Analysis Trade Dubai Chamber opens offices in France and Italy By Andy Sambidge September 19, 2023 Dubai Chamber UAE ambassador to France Hend Al Otaiba (second from right) takes part in the opening ceremony for the Dubai Chamber office in Paris Dubai now has 24 offices worldwide Europe-UAE trade over $53bn in 2022 3,068 French companies Dubai-registered Dubai has opened new representative offices in Paris and Milan as part of the UAE’s ambitions to build trade and investment opportunities with the European Union. Dubai International Chamber made the move on the back of more than $53 billion of trade between the UAE and Europe last year, up $11 billion on 2021. The office in the French capital opened last week. It is Dubai Chamber’s third international representative office in Europe and 24th worldwide, and its opening came just days after the Milan launch. Gulf is ‘ideal playground’ for surging French investment UAE and Italy elevate trade status in bid to grow $7bn relationship GCC-EU trade soars 77% on back of Ukraine crisis The representative offices will play a central role in boosting Dubai’s non-oil foreign trade from AED1.4 trillion to AED2 trillion by 2026, in line with the goals of the emirate’s five-year foreign trade plan. Mohammad Ali Rashed Lootah, president and CEO of Dubai Chamber, said: “France remains a market of great strategic importance to Dubai. The launch of our new office in Paris further strengthens our shared economic ties.” Non-oil bilateral trade between Dubai and France reached AED24.6 billion during 2022, representing year-on-year growth of nearly 34 percent. Prominent sectors for trade between the UAE and France include aircraft and parts, machinery, precious stones and metals, perfumes and cosmetics, and pharmaceutical products. The new office in Paris is set to boost opportunities in areas such as cereals, dairy products, jewellery and the automobile industry. A total of 472 French companies registered with Dubai Chamber of Commerce during the first seven months of 2023, up 33 percent on the same period in 2022, bringing the total number of member companies from France to 3,068. “We remain committed to achieving our strategic priorities and strengthening our efforts to attract companies from France and the wider European region to Dubai, as well as assisting Dubai-based companies that wish to expand into France,” added Lootah. Dubai ChamberThe opening of the Dubai Chamber office in Milan The Milan office – the chamber’s eighth to open since the beginning of the year – aims to boost non-oil bilateral trade between Dubai and Italy that totalled AED33.7 billion during 2022, up 7 percent. A total of 228 new Italian companies registered with Dubai Chamber of Commerce during the first seven months of 2023, an increase of 49 percent, bringing the total number of member companies from Italy to 1,758. Key sectors for trade between the UAE and Italy include machinery, precious stones and metals, aluminium, tobacco, vehicle parts, footwear and leather products. Pharmaceutical products, agribusiness, the automotive industry and consumer goods are other high-potential sectors that are to be explored. In March, the UAE and Italy elevated relations to the level of a strategic partnership. Under a “declaration of intent”, they are seeking closer collaboration on direct investment and partnerships in sectors including healthcare, food and water security, technology, defence, renewable energy, sports and education. The openings are part of the Dubai Global initiative, which aims to establish a network of 50 representative offices around the world by 2030.