DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – inaugurated its 2019 international roadshow under its Made For Trade Liveumbrella in Edinburgh, Scotland followed by London, United Kingdom, where it discussed the advantages of doing business in Dubai through DMCC.
Held in partnership with the UK’s Institute of Directors (IoD), the event gathered over 150 industry leaders in Central London to discuss and debate the Dubai opportunity presented by DMCC to British firms seeking expansion for their business. During the event, DMCC released and distributed the updated research from its Future of Tradereport, providing insight into the development of international trade over the past 12 months.
“The UAE has positioned itself as a regional pioneer in shipping and logistics, air transport, non-oil commodity trade, and finance. The country’s robust regulation and advanced infrastructure have cemented its status as a pivot for trade between China, the Middle East and Africa – the fastest growing trade route in the world,” said Ahmed Bin Sulayem, Executive Chairman, DMCC.
“At DMCC, we offer our member companies a unique commercial environment, strategic geographic location and global connections, that have made us the natural hub and go-to Free Zone for businesses wishing to expand their presence in the region and beyond. We look forward to working more closely with British firms and welcoming them to our community of over 16,000 businesses,” he added.
Today, the GCC is recognised as the UK’s fourth-largest export market for goods outside the EU after the US, China and Hong Kong. On a recent visit to the UAE, Liam Fox, the UK’s Secretary of State for International Trade set out plans for bilateral trade to reach approximately £25 billion (AED 121 billion) by 2020.
“The United Arab Emirates and the United Kingdom are longstanding partners. The deep and abiding relationship between the two nations will continue to grow from strength to strength,” said Mr. Marwan Al Naqbi, Second Secretary and Head of Economic Affairs, Embassy of the United Arab Emirates London.
“Events such as Made For Trade Live are important to the UAE’s relationship with the world, and its wider economic diversification plan. By connecting with international business communities, DMCC highlights the commercial growth opportunity presented by Dubai to foreign firms, and in turn, helps secure FDI to the emirate,” he added
Last year, the Dubai Government approved a new foreign investment law that allows foreigners to own up to 100 per cent of UAE-based onshore businesses. This provides significant opportunities for British companies looking to establish a presence in the country and tap new potential trade routes through Dubai.
In 2017, DMCC released a report indicating that 42 per cent of UK businesses (2.3 million) were interested in expanding their operations abroad to leverage new opportunities in the post- ‘Brexit’ era – 75 percent of them are looking at Dubai as a potential expansion destination.
David Stringer-Lamarre, Head of Europe and Trade Policy, IOD said: “Tonight’s Made For Trade Live event showed many opportunities for increased collaboration between British business and Dubai. The expert speakers and panel members demonstrated deep knowledge and understanding of Middle Eastern and global trade. British businesses looking to extend their reach into the Middle East, Africa and Asia were clearly shown the opportunities available in Dubai. DMCC illustrated how it’s dynamic and a value-focused proposition can assist British companies with their expansion strategy.”
Since its inception, DMCC attracted over 3000 businesses from 17 cities around the world to its flagship international roadshows. The programme brings together business leaders interested in expanding their home base and offers them insights into the commercial appeal of Dubai and the opportunities it offers for growth in the region and beyond. This year, DMCC will showcase its Free Zone offering in key markets including China, Germany, India, Spain, and Sweden.
The IoD, a non-profit entity founded in 1903, is the UK’s largest membership organisation for business leaders, providing professional development opportunities, networking and expert advice.