Dubai Chambers has signed a Memorandum of Understanding (MoU) with Standard Chartered with the aim of strengthening co-operation in its efforts at enhancing the growth of businesses in the UAE and helping them expand internationally. It is intended to make business enterprises in Dubai more competitive and grow the businesses there as well as internationally.
PC: Dubai Media Office
Improving Banking Support for Businesses
Under the MoU, both organizations will collaborate to deliver integrated banking solutions for international companies establishing operations in Dubai through Dubai Chambers’ support as well as local private sector businesses. This partnership is expected to streamline access to essential banking services for businesses in an effort to establish a strong foundation within the emirate.
Standard Chartered will provide trade finance to UAE businesses targeting international markets and will utilize its global network to help companies in Dubai to open accounts. Likewise, the bank will help multinational companies in opening banking services in Dubai. In return, Dubai Chambers will support Standard Chartered’s global clients targeting Dubai and utilizing the emirate as a springboard for further expansion.
Strategic Alignment
The MoU is part of the Global Partnerships Programme that forms a key initiative for Dubai Chambers to accelerate its efforts at business expansion and attraction within the emirate. The programme focuses on forming partnerships with world-class service providers in eight categories of trade to advance the business ecosystem of Dubai.
This partnership also aligns with the goals of the ‘Dubai Global’ initiative, which seeks to attract foreign direct investment (FDI) into the emirate and support Dubai-based businesses in identifying and capitalizing on new opportunities globally.
Leadership Remarks
Commenting on the partnership, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, highlighted its significance in reinforcing Dubai’s position in the global business and financial landscape. “This agreement aligns with our ongoing efforts to consolidate Dubai’s pivotal role in the global financial and business landscape. We remain committed to empowering both local and international companies to thrive in Dubai and expand into promising global markets, while simultaneously attracting foreign investments to the emirate,” he said. Rola Abu Manneh, Chief Executive Officer for the UAE, Middle East, and Pakistan at Standard Chartered, said, “We are committed to supporting the UAE’s economic diversification agenda.”
“This partnership reflects our commitment to supporting the vision of the UAE for economic growth and diversification while contributing to the ambitious D33 agenda for Dubai. Through our global network and trade finance capabilities, we hope to unlock opportunities for businesses across the UAE to access new markets and achieve sustainable growth,” she said.
International Reach of the Agreement
The MoU with Standard Chartered will support the Global Partnerships Programme through Dubai Chambers’ network of 32 international representative offices. This global reach will ensure businesses worldwide can benefit from the opportunities and resources available in Dubai, while fostering the emirate’s reputation as a global hub for trade and investment.
