Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has opened three new international representative offices based in Cairo, Tel Aviv, and Istanbul, respectively.
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 several high-profile Emirati and Egyptian business leaders.
The formal inauguration of the representative office in Tel Aviv will take place in the Israeli capital today while the Istanbul office will be launched on Wednesday.
The new offices support Dubai Chambers’ strategic goals to attract international business and investment to Dubai and to drive its members’ global expansion. 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 in five continents by 2030.
“Dubai Global” initiative aims to attract foreign multinational corporations (MNCs) and small and medium-sized enterprises (SMEs) investors, and international talent to Dubai 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 Dubai’s non-oil foreign trade from $380 billion to $540 billion by 2026, as part of the emirate’s five-year foreign trade plan.
Commenting on the inauguration of the new offices, Hassan Al Hashemi, Vice President of International Relations, at Dubai Chambers, said that with the addition of three new bases to their global network of international representation offices, Dubai Chambers continues to lead the Emirate’s business community’s efforts to strengthen avenues of trade and economic cooperation between the UAE and regional markets, and our new offices will help expand Dubai companies’ access to the growing markets while attracting inward investment from these countries into Dubai.”
The new openings bring the number of Dubai International Chamber’s representative offices worldwide to 15. The chamber already has representative offices across Africa, Latin America, Eurasia, India, and China.
Through global network development, business engagement events and facilitation of public-private sector partnerships, the Chambers hopes to provide its member companies with unparalleled opportunities to navigate the diverse investment opportunities in the region.
“The economic potential in Egypt, Israel, and Turkey, is impressive. We will continue to drive bilateral trade between the UAE and the three countries to boost collaboration in new and existing commercial sectors and unlock the endless opportunities of Dubai’s highly diverse business environment for Egyptian, Israeli, and Turkish businesses,” Al Hashemi added.
With trade between UAE and Egypt reaching US$7.5 billion 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.
The Cairo office will offer Dubai businesses market intelligence, route-to-market strategies, and operational set-up expertise, maximising business opportunities in Egypt.
Israel is a market of strategic importance to Dubai. Since the UAE and Israel signed the historic Abraham Accords in 2020, the bilateral trade between the two countries dramatically increased reaching $1.19 billion in 2021.
The Tel Aviv office further strengthens the trade relationship between UAE and Israel, unlocking opportunities, particularly in electronics, water security, clean energy, space, retail, culture, machinery, vehicles, chemicals, and food.
Non-oil trade between Dubai and Turkey reached $12.8 billion 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 $27.4 billion.
Through the new office, Dubai International Chambers 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.