- July 6, 2022
- Posted by: Waqas Siddiqui
- Category: Business & Economy
Dubai is planning to establish a network of 50 representative offices in many different countries in a bid to become a leading business center in the world. The major focus of the global network which is to be established, is to attract investors by showcasing the rapid and diversified growth of Dubai. This will also present Dubai based companies with international exposure and help them to successfully expand their operations to more than 30 markets.
The commercial representative offices would offer services including market research and details on legislative processes to assist businesses in making strategic decisions. Additionally, they will offer logistical support to Dubai-based businesses looking to grow internationally. It will also provide studies on business opportunities in vital markets and establishing and maintaining reliable local and regional business relationships.
Dubai GDP Growth Forecast 2022
According to the Dubai Statistics Center, Dubai’s economy grew by 6.3% year-on-year in the first nine months of 2021, while the Emirates NBD estimated Dubai’s economy grew about 5.5% for the full year 2021, an upwards revision from its forecast of 4%. Despite the slower global growth, Dubai’s economy and GDP is expected to grow by 4 to 4.5% in 2022.
Dubai Freight Traffic Statistics
Dubai currently handles approximately 11% of the total global freight traffic through its ports. There are plans to invest tens of billions in expanding the shipping lanes and air routes with more than 400 cities, which would make Dubai the most rapidly growing, diversified and fast-growing city in the world. The Dubai Global network will operate as part of Dubai Chambers and in partnership with several government entities in Dubai to attract global investments and add new markets to the global business lines. Thirty new markets will be opened up initially to attract investors that can help Dubai transform to the world’s best economic environment.
Dubai Aims to Attract Multinational Companies
In March 2022, Dubai had announced plans to attract 50 multinational companies within the next three years and also encourage them to list on the Dubai Financial Market, as part of the Dubai International Chamber’s strategy. This strategy will also focus on supporting the expansion of 100 local companies to “priority” international markets in two years. Dubai Global will also create cross-border opportunities by organizing business-to-business meetings, corporate and government meetings, and global and regional events such as international business forums.
Investment Opportunities in Dubai – 2022
Dubai based investors are confident in the government’s commitment in providing an effective environment for their businesses to grow. The new initiative will also support the local businesses to expand internationally, while attracting global investments and adding new markets to the global business lines. The network will contribute to sustainable economic growth in Dubai and boost the competitiveness of its commercial sector.
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