By Rafiq Vayani
DUBAI: Dubai Chambers has signed a Memorandum of Understanding (MoU) with HSBC Bank Middle East Limited to support the expansion of local companies into global markets and enhance the ability of international companies to establish and grow their businesses in Dubai.
Under the terms of the MoU, the two parties will collaborate to explore banking services for international companies establishing their operations in Dubai with the support of Dubai Chambers, as well as general services for Dubai’s business community.
The agreement is designed to advance the growth of local and international companies operating in Dubai and support their expansion at the local, regional, and global levels. HSBC will provide services including global trade finance and local account opening. Meanwhile, Dubai Chambers will support HSBC’s global clients who are interested in investing in Dubai and growing their businesses from the emirate.
The MoU was signed as part of the Global Partnerships Programme, an initiative launched to accelerate Dubai Chambers’ business expansion and attraction efforts through collaborations with world-class service providers across eight trade categories. The Global Partnership Programme supports the objectives of the ‘Dubai Global’ initiative, which seeks to attract foreign direct investments (FDI) to the emirate and support Dubai-based companies in exploring new business opportunities.
H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, 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, HSBC Middle East, North Africa and Türkiye, commented: “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.”
HSBC Bank Middle East Limited is the largest international bank in the UAE and has an international network covering 90% of world trade. The MoU will provide support for businesses through Dubai International Chamber’s 32 international representative offices around the world. This growing network plays a key role in achieving the ambitions outlined in the Dubai Economic Agenda (D33), which seeks to double the size of the emirate’s economy over the coming decade and consolidate Dubai’s position among the top three global cities.
