To strengthen the existing business connections between Singapore and the United Arab Emirates (UAE), Dubai International Chamber, a chamber under Dubai Chambers, has opened a new international representative office in Singapore.
As part of the ‘Dubai Global’ initiative introduced by His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, Dubai International Chamber has inaugurated a new international representative office in Singapore. Launched in 2022, the ‘Dubai Global initiative aims to establish 50 representative offices for Dubai across five continents by 2030.
In a notable ceremony held today in Singapore, the new representative office was officially inaugurated, according to Gulf Today. The event witnessed the presence of esteemed individuals including Ahmed Ali Al Sayegh, Minister of State; Jamal Abdulla AlSuwaidi, UAE Ambassador to Singapore; and Hassan Al Hashemi, Vice President of International Relations at Dubai Chambers.
This significant gathering underscored the importance attached to the establishment of the representative office and highlighted the commitment of key figures to strengthen the bilateral ties between Dubai and Singapore.
Inauguration Ceremony Highlights
Ahmed Ali Al Sayegh, Minister of State, commented: “The inauguration of Dubai International Chamber’s office in Singapore signifies the importance the UAE places on its relationship with Singapore. As a gateway to Southeast Asia and a global financial centre, Singapore offers an ideal platform for UAE businesses seeking to expand their reach and capitalise on new opportunities. Similarly, the UAE’s strategic location, unrivalled infrastructure, and flourishing business environment present Singaporean enterprises with immense potential to tap into a diverse and dynamic market.”
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said: “Dubai and Singapore have enjoyed strong bilateral relations for decades and Singapore remains a highly important market for Dubai, with non-oil trade amounting to AED 17.4B in 2022. The launch of the new office represents another important step in our Dubai Global initiative, which aims to establish a powerful network of 50 global offices worldwide by 2030 that will offer Dubai businesses access to exciting expansion opportunities.”
Dubai Chamber of Commerce has reported a significant increase in the number of Singaporean companies registered with them, reaching 687 by the end of last year, a growth of 59.4% since 2016. Singapore also ranked 27th among Dubai’s main trading partners in 2022.
UAE-Singapore Relations: Opportunities for Business Expansion
The bilateral trade between the UAE and Singapore has predominantly focused on pearls, precious stones, machinery, and equipment. However, there are opportunities for exports of various other products like plastics, metals, and chemicals.
The new international representative office in Singapore aims to accelerate Dubai’s non-oil foreign trade and contribute to the emirate’s five-year foreign trade plan to reach AED 2T by 2026. With a total of 19 representative offices across different regions, Dubai International Chamber is well-positioned to offer market intelligence, and operational expertise, and facilitate partnerships for Singaporean businesses.
Likewise, Dubai businesses can benefit from the office’s support in maximizing opportunities and accessing reliable partners in Singapore. Additionally, Dubai International Chamber has achieved significant milestones in attracting foreign direct investment and supporting chamber members’ expansion into global markets, welcoming five Multinational Corporations (MNCs) and 20 Small and Medium-sized Enterprises (SMEs) in Q1 2023 alone.
The chamber has also assisted seven local and national companies in expanding their presence abroad. These efforts are part of the Dubai Global initiative led by the Dubai International Chamber, aiming to establish a strong network of 50 commercial representative offices worldwide by 2030, under the guidance of His Highness Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai.
