Dubai plans to attract 50 multinational companies as part of global hub push

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Dubai has approved a new strategy to attract 50 multinational companies within three years, aiming to strengthen the emirate’s position as a global trade hub.

The plan adopted by the Dubai International Chamberwill also support 100 Dubai-based companies with international expansion.

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The priorities and plans outlined under this three-year strategy were discussed recently at a recently held virtual meeting of the Dubai International Chamber’s board of directors led by its chairman Sultan bin Sulayem.

The new strategy focuses on attracting 50 multinational companies to Dubai within three years, supports the external expansion of 100 companies from Dubai to priority foreign markets within two years with the aim of improving the business environment in Dubai and making it conducive to business growth with a focus on multinational companies.

In addition, the strategy aims at supporting and motivating multinational companies to list on the Dubai Financial Market (DFM).

“The new strategy supports the five-year plan announced by Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to boost Dubai’s non-oil foreign trade to Dh. 2 trillion,” said Sultan bin Sulayem.

He added that the plan, once implemented, would elevate Dubai’s position in the global arena and expand the emirate’s trade partnerships with key markets around the world.

“Dubai International Chamber is well positioned to achieve the new trade targets announced by Sheikh Mohammed as it enjoys access to representative offices across Africa, Eurasia, and Latin America that are working to facilitate Dubai’s trade flows with other countries,” said Bin Sulayem.

He noted that “30 target markets have been identified under the strategy adopted by Dubai International Chamber, which offer huge economic potential.”

Bin Sulayem said the new strategy enables Dubai International Chamber to more effectively promote Dubai as a preferred global business hub and attract leading multinational companies to the emirate, which can enhance its competitiveness in key sectors such as trade, infrastructure, logistics, digital economy, retail, and manufacturing among others.

Dubai International Chamber was established to strengthen partnerships with global corporations, investors and entrepreneurs and boost Dubai’s status as a major trade hub. Adopting a more specialized approach to driving Dubai’s foreign trade, the chamber promotes opportunities that the emirate offers in facilitating trade flows.

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