3-year plan under way to elevate Dubai as a global trade hub

The three-year strategy (2022-2024) aligns with the grand vision of boosting Dubai’s non-oil foreign trade to Dh2 trillion.

Dubai is pressing ahead with a strategy to elevate its position as a global trade hub by attracting 50 multinational companies within three years and enabling the overseas expansion of 100 companies based out of the emirate

The three-year strategy (2022-2024) aligns with the grand vision of boosting Dubai’s non-oil foreign trade to Dh2 trillion. It was given the go ahead by Dubai International Chamber’s board of directors at a virtual meeting.

Dubai’s non-oil foreign trade jumped 31 per cent year-on-year to Dh722.3 billion in the first half of 2021. Exports surged 45 per cent to Dh109.8 billion while imports rose 29.3 per cent to Dh414 billion. In 2020, Dubai recorded a total non-oil foreign trade value of Dh1.403 trillion, down 12.47 per cent amid the pandemic.

The plan envisages the enhancement of Dubai’s business environment while making it more conducive to business growth with a focus on multinational companies, according to Sultan bin Sulayem, chairman of Dubai International Chamber, who chaired the board meeting.

A key part of the plan is to extend support to multinational companies and motivate them to list on the Dubai Financial Market.

Sulayem said the new strategy supports the five-year plan announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to increase Dubai’s non-oil foreign trade to Dh2 trillion. “Once implemented, the plan would elevate Dubai’s position in the global arena and expand the emirate’s trade partnerships with potential markets around the world.”

The chamber, which was established to strengthen partnerships with global corporations, investors and entrepreneurs and boost Dubai’s status as a major trade hub, is well positioned to achieve the new trade targets. It enjoys access to representative offices across Africa, Eurasia and Latin America that are working to facilitate Dubai’s trade flows with other countries, said Sulayem. He noted that 30 target markets have been identified under the strategy that offers huge economic growth potential.

The three-year strategy enables the chamber to more effectively promote Dubai as a preferred global business hub for leading multinational companies. Their presence will help enhance Dubai’s competitiveness in key sectors such as trade, infrastructure, logistics, digital economy, retail and manufacturing among others, said Sulayem.

During the meeting, the board approved Dubai International Chamber’s budget for the current year.

Board members included Helal Saeed Almarri, vice chairman of Dubai International Chamber, and board members Stephen Moss; Gassan Al Kibsi; May Nasrallah, Mark Willis, Nader Haffar, Dr. Habib Al Mulla, Nabil Habayeb, Sanjiv Kakkar, Elissar Farah Antonios, Julia Onslow-Cole, Shukri Eid, Ahmad Alkhallafi, Rola Abu Manneh, and Hamad Buamim, president & CEO of Dubai Chambers. — issacjohn@khaleejtimes.com