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Dubai to open 50 commercial offices around the world

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum wants to gloablise Dubai's national companies
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum wants to gloablise Dubai's national companies

Dubai is planning to open 50 commercial representative offices around the world as part of its goal to transform the emirate into a truly global trading hub and double its economy in the next five years.

The new Dubai Global initiative, launched yesterday, aims to help Dubai-based companies scale up globally and provide them with “logistical support to expand their operations in more than 30 promising markets,” according to a report by WAM, the UAE state news agency.

The new strategy was announced by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.

“Our goal is to globalise our national companies, attract global investments, and add new markets to our global business lines,” Sheikh Hamdan said.

“Our goal is to open 30 new markets, attract thousands of investors, and build the world’s best economic environment.

“We will double our economy over the next few years, establish the best business environment in the world, and be No 1 in quality of life.”

The global network of offices will be operated as part of Dubai Chambers and in partnership with several government and semi-government entities in Dubai.

Dubai Chambers currently has ten overseas offices, in Azerbaijan, Ethiopia, Ghana, Mozambique, Kenya, China, Brazil, Panama, India and Argentina.

“Keeping up with its consistent stream of initiatives, the recent announcement on Dubai Global could further increase emirates’ prominence as a business hub and aid Dubai businesses to expand their footprint globally,” MR Raghu, CEO of Kuwait-based research consultancy firm Marmore Mena Intelligence, told AGBI.

“With UAE ranking among top 20 globally in FDI flows, such initiatives would help in further improving foreign investments into the country and particularly Dubai.

“Initiatives such as Dubai Global will pave the path for Dubai to becoming a global business hub in the coming years.”