Agreement to Support Local and International Companies
PC: Zawya
Dubai Chambers has signed a Memorandum of
Understanding (MoU) with HSBC Bank Middle East Limited to help local businesses expand their presence into international markets and to attract global companies to set up and grow their operations in Dubai.
The MoU focuses on collaboration between the two parties in offering banking services to international companies entering Dubai with the support of Dubai Chambers. It will also offer services to enhance the business environment for Dubai’s local and international business community.
The agreement is planned to spur business growth at local, regional, and international levels. HSBC will extend its global trade finance services and also open local accounts for clients. On the other side, Dubai Chambers will assist HSBC’s international clients to explore potential investments in Dubai and scale up their operations from the emirate.
This collaboration is part of the Global Partnerships Programme of Dubai Chambers – a strategic initiative to boost its efforts in attracting and expanding businesses through partnerships with world-class service providers in eight categories of trade. The programme is also in step with the aims of ‘Dubai Global’, focusing on increasing foreign direct investment and helping Dubai-based companies look for new opportunities in other parts of the world.
H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said, “The partnership is strategically important as 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, noted that Dubai is a global business hub, “The combination of HSBC’s reach as an international bank with Dubai Chambers’ capabilities based in the local market accelerates not just foreign trade activity but also significantly augments the growth of companies both entering and growing from the Dubai economy. Combining HSBC’s global reach with Dubai Chambers’ local expertise will further accelerate the growth of companies entering and growing from Dubai.”
The partnership will be supported by HSBC Bank Middle East Limited, the largest international bank in the UAE and with a global network covering 90% of world trade. MoU also makes use of Dubai International Chamber’s 32 international representative offices that are crucial to supporting businesses across the globe.
This move aligns with the Dubai Economic Agenda (D33), which is a broad strategy to double the size of the emirate’s economy in the next decade and establish Dubai as one of the top three global cities. By joining forces, Dubai Chambers and HSBC will contribute to improving Dubai’s position as a business and investment hub and, therefore, foster growth across various sectors.
