Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has successfully attracted the leading international IoT development platform provider Tuya Smart.
The company is listed in the New York Stock Exchange and the Hong Kong Exchanges & Clearing Ltd (NYSE: TUYA, HKEX: 2391), which reflects Tuya’s position as a leading global IoT platform development provider with a unique, all-in-one offering of cloud + connectivity + app that makes it easy and affordable for brands, retailers, and OEMs to make their products smart.
To align with the UAE 2050 Energy Strategy, the company’s strong focus in the Middle East will be leveraging its IoT technology to contribute to the development of the ESG industry in the Middle East. By utilizing its IoT technology expertise, Tuya Smart aims to assist businesses and consumers in the region to adopt more sustainable and environmentally responsible practices.
This is further testament to Dubai International Chamber’s efforts in attracting leading multinational companies that would bring economic value to Dubai while contributing to the emirate’s sustainability agenda ahead of the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28) which will take place at Expo City Dubai this year.
Tuya Smart’s sustainability initiative has brought a positive impact on the global market through various applications and has demonstrated the role of an IoT company in achieving energy efficiency and carbon neutralization through IoT technology and building a low-carbon lifestyle in feasible ways.
The company has already established a solid reputation in the global IoT market, with over 708,000 registered developers from over 200 countries and regions serving more than 8,400 customers. It has also established partnerships with leading brands such as Amazon, Google, and Schneider Electric to offer innovative IoT solutions to customers and businesses worldwide.
Adding Value to Dubai’s economy
Mohammad Ali Rashed Lootah, President & CEO of Dubai Chambers, commented on the attraction of Tuya Smart to Dubai by reaffirming the emirate’s commercial appeal and its reputation as the ideal global hub for international business operations. “We continue to promote Dubai as a world’s leading global hub for business and an attractive base for international expansion. Attracting multi-national companies to the emirate is a strategic priority for us,” he said.
Also, Lootah highlighted that Dubai’s attractiveness is boosted with the recently announced Dubai Economic Agenda ‘D33’ which aims to double the size of Dubai’s economy in the next decade, consolidating its position as one of the world’s top three economic cities. “With its progressive innovation approach, world-class logistics and digital infrastructures, business-friendly policies, and sustainability focus, Dubai is ideally positioned as the best place to do business, invest in, and expand into the Middle East and Africa markets. And with the D33 targets to make Dubai one of the top three economic cities in the world, top five leading logistics hubs and top four global financial centers in the world, we know FDI inflows to the emirate will increase and more multinational companies will choose to relocate to Dubai,” he added.
Echoing similar sentiments, Alex Yang, Co-Founder and COO of Tuya Smart said: “We are excited to bring Tuya Smart’s cutting-edge technology and solutions to the Middle East, and we appreciate the support from Mohammad Ali Rashed Lootah and Dubai International Chamber as we embark on this journey.”
He added that “as a company committed to sustainability and innovation, we are eager to work in partnership with Dubai International Chamber to assist businesses and consumers in the region to embrace a more sustainable future.”
International offices attract FDI
Dubai International Chamber enables Dubai businesses to expand successfully to global markets and ensures the emirate is a magnet for foreign direct investment supported by a powerful network of Dubai International Offices worldwide.
Dubai International Chamber’s office in China played a significant role in attracting Tuya Smartto Dubai. The office supported the company all the way and facilitated meetings between the company and key Dubai stakeholders from the public and private sectors. The office also assisted with business and legal activities for Tuya Smart to obtain its commercial license in Dubai.
The successful opening of Tuya Smart in Dubai reflects Dubai International Chamber’s commitment to attracting FDI, MNCs, SMEs as well as talent to the emirate, in line with “Dubai Global”, a government-backed initiative to establish a network of 50 integrated commercial representative offices for Dubai in five continents by 2030.
