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New plan to bolster Dubai position as one of the best business hubs

Sheikh Hamdan chairs a meeting in Dubai on Tuesday.

Staff Reporter, Gulf Today

Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Council, launched ‘Dubai Global’, an initiative to establish 50 integrated commercial representative offices for Dubai in five continents across the world during the next few years.

The initiative aims to strengthen Dubai’s position as one of the best business hubs in the world in addition to supporting companies based in Dubai by providing them with logistical support to expand their operations in more than 30 promising markets.

Sheikh Hamdan Bin Mohammed noted that the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is the primary driver behind Dubai’s emergence as an international trade hub and a leader in today’s economic and commercial landscape. Sheikh Hamdan said Dubai provides advanced infrastructure, a flexible and effective legislative framework, and world-class services that ensure sustainability and growth for all companies operating in the emirate.

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

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

Sheikh Hamdan Bin Mohammed further said: “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 Dubai Global initiative is based on launching a wide network of 50 commercial representative offices for Dubai around the world. The network will operate as part of Dubai Chambers and in partnership with several government and semi-government entities in Dubai. The initiative aims to attract investment, talent, and new business to Dubai and support Dubai-based companies explore economic and commercial opportunities in 30 new global markets.

The commercial representative offices will provide specialised services, such as market research which includes detailed information about each market and its working mechanisms, and the legislative and procedural aspects to help companies take correct decisions.

The offices will also provide establishing and starting-up services, including logistical support and detailed information on commercial globalisation, aiming to “globalise” Dubai companies and promote their expansion in new markets.

The new initiative aims at developing ways to diversify trade by preparing exclusive studies on economic and commercial opportunities for many vital markets and establishing and maintaining reliable local and regional business relationships. In addition, its goal is to create cross-border business opportunities by organising business-to-business meetings, corporate and government meetings, and global and regional events such as international business forums. The offices also aim to attract more investments, talent and companies to Dubai.

By implementing an advanced strategy to diversify trade and target new markets, this new and vast network will contribute to the sustainability of economic growth in Dubai and the competitiveness and flexibility of the commercial sector in the emirate. The offices will also work through various channels and global partners to enhance the competitiveness of Dubai’s foreign trade.

These efforts strengthen the trade sector as one of the main pillars of Dubai’s economy by supporting export and re-export operations and helping the Dubai business community enter promising markets.

The office network will be responsible for cooperating with a large group of specialised international companies to enable Dubai businesses to expand in their target overseas markets successfully.

Meanwhile, Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, on Tuesday launched the region’s first Open Finance Lab, heralding a new era of finance in the region. The Open Finance Lab initiative is a six-month programme that will commence on 28 June 2022.

A total of 4 banks and a FinTech company are scheduled to participate in the programme, including Commercial Bank of Dubai, First Abu Dhabi Bank, Mashreq Bank, National Bank of Ras Al-Khaimah and Zand. Use cases will be explored and developed from July to November 2022, and the lab will conclude with a demonstration of the impact achieved to government officials and bank executives.

The launch of the region’s first Open Finance Lab follows the recent signing of a Memorandum of Understanding (MoU) between the Central Bank of the UAE (CBUAE) and DIFC Authority to promote the development and growth of the UAE financial technology sector. The initiative supports DIFC’s ongoing efforts to realise the objectives of its 2030 strategy by unlocking strategic opportunities for the UAE and reinforcing DIFC’s leading position as a global financial services hub.

With the overarching vision of the UAE to become a global benchmark in Open Finance, the lab will work -in collaboration -with banks, FinTech, regulators and the industry. It has the potential to unlock the next wave of growth for the sector and increase consumer protection, financial inclusion, social benefits, and economic opportunities.

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