Dubai will open a network of 50 representative offices across five continents over the next few years for the commercial promotion of the emirate as it seeks to become one of the world’s leading business hubs.
Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of the Dubai Council, said on Twitter on Tuesday that the Global Dubai Network aims to provide additional investment, open markets and international exposure to national companies.
It aims to help Dubai-based companies expand their operations to over 30 markets.
Sheikh Hamdan said Dubai handles 11 per cent of the total global freight traffic through its ports and has invested billions in expanding its shipping lanes and air routes with more than 400 cities.
“We are the most rapidly growing, diversified and fast-growing city,” he said.
“Our goal through Dubai Global is to convey our story to the world … and that the world communicates commercially and economically through Dubai.”
Dubai’s economy grew 6.3 per cent year-on-year in the first nine months of 2021, according to preliminary data from the Dubai Statistics Center.
Emirates NBD estimates that Dubai’s economy grew by about 5.5 per cent for the full year of 2021, an upward revision from its forecast of 4 per cent. With slowing global growth, higher interest rates and a stronger US dollar, the lender expects growth of 4 per cent to 4.5 per cent in 2022.
The Dubai Media Office said in a statement that the Dubai Global Network will operate as part of the Dubai Chambers and in partnership with a number of governments and quasi-governmental entities in Dubai.
The commercial representative office will provide services such as market research and information on legislative processes to help companies make informed decisions, the statement said. They will also provide logistics support to Dubai-based companies looking to expand into global markets.
In March, Dubai announced plans to attract 50 multinationals within the next three years and encourage them to list on the Dubai Financial Market as part of the Dubai International Chamber’s strategy.
The Dubai International Chamber, which is part of the Dubai Chambers, said the three-year strategy (2022– 2024) will also focus on supporting 100 local companies’ expansion into “priority” international markets over two years.
As part of the latest initiative, Emirates aims to diversify the business by preparing studies on business opportunities in key markets and establishing and maintaining reliable local and regional business relationships, the statement said.
The offices will work to enhance the competitiveness of Dubai’s foreign trade by supporting export and re-export operations.
Global Dubai will create cross-border opportunities by organizing business-to-business meetings, corporate and government meetings and global and regional events such as international business forums, the statement said.
The network will contribute to sustainable economic development in Dubai and boost the competitiveness of its commercial sector.