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 centres.
The Dubai Global network aims to attract additional investments, open markets and provide national companies with international exposure, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai and Chairman of the Dubai Council, said on Twitter on Tuesday.
It also aims to support Dubai-based companies in expanding their operations to more than 30 more markets.
Dubai handles 11 per cent of the total global freight traffic through its ports and invests tens of billions in expanding its shipping lanes and air routes with more than 400 cities, Sheikh Hamdan said.
“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 Centre.
Emirates NBD estimates Dubai's economy grew about 5.5 per cent for the full year 2021 — an upwards revision from its forecast of 4 per cent. With slower 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 Global network will operate as part of Dubai Chambers and in partnership with several government and semi-government entities in Dubai, Dubai Media Office said in a statement.
The commercial representative offices will provide services such as market research and information on legislative procedures to help companies make informed decisions, the statement said. They will also provide logistical support to Dubai companies that seek to expand in global markets.
“Our goal is to globalise our national companies, attract global investments, and add new markets to our global business lines,” Sheikh Hamdan said.
“Our goal is to open 30 new markets, attract thousands of investors, and build the world’s best economic environment.”
In March, Dubai had announced plans to attract 50 multinational companies within the next three years and also encourage them to list on the Dubai Financial Market, as part of the Dubai International Chamber's strategy.
The three-year strategy (2022- 2024) will also focus on supporting the expansion of 100 local companies to “priority” international markets in two years, Dubai International Chamber, which is part of Dubai Chambers, said at the time.
As part of the latest initiative, the emirate also aims to diversify trade by preparing studies on business opportunities in vital markets and establishing and maintaining reliable local and regional business relationships, the statement said.
The offices will work to increase the competitiveness of Dubai’s foreign trade by supporting export and re-export operations.
Dubai Global will also create cross-border opportunities by organising 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 growth in Dubai and boost the competitiveness of its commercial sector, it said.