PC: GCC Business News
Partnership to Support Local and Global Expansion of Dubai-based Companies
Dubai Chambers signed a Memorandum of Understanding with Dubai Islamic Bank-DIB to further support banking services for local business, as well as further advocate the global presence of companies based in Dubai through further facilitation of commercial and business interactions between the two partners. This partnership aims to further facilitate service delivery between the two parties to improve smooth operations not only in local markets but also abroad.
The collaboration aims to provide value-added banking services, including trade finance, to local companies and international firms setting up their operations in Dubai with the assistance of Dubai Chambers. Dubai-based businesses will have an easier way to expand into international markets through DIB’s global branch network. International companies and SMEs will also enjoy simpler processes in opening up bank accounts.
The MoU also provides that the support to DIB customers, through the institution of their business interests from different parts of the world, which are looking to expand their operations in Dubai, will be facilitated by Dubai Chambers, for fostering business growth and international investment.
Global Partnerships Program
This agreement is part of the Global Partnerships Programme with the aim of speeding up the efforts of the chambers for the augmentation of business opportunities for Dubai and promotion of higher-grade service providers within eight key trade categories. The Dubai Global initiative heads Dubai International Chamber with a view to attract Foreign Direct Investment (FDI) and supporting Dubai businesses in 30 priority markets around the globe.
Key Comments on the Cooperation
Khalid Al Jarwan, Vice President of Operations and acting Vice President of Digital and Commercial Sectors at Dubai Chambers, stressed that the cooperation is strategic. He explained, “Dubai Chambers is working towards setting Dubai as a leading global business destination, investing in the emirate, and opening new opportunities for companies based in Dubai to explore new global markets.” Our collaboration with DIB satisfies those objectives and will tap into the vast network of the bank on a global scale and financial acumen for the expansion of the international phase for Dubai-based companies as well as companies abroad, keen on gaining access to Dubai.
“We are proud that DIB is the only Islamic banking group partnering in this venture,” said Sanjay Malhotra, Chief Consumer Banking Officer at Dubai Islamic Bank. He was particularly keen on highlighting the commitment of DIB to offer the Sharia compliant trade finance solutions that cater for varying business needs both locally and internationally. According to Malhotra, “The cooperation will transform the banking landscape for businesses in Dubai, driving both local and global growth through enhanced access to essential banking services.” Per the impact of this cooperation on the economy of Dubai and future prospects.
The MoU also supports the objectives of the Global Partnerships Programme of Dubai, which falls under its international offices in 31 cities. This network would further support the achievement of the envisioned aspirations for D33, a vision to double the size of the emirate’s economy over the next decade.
Through this strategic partnership, Dubai Chambers and Dubai Islamic Bank will aim at achieving sustainable growth of the economy to facilitate businesses in entering the market and reaffirming Dubai’s position as a main global commercial business hub.
