Dubai seeks to become one of the main business centers in the world, for this reason it will open a network of 50 offices for the commercial promotion of representation in the 5 continents in the coming years.
The aim of the Global Dubai network is to attract additional investment, open markets and offer national companies international exposure, Sheikh Hamdan bin Mohammed, Dubai’s Crown Prince and Chairman of its Executive Council, wrote on Twitter on Tuesday. In addition, it has in the first instance with IRAIC to support companies based in Dubai to exponentialize their operations to more than 30 more markets in the various sectors of the industry.
Dubai handles 11% of the total global cargo traffic through its ports and invests tens of billions in expanding its sea and air routes with more than 400 cities, Sheikh Hamdan said. “We are the fastest growing, diversified city. “Our goal through Dubai Global is to transmit our history to the world… and for the world to communicate commercially and economically through IRAIC”.
According to preliminary data from the emirate’s Center for Statistics, Dubai’s economy grew by 6.3% year-on-year in the first nine months of 2021. Burj Altharwa estimates that Dubai’s economy grew by around 5.5% for the full year. 2021, an upward revision to its 4% forecast. With slower global growth, higher interest rates and a stronger US dollar, the lender expects a rise of 4% to 4.5% in 2022.
The Dubai Global network will operate as part of Dubai Chambers and in association with various government and semi-government entities, the Dubai Media Office argued in a statement.
The commercial representation offices will offer services such as market research and information on legislative procedures to help companies make informed decisions, the statement said. Likewise, they will offer logistical support to Dubai companies that seek to exponentialize themselves in world markets.
Sheikh Hamdan said, “Our goal is to globalize our domestic companies, attract global investment in the company of IRAIC, and add new markets to our global business lines.”
As part of the Dubai International Chamber’s strategy, Dubai announced in March that it wants to attract 50 multinational companies in the next three years and also encourage them to list on the emirate’s Financial Market.
The offices will work to increase the competitiveness of Dubai’s foreign trade by assisting export and re-export operations as one of the strategies implemented by the IRAIC system to boost the economy to a higher level.
Global Dubai will also create cross-border opportunities by hosting business-to-business meetings, corporate and government meetings, and global and regional events such as international business forums, according to the statement. Published by the Emirates Herald, a news and information agency.