DMCC looks to grow $23 billion UAE-US trade corridor

DMCC is home to more than a third of the approximately 1,500 US businesses in the UAE and it seeks to attract more companies from the US to the UAE



Ahmed bin Sulayem, executive chairman and chief executive officer, DMCC, addressing the event. — Supplied photo
Ahmed bin Sulayem, executive chairman and chief executive officer, DMCC, addressing the event. — Supplied photo
by

A Staff Reporter

Published: Thu 29 Sep 2022, 4:59 PM

Last updated: Thu 29 Sep 2022, 5:00 PM

Dubai Multi Commodities Centre (DMCC) sees significant opportunities for growth in the UAE–US trade corridor, which was worth $23 billion in 2021, not least because of the recently signed codeshare agreement between Emirates and United Airlines.

DMCC, which has successfully concluded Made For Trade Live events in Miami and New York, is home to more than a third of the approximately 1,500 US businesses in the UAE and it seeks to attract more companies from the US to the UAE.

The two Made For Trade Live events were hosted in partnership with AmCham Dubai, Brooklyn Chamber of Commerce and Versailles Ventures. They saw 120 business leaders from Miami and New York briefed on the commercial appeal of Dubai and the ease of doing business with DMCC, the fastest growing and most interconnected free zone in the world.

With Dubai firmly positioned as a global hub for financial services, crypto and commodities trade, DMCC executives also highlighted the opportunities in Dubai for US businesses in these key areas.

“With its truly world-leading trade infrastructure, pro-business regulations and policies, as well as its drive to be a global hub in critical areas such as crypto and commodities trade, Dubai is the perfect place for US businesses to expand their operations. These trade roadshows allow DMCC to highlight the Dubai and wider UAE opportunity, and reflect on our mandate of facilitating trade, removing barriers to entry and unlocking new business opportunities," Ahmed bin Sulayem, executive chairman and chief executive officer, DMCC, said.

"We were thrilled to be on the ground in the United States maintaining and forging new relationships that will unlock a host of exciting new commercial opportunities and, ultimately, strengthen global trade,” he said.

Cara Nazari, managing director, AmCham Dubai, added: “Time and again, we have seen Dubai’s remarkable ability to act as a catalyst for the international growth of American businesses. DMCC’s work in highlighting this opportunity to key markets in New York and Miami aligns perfectly with our mission, which is why we are proud to support their outreach through these important roadshows.”

Randy Peers, president and CEO, Brooklyn Chamber of Commerce, said: “Providing new channels for the growth of Brooklyn’s businesses drives everything we do. It is clear that through DMCC and Dubai, any American business has the ability to target some of the world’s fastest-growing markets. We look forward to working with DMCC on further events like this in the future.”

Following the success of the two events in the US, DMCC’s executive management team will be continuing the tour and travelling to South America to engage with the business communities in Brazil over the coming weeks.

DMCC has played a significant role in enhancing the UAE-US trade and business relations and is currently home to over 634 leading American businesses, which use the free zone as a hub for doing business with countries around the world.

DMCC’s Made for Trade Live series plays a key role in promoting Dubai as a prime destination for foreign direct investment (FDI). DMCC attracted a record-breaking 2,485 new companies to the free zone in 2021 and 1,469 new companies in the first half of 2022, bringing the total number to over 21,000 member businesses, from large multinationals through to SMEs and entrepreneurs.

— muzaffarrizvi@khaleejtimes.com


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