2023-06-09 13:48:26
Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, announced the opening of a new representative office in Singapore with the aim of strengthening bilateral investment relations between Dubai and Singapore, attracting investments from Singapore to Dubai, and assisting Dubai companies in expanding abroad.
This strategic step comes within the framework of the “Dubai Global” initiative launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of the Emirate of Dubai, last year, with the aim of establishing an integrated network of 50 international representative offices around the world by 2030. It supports This initiative is the strategic priorities of Dubai Chambers in attracting international companies and investments to Dubai and stimulating the global expansion of its members. The Singapore office is the nineteenth office established by the Dubai International Chamber in international markets.
The office was officially inaugurated yesterday during a special ceremony in Singapore, in which the Minister of State, Ahmed bin Ali Muhammad Al-Sayegh, the UAE Ambassador to the Republic of Singapore, Jamal Abdullah Al-Suwaidi, and the Vice President of International Relations in the Dubai Chambers, Hassan Al-Hashemi, participated in the office, in addition to a number of companies. Singapore interested in expanding into the Dubai market.
Al Sayegh said: “The opening of the Dubai International Chamber’s office in Singapore reflects the importance the UAE attaches to its relations with Singapore. As a gateway to Southeast Asia and a global financial centre, Singapore provides an ideal destination for Emirati companies wishing to expand and take advantage of new opportunities. It also provides the country’s important strategic location.” The UAE, its advanced infrastructure and thriving business environment provide exceptional opportunities for companies from Singapore to enter a diverse and dynamic market.”
Al Sayegh added, “The establishment of Dubai International Chamber’s office in Singapore provides an ideal platform to accelerate cooperation, nurture partnerships, and assist in the exchange of experiences and knowledge. It reflects our shared commitment to promoting economic growth and prosperity.”
On this occasion, Director General of Dubai Chambers, Mohammed Ali Rashid Lootah, said: “Dubai and Singapore have enjoyed strong bilateral relations for decades, and Singapore continues to be a very important market for Dubai, as the volume of non-oil trade between Dubai and Singapore reached 17.4 billion dirhams. In 2022, with an annual growth rate of 33.8% compared to the volume of trade between the two sides in 2021. The launch of the new office represents another important step towards achieving our goals in stimulating trade and investments with global markets within the Dubai Global initiative, which provides Dubai companies with access to great opportunities for international expansion. “.
Lootah affirmed Dubai Chambers’ commitment to enhancing the competitiveness of its members and helping them invest opportunities in various sectors and fields in foreign markets, considering that the new office in Singapore provides a gateway for all companies operating in Dubai to identify investment opportunities, take informed decisions for expansion and establish successful economic partnerships.
The number of Singaporean companies registered as a member of the Dubai Chamber of Commerce reached 687 by the end of 2022, which represents a growth of 59.4% compared to their number in 2016.
Singapore ranked 27th on the list of Dubai’s main trading partners in 2022.
Trade between the UAE and Singapore has focused in recent years on pearls and precious stones, in addition to machinery and equipment. There are significant opportunities to increase exports of many other products to Singapore including plastics, metals and chemicals.
Moreover, given the significant growth of venture capital investments in Singapore, there are promising opportunities for cooperation in venture financing of IT projects, financial services and the business-to-consumer (B2C) sector.
The opening of the new office contributes to accelerating efforts to increase the volume of non-oil foreign trade for Dubai from 1.4 trillion to 2 trillion dirhams by 2026 within the framework of the Dubai Foreign Trade Plan. With this office, the total number of representative offices of Dubai International Chamber reaches 19 offices distributed across Africa, Latin America, Eurasia and Asia.
The office provides Singaporean companies with a wide range of market information and operational expertise, and allows Singaporean multinationals and SMEs access to trusted partners in Dubai to position the emirate as a hub for global expansion. The office will provide Dubai companies with market information, access strategies and operational expertise to enhance business opportunities for companies and allow them access to reliable partners and stakeholders in Singapore.
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