Dubai Chambers And HSBC Join Forces To Support Local Companies' Global Expansion

Dubai Chambers and HSBC Bank Middle East Limited have entered into a Memorandum of Understanding (MoU) to facilitate the global expansion of local businesses and support international companies in establishing their presence in Dubai. This partnership aims to enhance the business environment by offering tailored banking services to international firms setting up operations in Dubai, alongside general services for the local business community.

The collaboration is part of the Global Partnerships Programme, which seeks to boost Dubai Chambers' efforts in expanding business opportunities and attracting investments through partnerships with top-tier service providers across eight trade categories. This programme aligns with the 'Dubai Global' initiative, which focuses on drawing foreign direct investments (FDI) to Dubai and helping local companies explore new markets.

HSBC will offer services such as global trade finance and assistance with opening local accounts. In return, Dubai Chambers will aid HSBC's international clients interested in investing in Dubai and growing their businesses from this strategic location. This mutual support is expected to foster growth for both local and international companies operating within the emirate.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, expressed commitment to aiding local firms in accessing promising international markets. He stated, "Dubai Chambers is committed to supporting local companies in expanding into promising international markets and helping businesses grow their operations. This collaboration will contribute to enhancing our efforts to accelerate the growth of companies across diverse sectors and attract global investments to Dubai."

Stephen Moss, Chief Executive Officer of HSBC Middle East, North Africa, and Türkiye, highlighted Dubai's role as a major business hub. He remarked, "Dubai has grown to become one of the world’s busiest business and wealth hubs and the power of its international connectivity is reflected in the increasing trade activity across traditional and emerging trade corridors, in particular with Asia. Combining HSBC’s global reach with Dubai Chambers’ local expertise will further accelerate the growth of companies entering in and growing from Dubai."

This MoU is designed to propel both local and international businesses towards growth at various levels—local, regional, and global. By leveraging HSBC's extensive network alongside Dubai Chambers' regional knowledge, this partnership aims to create a conducive environment for business expansion.

The agreement underscores a shared vision between both parties: fostering an ecosystem where businesses can thrive through enhanced connectivity and access to essential services. This initiative not only supports existing enterprises but also attracts new investments into Dubai's dynamic market landscape.

With inputs from WAM