Dubai International Chamber opens London office in trade push

New office hailed as 'next step' in UK-UAE economic relations

The new Dubai International Chamber office will support British companies the want to relocate to Dubai. Photo: FTI Consulting

Unlocking the shared business interests between Dubai and the UK is the main focus of a new Dubai business office in London.

Dubai International Chamber said the new London office, its first in Europe and 20th globally, is the “next step” in UK-UAE relations.

Khalid Al Shamsi, vice president of operations at Dubai Chambers, told The National that the office would not only support British companies seeking to relocate to Dubai or expand operations in the emirate but leverage the growth in business ties seen in recent years.

"It is mainly focused on attracting UK-based companies, UK-based talent who are willing to complement their local business here with Dubai and other markets," he said on the sidelines of the launch event.

"We believe both cities, London and Dubai, share an agenda – both cities are well known for tourism and for being financial and business hubs.

"I think both London and Dubai complement each other rather than compete with each other."

Dubai International Chamber is one of the three chambers under Dubai Chambers. The others are the Chamber of Commerce and the Chamber of the Digital Economy.

Mansoor Abulhoul, the UAE ambassador to the UK, hailed the new office as “long overdue given the illustrious relationship between our two countries.”

“The opening of the representative office is the next step in a long journey of mutual co-operation and prosperity between the Emirates and the UK,” he said.

The ambassador said it followed the “hugely successful” UK-UAE investment partnership and a first strategic dialogue held between the two countries' foreign ministers.

"Just last month we hosted the inaugural strategic dialogue between our two governments," he said.

"Our leaders outlined our country's support for expanding, deepening trade and investment relations between our two countries in key priority sectors.

"Next month, London will host the fourth round of negotiations for the GCC UK Free Trade Agreement. When complete, I'm confident UAE will lead the pack with an ambitious modern agreement with the UK which will contribute to economic growth, job creation to both countries."

During its rapid economic growth in recent decades, the UAE attracted significant British investment and expertise to help build the nation "and more recently this has led to ever increasing investment for the Emirates into the UK", Mr Abulhoul said.

"With our Sovereign Investment Partnership signed in 2021 we have invested over £10 billion in the UK infrastructure, energy, green energy, life sciences and tech," he said

“I look forward to the next chapter of our economic relationship."

There is potential for the UAE to import more aircraft, spacecraft, motor vehicles, meat and food products from the UK, the chamber said.

Britain is tipped to buy more precious metals, jewellery, electronic equipment, and machinery from the Emirates.

The two countries signed a sovereign investment partnership in 2021. Britain is in talks on a trade deal with Gulf countries that could include side agreements covering UK-UAE matters.

Mohammad Ali Rashed Lootah, the president and chief executive of Dubai Chambers, said the opening of the London office was “a landmark occasion that will bring far-reaching benefits”.

“The United Kingdom has always been a key strategic market for Dubai and a land of opportunity where our members can thrive as they seek out exciting new trade and investment opportunities,” he said.

“Today’s inauguration represents another important step on our journey to consolidate Dubai’s position as a leading global business destination and further strengthens the close historic economic ties between Dubai and the United Kingdom.”

The London outpost is the Dubai chamber's 20th international office. It aims to have 50 by 2030.

Dignitaries at a ribbon-cutting ceremony included Mr Abulhoul and Simon Penney, Britain's trade commissioner for the Middle East, alongside former Downing St chief of staff Lord Edward Udny-Lister.

Mr Al Shamsi added the recent changes to the law governing foreign corporate ownership had been a real boost.

"The most powerful legislation is 100 per cent foreign ownership. That change made a dramatic difference and increased foreign direct investment."