Dubai Chambers And Standard Chartered Join Forces To Support Local Businesses In Global Expansion

Dubai Chambers and Standard Chartered have entered into a Memorandum of Understanding (MoU) to boost collaboration. This partnership aims to support UAE businesses in expanding into promising global markets. The MoU outlines cooperation to provide integrated banking services for international companies setting up in Dubai, with assistance from Dubai Chambers, as well as for the local private sector.

The agreement is designed to enhance the competitiveness of businesses in Dubai. It will facilitate their growth and expansion across both local and international markets. Standard Chartered will offer trade finance services to UAE businesses seeking international expansion. The bank will use its global network to assist Dubai-based businesses in setting up accounts and provide similar support to multinational companies establishing bank accounts in Dubai.

Dubai Chambers will aid Standard Chartered’s clients worldwide who are interested in establishing a presence in Dubai. This support aims to help these clients expand their operations from the emirate. The agreement was signed under the Global Partnerships Programme, an initiative launched to accelerate business expansion and attraction efforts through collaborations with world-class service providers across eight trade categories.

The Global Partnership Programme aligns with the objectives of the 'Dubai Global’ initiative. This initiative seeks to attract foreign direct investments (FDI) to the emirate and support Dubai-based companies in exploring new business opportunities. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated, "This agreement aligns with our ongoing efforts to consolidate Dubai's pivotal role in the global financial and business landscape. We remain committed to empowering both local and international companies to thrive in Dubai and expand into promising global markets, while simultaneously attracting foreign investments to the emirate."

Rola Abu Manneh, Chief Executive Officer, UAE, Middle East, and Pakistan at Standard Chartered, commented on the partnership: "This partnership reflects our commitment to supporting the UAE’s vision for economic growth and diversification while contributing to Dubai’s ambitious D33 agenda. By leveraging our global network and trade finance expertise, we aim to empower businesses across the UAE to expand into new markets and achieve sustainable growth."

Supporting International Offices

The MoU with Standard Chartered will bolster the Global Partnership Programme across Dubai Chambers’ 32 international representative offices worldwide. This collaboration is part of a broader strategy aimed at enhancing business opportunities for companies based in Dubai while attracting foreign investments into the region.

Through this strategic partnership, both organisations aim to create a more competitive business environment within Dubai. They seek to facilitate seamless access for businesses looking to establish or expand their operations globally from this dynamic hub.

With inputs from WAM