The Dubai Multi Commodities Centre, DMCC, the world’s flagship Free Zone and Government of the Dubai Authority on commodities trade and enterprise, inaugurated its 2019 international roadshow under its Made For Trade Live umbrella in Edinburgh, Scotland followed by London, United Kingdom, UK, where it discussed the advantages of doing business in Dubai through the DMCC.
Held in partnership with the UK’s Institute of Directors, IoD, the event gathered over 150 industry leaders in Central London to discuss and debate the Dubai opportunity presented by the DMCC to British firms seeking expansion for their business. During the event, the DMCC released the updated research from its Future of Trade report, providing insight into the development of international trade over the past 12 months.
“The UAE has positioned itself as a regional pioneer in shipping and logistics, air transport, non-oil commodity trade, and finance. The country’s robust regulation and advanced infrastructure have cemented its status as a pivot for trade between China, the Middle East and Africa – the fastest growing trade route in the world,” said Ahmed Bin Sulayem, Executive Chairman, DMCC.
“At the DMCC, we offer our member companies a unique commercial environment, strategic geographic location and global connections that have made us the natural hub and go-to Free Zone for businesses wishing to expand their presence in the region and beyond. We look forward to working more closely with British firms and welcoming them to our community of over 16,000 businesses,” he added.
Today, the GCC is recognised as the UK’s fourth-largest export market for goods outside the EU after the United States, China and Hong Kong. On a recent visit to the UAE, Liam Fox, UK’s Secretary of State for International Trade, laid out plans for bilateral trade to reach approximately ₤25 billion (AED121 billion) by 2020.
“The United Arab Emirates and the United Kingdom are longstanding partners. The deep and abiding relationship between the two nations will continue to grow from strength to strength,” said Marwan Al Naqbi, Second Secretary and Head of Economic Affairs, at the UAE Embassy in London.
Last year, the Dubai Government approved a new foreign investment law that allows foreigners to own up to 100 per cent of UAE-based onshore businesses. Earlier, in 2017, the DMCC released a report indicating that 42 per cent of UK businesses (2.3 million) were interested in expanding their operations abroad to leverage new opportunities in the post-Brexit era, and 75 percent of them are looking at Dubai as a potential expansion destination.
David Stringer-Lamarre, Head of Europe and Trade Policy, IOD said, “Tonight’s Made For Trade Live event showed many opportunities for increased collaboration between British business and Dubai. The expert speakers and panel members demonstrated deep knowledge and understanding of Middle Eastern and global trade. British businesses looking to extend their reach into the Middle East, Africa and Asia were clearly shown the opportunities available in Dubai. The DMCC illustrated how its dynamic and value-focused proposition can assist British companies with their expansion strategy.”