In a bid to support the expansion of Chinese investors into Dubai, Dubai Chambers announced signing a memorandum of understanding (MoU) with the China Council for the Promotion of International Trade Tianjin Sub-council (CCPIT Tianjin).
The agreement seeks to assist Chinese investors in establishing and growing their businesses in the emirate, in addition to enhancing the ability of companies operating in Dubai to enter the Chinese market and build promising business partnerships in Tianjin.
Under the terms of the agreement, the two parties will cooperate to enhance relationships between the business communities in Dubai and Tianjin to stimulate the growth of trade and bilateral investments between China and the UAE. The agreement focuses on diverse sectors and areas of collaboration to further strengthen bilateral economic relations between the two countries.
Mohammad Ali Rashed Lootah, president and CEO of Dubai Chambers, and Chen Liyu, vice-chairman of CCPIT Tianjin, signed the agreement during a meeting between the parties at Dubai Chambers’ headquarters.
“The total number of active Chinese companies registered as members of Dubai Chamber of Commerce increased to around 5,400 at the end of H1 2024, while the cumulative value of foreign direct investments from China to Dubai reached AED19.85 billion between 2015 and 2023,” Lootah stated in the recent Dubai Business Forum – China.
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Strengthening Dubai’s position as a business hub
Dubai Chambers once again reaffirms its commitment to supporting the international expansion of businesses operating in Dubai into strategically important global markets. The chamber also seeks to attract foreign investments and international companies to the emirate and strengthen Dubai’s position as a leading global hub for business, trade, and investments.
Dubai Chambers has also committed to playing a key role in achieving the objectives of the Dubai Economic Agenda (D33), which seeks to double the size of the emirate’s economy over the next ten years and consolidate Dubai’s position among the top three cities globally.
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