DIC opens its first office in South Africa to enhance bilateral trade and investment opportunities between Dubai and Johannesburg.
The Dubai International Chamber (DIC) has inaugurated its inaugural office in Johannesburg, South Africa, further strengthening the economic ties and fostering growth between the emirate and the African nation. The new office marks a significant milestone in DIC’s expansion strategy, which aims to establish 50 representative offices globally by the end of the decade. The move highlights Dubai’s commitment to positioning itself favorably in Africa, promoting trade partnerships, and unlocking potential investment opportunities.
DIC – Fifth African office
The Johannesburg office joins DIC’s existing African branches in Ethiopia, Ghana, Kenya, and Mozambique. This strategic expansion is part of the Dubai Global Initiative, launched in 2022 by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of the Executive Council. The initiative aims to establish 50 representative offices globally, spanning five continents, supporting Dubai’s ambitions to become a global trade and investment hub.
Expanding non-oil trade and strengthening ties
South Africa holds immense economic potential for Dubai, evident in the growing non-oil trade between the two nations, which reached R112.6-billion last year, marking an 11.5% increase from the previous year. Currently, 777 South African companies are registered with the DIC, demonstrating a remarkable 77% rise since 2016. DIC’s president and CEO, Mohammad Ali Rashed Lootah, said, “The new office in Johannesburg will strengthen trade links with this vital continent and unlocking two-way investments. In line with our strategic priorities and the emirate’s foreign trade plan, we are anticipating further growth in Dubai’s non-oil trade with South Africa and other key African markets, together with increased strategic investments from businesses on both sides.”
Capturing opportunities and unlocking potential
The inauguration of the Johannesburg office signifies a significant step towards solidifying the commercial relationship between the UAE and South Africa. By establishing a presence in Johannesburg, DIC aims to identify and capitalize on untapped trade and investment prospects in crucial sectors such as precious stones and metals, agriculture, logistics, and mining in South Africa. Furthermore, the office will serve as a strategic hub, providing South African businesses easy access to global expansion opportunities, tapping into a consumer base of 2.2 billion people.
Strengthening economic ties and fostering growth
The UAE stands as the largest trading country in the MENA region, offering opportunities for foreign direct investment (FDI). South Africa is the UAE’s top trading partner on the African continent and the second-largest FDI host in Sub-Saharan Africa. The opening of DIC’s Johannesburg office is expected to further solidify these economic ties, enhancing trade partnerships and facilitating business collaborations between the two nations.
DIC has recently opened offices in Tel Aviv, Istanbul and Cairo.