Dubai, UAE – Dubai Chambers has officially signed a Memorandum of Understanding (MoU) with HSBC Bank Middle East Limited to foster the growth of local companies, empowering them to expand into international markets and enhancing the ability of global companies to establish and thrive in Dubai.
Strategic Collaboration for Global and Local Growth
The partnership between Dubai Chambers and HSBC aims to leverage both parties’ strengths. The agreement outlines collaborative efforts to provide banking services for international companies entering the Dubai market with the support of Dubai Chambers, alongside offering comprehensive services to Dubai’s dynamic business community. This collaboration is designed to accelerate the expansion of local and international businesses at regional and global levels.
HSBC will offer services including global trade finance and local account opening, while Dubai Chambers will assist HSBC’s global clients interested in investing in Dubai, supporting them in their business ventures from the emirate.
Key Benefits for Dubai’s Business Ecosystem
This MoU is a crucial component of Dubai Chambers’ Global Partnerships Programme, an initiative aimed at fostering Dubai’s business expansion and attracting global investments through strategic collaborations with world-class service providers across eight key trade sectors. The programme aligns with the ‘Dubai Global’ initiative, which is focused on attracting foreign direct investment (FDI) to Dubai and opening new doors for Dubai-based companies to explore international opportunities.
H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, highlighted the importance of the collaboration, saying:
“Dubai Chambers is committed to supporting local companies in entering promising international markets and enhancing their operations. This partnership will significantly contribute to accelerating the growth of companies across various sectors, while also attracting global investments to Dubai.”
Strengthening Dubai’s Position as a Global Business Hub
Stephen Moss, Chief Executive Officer, HSBC Middle East, North Africa, and Türkiye, commented:
“Dubai has emerged as a global business and wealth hub, with its connectivity driving significant trade activity across both traditional and emerging markets, particularly in Asia. By combining HSBC’s global reach with Dubai Chambers’ local expertise, this partnership will further propel the growth of businesses expanding into and growing from Dubai.”
HSBC is the largest international bank in the UAE, with a robust global network covering 90% of world trade. The MoU will provide invaluable support for businesses through Dubai International Chamber’s 32 international representative offices, contributing to the objectives of Dubai’s Economic Agenda (D33), which aims to double the emirate’s economy within the next decade and cement Dubai’s position as one of the top three global cities.
This collaboration strengthens Dubai’s position as a gateway for global business, offering unique opportunities for both local and international companies.
