UK-UAE trade in goods and services rise 56.7% in 12 months

DMCC pitches UAE-UK bilateral trade to business leaders in London

Ahmed bin Sulayem speaks at the event in London. - Supplied photo

By WAM

Published: Thu 4 May 2023, 2:53 PM

Total trade in goods and services between the UK and UAE increased by 56.7 per cent to $23.5 billion in the 12 months leading up to Q3 2022, Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, said in London, underscoring the deep commercial ties between the two countries.

DMCC recently concluded its “Made For Trade Live” global roadshow in London, its eighth in the British capital, hosting business leaders from across the United Kingdom to showcase Dubai’s unique business environment to companies looking to expand internationally.

Held in partnership with the Arab British Chamber of Commerce (ABCC) and Asia House, the event saw senior DMCC executives brief 150 business leaders from various sectors on the ease of doing business in Dubai through DMCC, one of the world’s most interconnected business districts. The discussion shed light on opportunities to strengthen trade relations between the UAE and the UK, in light of the ongoing free trade agreement discussions.

Throughout the roadshow, DMCC highlighted Dubai’s resilience to global economic headwinds, its low inflationary environment, and its business-friendly policies, which have cemented its reputation as an international business and trade hub.

Bin Sulayem said, “We are home to roughly 40 per cent of British businesses in the UAE. We are back in London and speaking directly to business leaders to showcase the significant potential that DMCC offers UK businesses looking to set up in Dubai and trade globally.”

Over the years, DMCC has been instrumental in developing and elevating the UAE-UK bilateral trade. It currently houses over 2,000 British companies, equivalent to around 8 per cent of its member company base, acting as a conduit to British businesses looking to tap into regional and international markets by setting up a base in Dubai.

DMCC’s Made for Trade Live roadshows play an influential role in showcasing Dubai as a prime destination for business by highlighting its unique value proposition and attracting FDI to the emirate. In Q1 2023, DMCC attracted a record-breaking 708 new companies to its free zone, bringing the total number of businesses in DMCC to nearly 23,000.