Dubai International Chamber now operates representative offices in 15 countries in order to foster international business and investment.
Dubai International Chamber, a governmental organization dedicated to the promotion of trade and investment, has announced the opening of three new international representative offices in Cairo, Tel Aviv and Istanbul.
The Cairo office was inaugurated December 12, with the inauguration of the Tel Aviv office taking place yesterday. The Istanbul office will be inaugurated today.
Dubai International Chamber: Supporting business
The offices form part of Dubai Chamber’s efforts to attract international business and investment to the emirate and to drive the global expansion of its members. The move is also in line with the ‘Dubai Global’ initiative that aims to establish 50 representative offices in five continents by 2030. The initiative seeks to attract foreign MNCs, SMEs, investors, and international talent to the emirate by showcasing its competitive advantages, sharing investment intelligence, and engaging with overseas stakeholders. All this lines up with efforts to boost Dubai’s non-oil trade.
“We are delighted to announce the addition of three new bases in Egypt, Israel and Turkey to our global network of international representation offices,” said Hassan Al Hashemi, vice president International Relations at Dubai Chambers.
“The economic potential in Egypt, Israel and Turkey is impressive and we’ll continue to drive bilateral trade between the UAE and the three countries to boost collaboration in new and existing commercial sectors as well as unlock the endless opportunities of Dubai’s highly diverse business environment for Egyptian, Israeli, and Turkish businesses,” added Al Hashemi.
15 representative offices
The new openings bring the number of Dubai International Chamber’s representative offices around the world to 15. The chamber already has representative offices across Africa, Latin America, Eurasia, India, and China.
Trade with Egypt, Israel and Turkey
Trade between the UAE and Egypt reached USD 7.5 billion in 2021, and 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 statement added.
Egypt was Dubai’s second trading partner on the African continent in 2021. The number of Egyptian companies registered as members of the Dubai Chamber of Commerce and operating in the emirate amounts to more than 14,700 companies, which represents a growth of 103% compared to 2016 numbers.
Bilateral trade between the UAE and Israel rose to USD 1.19 billion in 2021. The Tel Aviv office further strengthens the trade relationship between the two countries, unlocking opportunities in the areas of electronics, water security, clean energy, space, retail, culture, machinery, vehicles, chemicals, and food.
Non-oil trade between Dubai and Turkey reached USD 12.8bn in 2021, making Turkey the 7th largest trading partner to the emirate and bilateral trade is expected to double to USD 27.4 billion in the coming years. The Istanbul office will focus on building strong relationships with key public and private sector stakeholders, supporting Dubai companies to expand into Turkey as well as assisting Turkish companies in entering the Dubai market.
Increasing registrations
This summer, Dubai Chambers reported registering increasing numbers of African companies as trade and investment between the UAE and the continent continues to grow.