DUBAI // Dubai and Singapore would gain from a closer look at mutual trade and investment opportunities, Singapore’s ambassador to the UAE says.
Umej Bhatia said there were many ways to strengthen ties between the cities.
“This wealth corridor is important because you have a dynamic business community, especially South Asian, in Dubai and a dynamic community in Singapore of South Asians and East Asians,” Mr Bhatia said.
“And I think we haven’t explored enough the convergences and the complementary trade and investment that both sides can make, so we are trying to create a concept that there could be a win-win formula.”
Addressing the Singapore-Dubai South Asian Diaspora Wealth Corridor Conference last week, Mr Bhatia said that by 2050 the focus on global economic activity would shift eastward between China and India.
“This is the Dubai, Mumbai, Singapore, Shanghai wealth corridor,” he said. “So this is the start of a broader discussion of how we can help the complementary growth and push for more corporations.”
Strengthening relations between the cities would involve more investment in each other’s markets.
“Both sides have to look at how we can use the mechanisms,” he said. “How can Singapore use banks in Dubai, how can Dubai use banks in Singapore and start looking at each other as partners for growth?
“I think, first, the mindshare has to be addressed, and then we can look at what is out there and see what the possibilities and opportunities are.”
Mr Bhatia said that although Singapore and Dubai seem different at first glance, a closer look brought into focus their many similarities.
“Historically, they both emerged from humble beginnings,” Mr Bhatia said.
“Singapore’s founding ideas are also very similar, which really helped because people, money, goods and services started flowing immediately.
“Dubai flourished in free trade, like Singapore, and both cities are hubs. As global cities, we service important hubs for the communities.”
Businessmen said both cities could serve as important transit points for investment abroad.
“What Dubai is to Africa, Singapore is to the Far East and China,” said Arif Naqvi, founder of the Abraaj Group.
“When we talk about these two cities we bring to the floor a trend that will become more important in the decades to come, and I can’t see two cities that are better positioned to take advantage of opportunities the world has other than Singapore and Dubai.
“This is exactly where the future is.”
Mr Naqvi said both cities were considered hotbeds for entrepreneurship and innovation.
“Most of the architects of the new Dubai spent most of their time living and learning in Singapore,” said Mr Naqvi, who has been in Dubai for 20 years.
“It has been like the laboratory for Dubai. The overriding sensation I feel in Dubai is that my career would have been non-existent if it had not been for the inclusiveness and capacity for innovation that Dubai provided for me and my business.”
Ultimately, trade is what brings both cities together.
“Trade is a major pillar for both Dubai and Singapore,” said V Shankar, group executive director and chief executive for Europe, the Middle East, Africa and the Americas at Standard Chartered Bank.
“They are in a place where they will compete sometimes and cooperate sometimes, but if I look at the collaboration and the corridor it is also about the trade and investment flows which create it.”
Mr Bhatia said more events such as last week’s conference should take place to inform people of opportunities.
“Attracting the capital and the business is another issue,” he said. “For example, Al-Futtaim Group has bought into a major shopping mall called Robinsons in Singapore.
“We also have banks here but more can be done, and this is the first step in a long journey.”
cmalek@thenational.ae
An earlier version of this article misidentified Umej Bhatia. He is the Singapore ambassador to the UAE.
