets within two years with the aim of improving the business environment in Dubai and making it conducive to business growth with a focus on multinational companies. This will be in addition to supporting and motivating multinational companies to list on the Dubai Financial Market.
Elevate Dubai’s Position
Sultan bin Sulayem said new plan announced by HH Sheikh Mohammed, once implemented, would elevate Dubai’s position in the global arena and expand the emirate’s trade partnerships with promising markets around the world.
He said DIC was well positioned to achieve the new trade targets announced by HH Sheikh Mohammed as it enjoyed access to representative offices across Africa, Eurasia and Latin America that are working to facilitate Dubai’s trade flows with other countries. He noted that 30 target markets have been identified under the strategy adopted by Dubai International Chamber, which offer huge economic potential.
The new strategy enables DIC to more effectively promote Dubai as a preferred global business hub and attracting leading multinational companies to the emirate, which can enhance its competitiveness in key sectors such as trade, infrastructure, logistics, digital economy, retail and manufacturing among others.
Dubai International Chamber was established to strengthen partnerships with global corporations, investors and entrepreneurs and boost Dubai’s status as a major trade hub. Adopting a more specialised approach to driving Dubai’s foreign trade, the chamber promotes opportunities that the emirate offers in facilitating trade flows.
The Chamber was established under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, as part of a recent government restructuring that aims to drive a comprehensive economic development in Dubai.