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 strategy enables Dubai International Chamber to more effectively promote Dubai as a preferred global business hub and attract leading multinational companies to the emirate
Sultan bin Sulayem,
chairman of Dubai International Chamber
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.
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Name: Peter Dicce
Title: Assistant dean of students and director of athletics
Favourite sport: soccer
Favourite team: Bayern Munich
Favourite player: Franz Beckenbauer
Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates
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Other key dates
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Finals draw: December 2
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Finals (including semi-finals and third-placed game): June 5–9, 2019
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Euro 2020 play-off draw: November 22, 2019
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Euro 2020 play-offs: March 26–31, 2020
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
