Category: Dubai

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Dubai Tourism Shines at ITB Berlin

Participating at major international trade shows such as ITB Berlin is a key element of DET’s marketing strategy to promote Dubai to a global audience and grow inbound visitation from both traditional and emerging overseas markets….reports Asian Lite News

The Dubai Department of Economy and Tourism (DET) successfully showcased Dubai’s diverse destination proposition alongside 56 key partners and stakeholders at the Internationale Tourismus-Börse Berlin (ITB Berlin) trade show, held recently. This was the 32nd time that Dubai had exhibited at one of the world’s leading travel trade shows, which this year attracted almost 100,000 attendees.

Demonstrating the breadth of the city’s tourism offering to global travel industry leaders and professionals, DET was joined in Berlin by co-exhibitors from across the tourism ecosystem including government entities, hotels, tour operators and destination management companies (DMCs), and among them were Address Hotels + Resorts, Atlantis Dubai, Banyan Tree Dubai, Museum of The Future, and, for the first time, flydubai.

Participating at major international trade shows such as ITB Berlin is a key element of DET’s marketing strategy to promote Dubai to a global audience and grow inbound visitation from both traditional and emerging overseas markets. In 2023, Dubai welcomed a record 17.15 million international overnight visitors, representing a 19.4 percent YoY growth compared to the 14.36 million tourist arrivals in 2022. The German market played a crucial role, contributing significantly to Dubai’s tourism success, with a remarkable 36 percent YoY growth and 574,979 overnight guests in 2023.

At its stand in Berlin, the Dubai delegation engaged with travel trade professionals from around the world and welcomed top politicians and industry leaders including Kai Wegner, Governing Mayor of Berlin; Franziska Giffey, Berlin Senator for Economics, Energy and Public Enterprises; and Julia Simpson, President and CEO of the World Travel & Tourism Council.

Issam Kazim, CEO of the Dubai Corporation for Tourism and Commerce Marketing (DCTCM), said, “As Dubai continues its growth in alignment with the Dubai Economic Agenda, D33, set forth by our forward-thinking leadership, we are strategically harnessing the significant momentum generated during a highly successful 2023 to showcase Dubai’s diverse destination offering to key overseas markets. The strong, unified presence of the Dubai delegation at ITB Berlin reflected the city’s robust public-private partnerships and our determination to showcase Dubai as the best city to visit, live, and work in. Together with our stakeholders, we were able to enhance Dubai’s visibility and perception among travel trade professionals from around the world, creating new paths to attract more visitors to the city and consolidate its status as a leading destination.”

Dubai’s international visitor performance bolstered its ranking as the No.1 global destination for an unprecedented third successive year in the Tripadvisor Travellers’ Choice Awards 2024, the first city to achieve this unique accolade. This was further reinforced at ITB Berlin after Dubai was named 2023’s highest-rated destination in the Destination Performance Index (DPI) by IPK International, one of the world’s leading tourism consultancies specialising in tourism research, marketing and planning. The annual study, taking into consideration global tourist trips, traveller satisfaction, recommendations, and the desire to revisit, highlighted Dubai’s outstanding performance in attracting and satisfying tourists.

Reflecting Dubai’s commitment to creating unique and memorable experiences for travellers of all budgets and preferences, the milestones are a testament to the emirate’s vibrant and diverse offerings, supported by world-class infrastructure, exceptional service at all touchpoints, and continuous collaboration between the government and private sectors.

This year’s ITB Berlin welcomed almost 100,000 visitors across the three-day event, including more than 5,500 exhibitors from 170 countries, 1,300 senior buyers, 80 ministers and state secretaries, 72 ambassadors, and 3,200 accredited journalists. Much-discussed topics at the Berlin Exhibition Grounds included AI and its potential uses in tourism and the urgency of the sector achieving sustainability.

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Over 15K New Indian Firms Join Dubai Chamber

Pakistan ranked second in terms of new company memberships in 2023…reports Asian Lite News

A recent analysis by Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has revealed that Indian investors topped the list of nationalities of new non-UAE businesses joining the chamber last year. A total of 15,481 new Indian-owned companies became members in 2023, representing year-over-year (YoY) growth of 38 percent and underlining Dubai’s continuing attractiveness among Indian businesses and investors.

Pakistan ranked second in terms of new company memberships in 2023, with the chamber welcoming 8,036 new Pakistani businesses in 2023 – a remarkable growth rate of 71.2 percent compared to the previous year. Egypt ranked third, with 4,837 new members registering, representing YoY growth of 63.2 percent.

Prominent destination for investments

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, “During the past year, Dubai has consistently attracted foreign direct investment from many different nations and sectors, underlining the diversity of the emirate’s business environment and its broad economic appeal as a global business destination.”

Lootah added that the chamber is committed to providing specialised value-added services that support its strategic priorities, facilitate business activity, and enhance the competitiveness of companies in the emirate, stating, “The remarkable increase in the diversity of nationalities represented among the owners of member companies reflects Dubai’s growing prominence within the global business landscape, especially since the announcement of the Dubai Economic Agenda (D33).”

Dynamic growth trajectory

The number of new Syrian-owned companies joining Dubai Chamber of Commerce reached 2,755 in 2023, representing YoY growth of 28.8 percent. The country ranked fourth among the top investor nationalities for new company registrations.

The United Kingdom ranked fifth with a total of 2,267 new companies, up from 1,503 in 2022 to achieve YoY growth of 50.8 percent. The number of new Bangladeshi-owned member companies increased by 42.8 percent to reach 2,252. China ranked seventh on the list with 1,560 new companies joining the chamber in 2023, achieving an annual growth rate of 66.5 percent.

The number of new Jordanian companies increased by 31.6 percent to reach 1,469, compared to 1,116 in 2022. Iraqi companies ranked ninth on the list, with 1,247 new companies registered during 2023. This represented YoY growth of 95.5 percent compared to the 638 companies that joined in 2022. Yemeni companies ranked tenth with 1,214 new companies, achieving an annual growth rate of 57.5 percent over the 771 companies that joined in 2022.

Increases across diverse sectors

The majority of new companies that registered with Dubai Chamber of Commerce in 2023 operate within the wholesale and retail trade and repair of motor vehicles sector, which accounted for 44.2 percent of new memberships. This was followed by companies from the real estate, renting, and business activities sector, which represented 32 percent of the total. The construction sector ranked third with 8.3 percent of total new companies, while the transport, storage, and communications sector came fourth, accounting for 8.1 percent of the new companies joining as chamber members.

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MBR issues law on taxation of foreign banks in Dubai

The Director-General of the Department of Finance will also issue the necessary decisions to implement the provisions of this Law, which will be published in the Official Gazette…reports Asian Lite News

In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Law No. (1) of 2024 on taxation of foreign banks operating in Dubai.

The Law applies to all foreign banks operating in Dubai, including special development zones and free zones, with the exception of foreign banks licensed to operate in the Dubai International Financial Centre (DIFC).

According to the law, foreign banks are subject to a 20 per cent tax on their annual taxable income. However, if these banks pay corporate tax in accordance with Federal Law No. (47) of 2022 on the Taxation of Corporations and Businesses and its amendments, the amount of corporate tax will be deducted from their total tax liability.

The Law specifies the principles governing the calculation of taxable income, tax filing and payments, procedures for the audit of tax filing, voluntary disclosure, and responsibilities and procedures related to tax auditing.

The law also outlines the rights of foreign banks and their branches licensed by the Central Bank of the UAE. It specifies the steps for notifying the results of the tax audit. Further, it allows the taxable entity to lodge objections with Dubai’s Department of Finance regarding the amount of tax or fines imposed on them, subject to certain conditions detailed in the law.

According to the Law, the Chairman of The Executive Council of Dubai will issue a decision on acts deemed as violations of this Law and penalties imposed for violations. The total penalties imposed should not exceed AED500,000. The fine will be doubled in case of repeat violations within two years up to a maximum of AED1 million.

This new Law applies to the tax year beginning after its enactment.

The Director-General of the Department of Finance will also issue the necessary decisions to implement the provisions of this Law, which will be published in the Official Gazette.

The new Law annuls Regulation No. (2) of 1996 or any other legislation that may contradict it. Decisions and memos issued to implement Regulation No. (2) of 1996 will remain in place till the issuance of new decisions that replace it.

Law No. (1) of 2024 on taxation of foreign banks operating in Dubai is effective from the date of its publication in the Official Gazette. (ANI/WAM)

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Dubai Foundation for Women & Children outlines 2024 strategic vision

During the “Leadership Meeting,” an annual event chaired by Sheikha Saeed Al Mansouri, Acting Director-General of DFWAC, the foundation discussed the significant milestones and achievements made over the past year (2023)…reports Asian Lite News

The Dubai Foundation for Women and Children (DFWAC) has unveiled its comprehensive plans, strategies, and a range of programmes, proposals, and initiatives set for rollout in 2024 to improve the quality of lives of both women and children.

During the “Leadership Meeting,” an annual event chaired by Sheikha Saeed Al Mansouri, Acting Director-General of DFWAC, the foundation discussed the significant milestones and achievements made over the past year (2023).

Attended by heads of departments and sections, the meeting touched on aligning the foundation’s strategies and plans with the Dubai Agenda, which aims to build the happiest, most cohesive, and most tolerant families, uphold national values and identity, promote healthy lifestyles, and enhance the quality of psychological and preventive services provided to the community.

Expressing her pride in the foundation’s 2023 accomplishments, Sheikha Al Mansouri highlighted that the foundation’s team has made tremendous efforts to fulfil its objectives and respond to societal needs.

She emphasised that enhancing partnerships and collaboration with strategic partners and the community is crucial to bolster the foundation’s humanitarian endeavours and realising the goals of Dubai’s Social Agenda 33.

Al Mansouri highlighted that the meeting provided a vital platform for coordinating efforts across DFWAC’s departments to improve communication, programme execution, and service efficiency. It is also crucial to boosting team spirit and fostering a sense of community among employees by involving them in decision-making and programme enhancement.

The meeting delved into analysing the outcomes and gauging these programmes’ social and economic effects on society. A thorough review of DFWAC’s accomplishments over the past year showcased its steadfast commitment to advancing its core goals of nurturing, supporting, and rehabilitating women and children.

Additionally, the meeting was held as part of the foundation’s ongoing efforts to enhance and advocate for the well-being of women and children, solidifying its pivotal role in fostering a more prosperous and sustainable society in Dubai.

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Dubai Announces 20% Annual Tax On Foreign Banks

The Law specifies the principles governing the calculation of taxable income, tax filing and payments, procedures for the audit of tax filing, voluntary disclosure, and responsibilities and procedures related to tax auditing…reports Asian Lite News

In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Law No. (1) of 2024 on taxation of foreign banks operating in Dubai.

The Law applies to all foreign banks operating in Dubai, including special development zones and free zones, with the exception of foreign banks licensed to operate in the Dubai International Financial Centre (DIFC).

According to the law, foreign banks are subject to a 20% tax on their annual taxable income. However, if these banks pay corporate tax in accordance with Federal Law No. (47) of 2022 on the Taxation of Corporations and Businesses and its amendments, the amount of corporate tax will be deducted from their total tax liability.

The Law specifies the principles governing the calculation of taxable income, tax filing and payments, procedures for the audit of tax filing, voluntary disclosure, and responsibilities and procedures related to tax auditing.

The law also outlines the rights of foreign banks and their branches licensed by the Central Bank of the UAE. It specifies the steps for notifying the results of the tax audit. Further, it allows the taxable entity to lodge objections with Dubai’s Department of Finance regarding the amount of tax or fines imposed on them, subject to certain conditions detailed in the law.

According to the Law, the Chairman of The Executive Council of Dubai will issue a decision on acts deemed as violations of this Law and penalties imposed for violations. The total penalties imposed should not exceed AED500,000. The fine will be doubled in case of repeat violations within two years up to a maximum of AED1 million.

This new Law applies to the tax year beginning after its enactment.

The Director-General of the Department of Finance will also issue the necessary decisions to implement the provisions of this Law, which will be published in the Official Gazette.

The new Law annuls Regulation No. (2) of 1996 or any other legislation that may contradict it. Decisions and memos issued to implement Regulation No. (2) of 1996 will remain in place till the issuance of new decisions that replace it.

Law No. (1) of 2024 on taxation of foreign banks operating in Dubai is effective from the date of its publication in the Official Gazette.

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Dubai Residency, Work Permits in Just 5 Days

His Highness Sheikh Mohammed said: “Today marks the inaugural launch of the ‘Work Bundle’, a pioneering project designed to expedite, simplify, and streamline the processes related to residency and employment.”…reports Asian Lite News

The UAE government has launched the “Work Bundle” to facilitate employee residency procedures and work permits in private sector companies. The first phase of the initiative will be implemented in Dubai and will be gradually expanded to include other emirates.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, gracefully announced, “In our ongoing quest for government excellence, we have recently introduced the ‘Zero Bureaucracy’ initiative, aimed at streamlining procedures and enhancing efficiency within the federal government. In alignment with this vision, today marks the inaugural launch of the ‘Work Bundle’, a pioneering project designed to expedite, simplify, and streamline the processes related to residency and employment.”

Sheikh Mohammed further elaborated, “The Work Bundle is set to reclaim 62 million working days previously devoted to the renewal of residencies and employment contracts within government frameworks. This project is expected to curtail 25 million procedures on an annual basis, thereby yielding substantial savings for both the governmental and private sectors. We would like to thank all federal and local entities for their invaluable collaboration in bringing this project to fruition. Our commitment to eradicating bureaucracy remains unwavering, to make people’s lives easier and happier.”

The initiative aligns with the “Zero Bureaucracy” programme aimed to simplify and reduce government procedures and eliminate unnecessary requirements. This enhances levels of efficiency, quality, and flexibility in the UAE, supporting efforts to eliminate bureaucracy.

Dubai received 14.36 mn int’l visitors in 2022, close to pre-Covid levels.

A single platform

The “Work Bundle” serves the business community by simplifying and accelerating the procedures for private sector companies. The project offers a single platform to complete employment services including renewal, cancellation, medical examination, and fingerprinting.

The initiative is a result of close cooperation between federal and local government entities to enable clients to complete their transactions in the fewest steps possible through digital platforms where the service is available.

The entities include the Ministry of Human Resources and Emiratisation, the Federal Authority for Identity and Citizenship, Customs and Ports Security, the General Directorate of Residency and Foreigners Affairs in Dubai, and Dubai Health. The project is supported by the Dubai Department of Economy and Tourism.

The project is also supported by Digital Dubai, which provides the digital infrastructure and services to allow seamless data exchange between the relevant entities.

Digital transformation

The “Work Bundle” is a key step within the UAE digital transformation efforts in a way that contributes to enhancing the UAE’s competitiveness in global indicators related to the ease of establishing and managing businesses for private sector companies.

The “Work Bundle” also improves the customer experience by providing one platform instead of 5, and reduces procedures from 8 services to a unified single platform, while the required steps were reduced from 15 steps requiring 16 documents to 5 steps and 5 documents only, and reduced the number of visits from 7 visits to only two visits, which in turn reflected on the time taken to complete the transaction, also reduced from 30 working days to 5 working days.

The project aims to simplify procedures and reduce effort and time, it will cut 25 million procedures annually, 12.5 million annual visits, and 62.5 million working days annually.

The Work Bundle will be provided as a first phase on the “Invest in Dubai” platform, and it is also planned to be available on a number of other government digital platforms in the coming period and in https://workinuae.ae/.

Steps for recruiting a new employee from outside the country include filling out the unified application, and issuing a work permit for the employee, then the employee should continue to complete the residence procedures, which include medical examination and issuance of the Emirates ID card, as mandatory steps that require employee’s presence.

Renewal service requires the owner of the company to fill out the unified application, then the employee completes the medical examination and is issued an Emirates ID card.

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Dubai Mall Most Visited Place on Earth

Figures also showed a staggering 20 million people visited the mall in the first two months of this year alone, with 2024 set to be another record year….reports Asian Lite News

Dubai Mall welcomed a record 105 million visitors in 2023, a jump of over 19 percent on the previous year’s 88 million, according to latest figures released by the mall on Tuesday.

Figures also showed a staggering 20 million people visited the mall in the first two months of this year alone, with 2024 set to be another record year.

“These numbers reflect Dubai Mall’s impressive status and mirrors the forward-thinking leadership and strong economy of Dubai. Our mall embodies the city’s vibrant spirit and dedication to excellence, turning the leadership’s vision into a reality. Being an integral part of Dubai’s economic fabric, we play a crucial role in the city’s success and innovation,” said Emaar founder Mohamed Alabbar.

The new figures also show how the mall has become a global draw, attracting visitors from every corner of the world.

“This wide range of nationalities not only underscored the mall’s worldwide charm but also reflected the cosmopolitan culture of Dubai itself,” Alabbar added.

The mall’s events and promotions in 2023 and the beginning of 2024 were a key driver of its foot traffic, as well as essential festive occasions and international celebrations. Major events like the Dubai Shopping Festival, the Dubai Food Festival and the acclaimed 3 Day Super Sale further demonstrated the mall’s ability to draw and engage massive crowds.The mall’s digital footprint expanded significantly, with an Instagram following currently at 1.3 million.

The mall’s customer satisfaction averaged 4.6, reflecting positive feedback from thousands of customers.

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Dubai Economy UAE News

Dubai’s Leap into the Global Creative Economy

Dubai based filmmaker and journalist Soniya Kirpalani delves into the vibrant nexus of creativity and innovation in the heart of the UAE. Through her upcoming series of enlightening articles, Soniya embarks on a quest to explore and elucidate Dubai’s pivotal role in shaping the future of the creative economy sector. Her work promises to be a revealing journey into the strategies, initiatives, and visionary ideas propelling Dubai towards becoming a global beacon of cultural and creative excellence. Images: Santosh Rai

Art Dubai, the premiere international art fair for the Middle East and Global South, ended with a resounding applause on 3rd March, with over 100+ galleries and 250+ established and emerging artist (65% from the Global South) showcasing successfully. Rethinking it commercial role, Art Dubai is one of the first art fairs to support the country’s evolving cultural economy, with the support of Dubai’s creator hubs and design purpose-built initiatives, who are working together with the focus of developing MENASA’s art, culture and design and creator talent

Noura Al Serkal With Rue Kothari

Whilst Art Dubai showcased at the prestigious Jumeirah Hotel – Mina Salam, they are partnered with Dubai’s galleries, museums and cultural institutions to present a program of solo and group exhibitions for Dubai’s Art Season. Highlights include the unveiling of ‘Union of Artists’, commissioned by Dubai Culture in collaboration with Art Dubai, Sikka Art and Design Festival and exhibitions at Alserkal Avenue. Over the years, this has been growing, but 2024, their breadth of programming was spectacular; as over 350+ artists, from across 120 Countries were showcasing, collaborating or concurrently experimenting in Dubai. This was testimony to Dubai being a talent magnet.

Whilst Dubai invited global artists to showcase, it was notable that they were investing in the growth of its regional talent- both locals and expats. Interestingly they were supporting every medium- painting, culture, music, film, installations, digital art content and platforms. In an era where the global economy faces unprecedented economic challenges, geopolitical tensions, technology shifts, Dubai has realized the need for developing a for resilient growth strategy which was innovative, educational, engaging and in keeping with Dubai’s DNA, it had to be a beacon of luxury, in keeping with the region’s culture.

Setting up an ambitious plan, aimed at developing a creator economy that could contribute 5% to the GDP by 2030, as a part of the National Strategy for Cultural & Creative Industries. To achieve this infrastructure is key. Dubai has launched several initiatives with partners, for example Alserkal Avenue and Dubai Design District (D3) which offer artists and creators spaces to work, collaborate and showcase. Al Serkal, is proving to be a magnet for global galleries; Tushar Jawarajka, owner of Volte Gallery shifted base from Mumbai “Dubai is a fascinating global city, with many different thriving cultures, an audience hungry for art. The ease of doing business and the vision of the leaders, to make it a direct flight, has made it the cultural hub for the Middle East”

Owasis Hussain

To empower the talent, Art, Creative and Cultural education is available at international universities like Sorbonne, NYUD. Fostering it further, especially designed centers like Jameel Arts Centre, Design District and Tashkeel provide educational programs, workshops, and residencies that offer both local and international artists opportunities to learn, grow, and experiment with their work. Even Al Serkal which has been pivotal in supporting path-breaking experimentation and an opportunity for emerging artists to showcase.

But for me, as a film maker, and an investigative journalist fellow, I feel one of the key drivers for innovation is disruption, to have the freedom to go against existing systems. Even as they set down regulations and policy Dubai’s leadership has been very open minded and supportive of such radical creativity. Funding is important to the growth of creator economy; Dubai has introduced various funding programs and grants aimed at supporting emerging talent.

Patronage is key, involving the local communities to collect, to understand and encourage art is critical. At Art Dubai, I saw the very visionary and hands-on approach of Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum. She believes that   flagship events like Art Dubai and SIKKA Art seeks to engage the community in culture, arts, education, and technology. Art Dubai’s Executive Director Benedetta Ghione echoes “Through a unique and independent model, Art Dubai continues to rethink and reframe the role an art fair can play in supporting the growth of a creative economy, building capacity and creating opportunities for artists and creatives through partnerships and collaboration.”

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Dubai UAE News Woman

FARIDAH: Dubai’s Premier Female Perfumer

The eponymous brand “FARIDAH”, was created by the visionary Faridah F Ajmal, who has over 20 years of perfumery expertise. Faridah’s journey evolved from a passionate exploration of blending fragrances, transitioning from a personal hobby, into an emerging business. FARIDAH, the perfume brand, was launched in February 2024. This marks the first original fragrance brand by an Asian woman perfumer-cum-entrepreneur. Stepping into the role of Founder-Director of Faridah Perfumes, she was intimately involved in the creation process, the bottling, branding of the fragrance. She has also personally designed her first boutique store in Jumeriah on Al Wasl Road, to launch her eponymous label … writes Soniya Kirpalani, Images: Santosh Rai

FARIDAH, is not just her namesake, it translates to ‘Unique’, and keeping this value in mind, she spends time in research and careful study, to craft something fresh and classic fragrance, designing it for those who understand the beauty of aroma, and its deep impact on human mind. The brand’s exquisite fragrances and product lines are meticulously developed over her direct supervision, in their in-house multi-room lab facility, shaping her brand’s legacy with a perfect blend of tradition and innovation. Besides a series of fragrances, she has specially designed a set, a His + Her combinations. FARIDAH launches at a time when the UAE’s fragrance market grows at a Compound Annual Growth Rate (CAGR) of 11.88 percent from US$6.4 million in 2022 to US$1.16 billion in 2028.

Faridah Ajmal with her husband Fakhruddin Ajmal and guests during the launch.

FARIDAH also sets another milestone, highlighting the strength of the region’s first women perfumers, highlighting UAE’s reputation of Dubai as a creator hub where new ideas flourish and where dreams are turned into realities.

As she explains “FARIDAH is the realisation of my life-long passion for fragrances that turned into a burning desire to create my own perfumes. While being in this business, I always had a dream to create a fragrance that will reflect my fashion statement and create a uniquely beautiful perfume for those who have taste and care for class, quality, and variety FARIDAH is a carefully conceptualised, curated, and crafted genre of perfume that is unique. Those who understand fragrance will feel the difference when trying the varieties that we have created through a complex blend of oil and other ingredients. These carry my signature and through FARIDAH, we are creating a completely new international brand.”

Faridah Ajmal with her daughters at the launch.

Attending the launch, witnessing several socialites and friends, Emiratis, Arabs, and Asians, all connoisseurs of fragrances and essences, fragrance testing and experimenting with the various ranges of oils, Ouds I heard complimentary words like “Classy, Elite, Royal” to describe the collection. It seemed like the brand was a resonating with its target audience.

Embracing the Holy Month of Ramadan and its festivities, FARIDAH Perfumes has also launched the inaugural Oudh Festival. This 10-day extravaganza showcases several varieties of Oudh, highlighting the origin and growth of this fragrant, dark, and resinous wood extensively used in perfume making. It is a unique opportunity for perfume enthusiasts to delve into the world of Oudh and experience its cultural significance. Approaching life with humility and a forward-thinking mindset, Faridah Ajmal’s perfumes are swiftly gaining prominence in the world of fragrances.

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Dubai Chamber’s ‘In Focus’ Reaches Morocco, Senegal

The session was attended by 95 representatives of private sector companies from the emirate…reports Asian Lite News

Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has successfully hosted the latest edition of its “In Focus” initiative to provide Dubai-based companies with a deeper understanding of the trade and investment landscapes in Morocco and Senegal, as well as opportunities throughout North and West Africa.

The session was attended by 95 representatives of private sector companies from the emirate.

“In Focus” provides a platform for Dubai businesses to engage with public and private sector leaders from selected markets to promote cross-border partnerships and drive mutual business growth.

Participants benefit from access to first-hand information on the targeted countries and regions, in addition to expert guidance on international expansion including market intelligence, business introductions, and company set-up processes.

The Morocco and Senegal “In Focus” event enabled Dubai-based companies to connect with key stakeholders from both countries to explore trade and investment opportunities and highlighted the support Dubai International Chamber offers to businesses aiming to expand their operations into key African markets.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, “Africa is home to some of the world’s fastest-growing economies and holds tremendous potential for greater private sector engagement. We have been organising events and trade missions to support Dubai-based businesses in accessing African markets. This edition of ‘In Focus’ is dedicated to highlighting growth opportunities in Morocco and Senegal while deepening trade and investment links between Dubai and the two markets.”

Lootah added, “Supporting the expansion of Dubai businesses into these two key emerging markets aligns with our strategic focus on boosting foreign trade to achieve the goals of the Dubai Economic Agenda (D33), which aims to double the size of the economy over the coming decade.”

The event featured a presentation outlining the key synergies between Dubai and the African continent, with a focus on the promising avenues for Dubai companies in Morocco and Senegal. This was followed by an engaging session on doing business in the two countries and potential trade and investment opportunities, together with the various government initiatives and measures implemented to foster a conducive business environment.

The event concluded with a session where business matching experts explained the objectives of the forthcoming ‘New Horizons’ trade missions to Morocco and Senegal, outlined the registration and shortlisting process, and addressed any mission-related questions. As a result, the event successfully attracted strong interest and registrations for the upcoming trade missions.

Dubai Chambers has identified aluminium and fruits and nuts as high-potential import sectors to Morocco, in addition to agriculture, aquaculture, fishing, and tourism as high-potential sectors for investment in Senegal.

“In Focus” serves as a prelude to the “New Horizons” initiative, in which the chamber organises tailor-made trade missions to selected countries. These roadshows offer an engaging combination of meetings with key stakeholders in each country, site visits to industrial and economic zones, and cultural activities. In 2023, the chamber successfully led several “New Horizons” tratrade missions to Uzbekistan, Kazakhstan, and Kyrgyzstan in Central Asia; London in the United Kingdom; Johannesburg in South Africa; Kenya and Rwanda in East Africa; Côte d’Ivoire and Nigeria in West Africa; and Hong Kong.

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