The largest free-trade zone in the United Arab Emirates (UAE) has struck an agreement with a Hong Kong business chamber to strengthen commercial connections between the city and the Middle East. The agreement was reached between the Dubai Multi Commodities Centre (DMCC) and the Hong Kong-Middle East Business Chamber after both parties proposed a deal in July to strengthen exchanges of expertise and best market practices, knowledge transfer, and the provision of trade and logistical support.
“The agreement will pave the way for consistent growth and business entry,” Ahmed Bin Sulayem, CEO and executive chairman at DMCC, said at a seminar just before the deal was signed. “Dubai offers immense potential that could be leveraged … and is a top gateway to the Gulf Cooperation Council, the Middle East and Africa.”
The council is a political and economic alliance comprising the UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman, as per scmp.
The DMCC, the UAE's largest free-trade zone, was established in 2002. It now houses over 23,000 businesses, 800 of which are Chinese. According to Sulayem, the government body accounted for 11% of foreign investment streaming into Dubai. He went on to say that the number of businesses establishing themselves in the zone had increased from 2,200 in 2020 to 2,485 in 2021, and reached 3,049 last year.
The agreement was inked at the "Embracing New Business Opportunities: Navigating Hong Kong-Dubai Trade Connections" event. Both signatories declined to provide additional information regarding the transaction.