Dubai [UAE], November 15 (ANI/WAM): Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has enhanced its growing presence in Europe with the inauguration of a new international representative office in Germany. Strategically located in Frankfurt - the financial capital of the Eurozone - the office further strengthens the emirate's robust economic relationship with Germany and will facilitate the growth of business, trade, and investments between the two markets.
The new representative office is the chamber's fifth in Europe and 26th worldwide. The opening of the Frankfurt office comes as part of 'Dubai Global,' an initiative spearheaded by the Dubai International Chamber aimed at attracting foreign investment, talent, and business to the emirate while enabling Dubai-based companies to expand their business in 30 priority markets overseas.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, "With the establishment of our Frankfurt office, we are eager to further expand the trade and economic ties that unite Germany and Dubai. The opening places us firmly on track to achieve our target of building a network of 50 integrated commercial representative offices for Dubai across five continents by 2030. The chamber's international offices support our drive to boost non-oil foreign trade to AED 2 trillion by 2026 and achieve the D33 economic agenda's ambition of doubling the size of the emirate's economy by 2033."
With the goal of attracting foreign MNCs, SMEs, and investors to Dubai, the Frankfurt office will provide focused support to the German business community and build strong relationships with key public and private sector stakeholders. The new office will also showcase Dubai's competitive advantages and share investment intelligence to support German businesses seeking to enter Dubai and leverage the emirate as a launchpad for their global ambitions.
In addition, the Frankfurt office will support and guide Dubai-based companies that plan to expand into Germany by providing detailed market intelligence and business introductions, connecting local companies with trusted German stakeholders and potential partners that can help them access the European market and scale their operations.
A total of 433 German companies registered as members of the Dubai Chamber of Commerce between January and August this year, an increase of more than 50 per cent compared to the 288 companies that registered during the corresponding period in 2022. This strong growth reflects the growing interest in Dubai among the German business community.
The total value of non-oil trade between the UAE and Germany reached over AED 29.3 billion (USD 8 billion) in 2022, with key sectors for trade including machinery; vehicles and electronics; pharmaceutical products; aircraft and parts; precious stones and metals; medical instruments; and plastics. The chamber aims to strengthen an already robust commercial relationship by boosting trade across multiple sectors. Promising investment opportunities have also been identified in areas such as the automotive industry, chemical products, and electrical goods. (ANI/WAM)
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