Dubai International Chamber seeks to attract 50 multinationals to emirate by 2024

The chamber has announced a new strategy which will also support 100 local businesses to expand internationally

Dubai International Chamber, which is under the umbrella of Dubai Chambers, says it has identified 30 target markets that offer 'huge potential'. Photo: Dubai Chamber

Dubai aims to attract 50 multinational companies within the next three years and will also encourage them to list on the Dubai Financial Market, as it seeks to solidify its position as a global trade hub, under a new strategy announced by the Dubai International Chamber.

The three-year strategy (2022- 2024) will also focus on supporting the global expansion of 100 local companies to "priority" international markets in two years, Dubai International Chamber, which is under the umbrella of Dubai Chambers, said on Wednesday.

Thirty target markets that offer "huge economic potential" have been identified, it said.

The new plan will enable the 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”, said Sultan bin Sulayem, chairman of Dubai International Chamber.

It also supports Dubai's five-year plan to boost non-oil foreign trade to Dh2 trillion, he added.

Business conditions in Dubai’s non-oil private sector economy continued to grow in January, albeit at a softer pace, driven by an increase in new orders and boost in output despite Omicron headwinds, an IHS report found.

The emirate’s seasonally adjusted IHS Markit Purchasing Managers’ Index reading stood at 52.6 in January, down from 55.3 in December. A reading above 50 indicates economic expansion, while one below points to a contraction.

Dubai has also been encouraging more companies to list on its bourses. In November, the emirate announced that it plans to list 10 government and state-owned companies on the DFM as part of a broader strategy to double the financial market's size to Dh3tn. The DFM also unveiled an incentives programme to encourage new initial public offerings (IPOs) from private sector companies.

Last month, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, issued decrees approving a new legal framework for Dubai Chambers and their boards of directors.

The laws included a decree establishing Dubai Chambers to cater to the requirements resulting from the emergence of "new economic sectors". It will include three specialist entities, namely, Dubai Chamber of Commerce, Dubai International Chamber and Dubai Chamber of Digital Economy.

Dubai International Chamber was established to strengthen partnerships with global corporations, investors and entrepreneurs and boost Dubai’s status as a major trade hub, it said.

The new legal framework will give Dubai Chambers more powers, increasing its effectiveness and strengthening its role in developing sectors such as digital economy and international trade.

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”, Mr bin Sulayem said.