Dubai Worldwide Chamber boosts bilateral commerce and funding with launch of latest Singapore workplace

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H.E. Ahmed Ali Al Sayegh: As a gateway to Southeast Asia and a worldwide monetary centre, Singapore affords a super platform for UAE companies in search of to broaden their attain and capitalise on new alternatives.

Mohammad Ali Rashed Lootah: The launch of the brand new workplace represents one other vital step in our Dubai World initiative, which goals to ascertain a robust community of fifty world workplaces worldwide by 2030.

The brand new workplace brings the entire variety of Dubai Worldwide Chamber’s workplaces abroad to 19.

Non-oil commerce between Dubai and Singapore reached AED17.4 billion throughout 2022, representing year-on-year development 33.8%.

The variety of Singapore-based firms registered with Dubai Chamber of Commerce has elevated by 59.4% since 2016 and stood at 687 on the finish of 2022.

Dubai, UAE: Dubai Worldwide Chamber, one of many three chambers working below Dubai Chambers, has inaugurated a brand new worldwide consultant workplace in Singapore, reinforcing the well-established enterprise hyperlinks between Singapore and the UAE.

The strategic step comes as a part of the ‘Dubai World’ initiative, which was launched in 2022 by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Govt Council, to ascertain 50 consultant workplaces for Dubai in 5 continents by 2030. The initiative helps Dubai Chambers’ strategic objectives of attracting worldwide enterprise and funding to Dubai and driving the worldwide enlargement of its members.

The workplace was formally inaugurated at the moment at a particular ceremony in Singapore with the participation of H.E. Ahmed Ali Al Sayegh, Minister of State; H.E. Jamal Abdulla AlSuwaidi, UAE Ambassador to Singapore; and Hassan Al Hashemi, Vice President of Worldwide Relations at Dubai Chambers.

H.E. Ahmed Ali Al Sayegh, Minister of State, commented: “The inauguration of Dubai Worldwide Chamber’s workplace in Singapore signifies the significance the UAE locations on its relationship with Singapore. As a gateway to Southeast Asia and a worldwide monetary centre, Singapore affords a super platform for UAE companies in search of to broaden their attain and capitalise on new alternatives. Equally, the UAE’s strategic location, unrivalled infrastructure, and flourishing enterprise atmosphere current Singaporean enterprises with immense potential to faucet into a various and dynamic market.”

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated: “Dubai and Singapore have loved robust bilateral relations for many years and Singapore stays a extremely vital marketplace for Dubai, with non-oil commerce amounting to AED17.4 billion in 2022. The launch of the brand new workplace represents one other vital step in our Dubai World initiative, which goals to ascertain a robust community of fifty world workplaces worldwide by 2030 that may provide Dubai companies entry to thrilling enlargement alternatives.”

The variety of Singaporean firms registered with Dubai Chamber of Commerce stood at 687 on the finish of final yr, having grown by 59.4% since 2016. Singapore ranked twenty seventh on the checklist of Dubai’s primary buying and selling companions throughout 2022. 

In recent times, commerce between the UAE and Singapore has centered on pearls and valuable stones, in addition to equipment and gear. Alternatives exist to extend exports of a number of different merchandise to Singapore together with plastics, metals, and chemical compounds. As well as, with Enterprise Capital (VC) investments in Singapore witnessing vital development, there are potential synergies in VC investments in data expertise, monetary providers, and the B2C sector.

The brand new workplace will speed up efforts to spice up Dubai’s non-oil overseas commerce from AED1.4 trillion to AED2 trillion by 2026, in step with the emirate’s five-year overseas commerce plan. It brings the entire variety of Dubai Worldwide Chamber’s consultant workplaces to 19 throughout Africa, Latin America, Eurasia, and Asia, and is ready to supply market intelligence and operational experience to Singaporean companies. The workplace may also unlock entry to reliable companions for Singaporean MNCs and SMEs as they discover alternatives to leverage Dubai as a hub for world enlargement. 

For Dubai companies, along with market intelligence, route-to-market methods, and operational set-up experience, the Singapore workplace will assist firms to maximise enterprise alternatives and supply entry to dependable companions and stakeholders in Singapore.

Dubai Worldwide Chamber one among three chambers working below the umbrella of Dubai Chambers, was established to advertise Dubai as a worldwide enterprise hub, appeal to multinational firms and broaden the emirate’s commerce ties with promising markets. The Chamber has a mandate to satisfy His Highness Sheikh Mohammed’s ambition to extend Dubai’s overseas commerce from AED 1.4 trillion to AED 2 trillion by 2026

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