Dubai International Chamber, one of the three chambers functioning under the umbrella of Dubai Chambers, has inaugurated a new representative office in Almaty, Kazakhstan. This office aims to enhance economic relationships and facilitate the growth of business, trade, and investment opportunities between the business sectors of Dubai and Kazakhstan.
With this new office opening, the total number of international representative offices managed by the chamber now stands at 32. This initiative is part of the broader ‘Dubai Global’ program, which aspires to establish 50 representative offices globally by 2030. The goal is to attract foreign direct investment, international businesses, and top global talent to Dubai, while also assisting Dubai-based companies in exploring fresh business and trade avenues across 30 priority global markets.
Strengthening economic ties
The establishment of the Almaty office underscores the growing economic collaboration between Dubai and Kazakhstan. Last year, non-oil trade between the two regions reached AED 14 billion, marking an impressive year-over-year increase of 82%. In the first nine months of this year alone, 187 new companies from Kazakhstan joined the Dubai Chamber of Commerce, bringing the total number of active member companies from Kazakhstan to 668 by the end of September.
Attracting investment
H.E. Mohammad Ali Rashed Lootah, president and CEO of Dubai Chambers, highlighted the significance of the new office, noting that the expansion of their global office network is designed to strengthen Dubai’s status as a premier financial and business center. He explained that the chamber’s representative offices are pivotal in attracting companies and investments to Dubai, enhancing bilateral trade with promising markets, and fostering partnership opportunities among business communities, all of which contribute to the goals of the Dubai Economic Agenda (D33).
Support for the Kazakhstani business community
The Almaty office will serve the Kazakhstani business community and work to build robust connections with partners in both the public and private sectors. It will be instrumental in drawing companies and investors from Kazakhstan and Central Asia to Dubai. Additionally, the office will highlight Dubai’s competitive advantages and provide investment information to assist Kazakhstani firms looking to penetrate the Dubai market and utilize the emirate as a launchpad for global growth.
Facilitating business expansion
Moreover, the Almaty office will offer support and guidance to Dubai-based businesses planning to expand into Kazakhstan, delivering market insights and facilitating business introductions. It will also connect local companies in Dubai with trustworthy stakeholders and potential partners who can aid them in entering the Kazakhstani market and broadening their operations.
Chamber’s key initiatives
In the first half of 2024, the Dubai Chamber of Commerce reviewed 122 laws and draft laws in collaboration with Business Groups, achieving an adoption rate of 54.9 percent for their recommendations. Additionally, the chamber established six new Business Councils to represent the interests of investors and stakeholders from Costa Rica, Greece, Poland, Mexico, Colombia, and Kazakhstan.
Moreover, the Dubai Center for Family Businesses, part of Dubai Chambers, continued its mission to bolster the sustainability, competitiveness, and longevity of family businesses. Alongside various training sessions, the center released two informative toolkits: the “Sample Article of Association for Family Businesses,” which outlines effective management and governance practices, and the “Corporate Governance – Guidelines for Family Businesses,” which delves into effective governance structures and key regulatory frameworks.
Furthermore, the center launched an online library in the first half of 2024, comprising around 2,000 diverse educational resources, including videos, webinars, articles, podcasts, and research reports tailored specifically for family businesses.
Recent trade mission to Serbia
Recently, the Dubai International Chamber successfully facilitated 180 bilateral business meetings between companies from Dubai and Serbia. These meetings took place in Belgrade as part of the chamber’s trade mission to Serbia and Türkiye, under the ‘New Horizons’ initiative, which aims to support the expansion of local companies by connecting them with opportunities in promising global markets. The trade mission further featured representatives from 13 private sector companies across various sectors, including electronics, food and beverages, pipeline products, information technology, brand protection, technology, airport services, retail, textiles, and energy and mobility solutions.
As part of this mission, the Dubai International Chamber hosted a dedicated business forum in Belgrade titled “Doing Business with Serbia.” This event, supported by the UAE Embassy in Belgrade and the Chamber of Commerce and Industry of Serbia, attracted 208 participants, including high-ranking officials from the Serbian government, business leaders, and Serbian firms keen to explore potential partnerships with members of the chamber’s delegation.
During the forum, Dubai Chambers signed a memorandum of understanding with the Chamber of Commerce and Industry of Serbia (CCIS). This agreement aims to foster cooperation between the business communities of both countries. The two organizations will work together to organize trade missions, conferences, and business events while also sharing knowledge and expertise to promote growth and innovation.
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