Dubai International Chamber: Promoting Dubai as a Strategic Global Business Hub
The Dubai International Chamber’ strategic initiatives aimed at promoting Dubai as a global business hub, fostering bilateral trade, and empowering businesses through a range of innovative services.
5 min
The Dubai International Chamber, part of the Dubai Chambers umbrella, opened its first office in Australia in 2023. This expansion is a strategic move to enhance Dubai’s global presence and support its economic growth goals under the “D33” plan, which aims to double the size of Dubai’s economy by 2033.
Leading the Australia office from Sydney is Ms. Sophia Demetriades Toftdahl, who brings over 25 years of experience in the international education and trade sectors as a coach and consultant. She is the founding President of the Norwegian Australian Chamber of Commerce (NACC), established in 2014, the main organizer of Euromix, a networking event for all EU Chambers in Australia, and a Co-Chair of the Revenue Enablement Society (RES).
In this interview with Sophia, we will explore the Chamber’s objectives in Australia, including promoting Dubai as a global business hub, facilitating bilateral trade and investment opportunities, and providing valuable services to empower businesses.
Can you provide us with an overview of the Dubai International Chamber’s operations in Australia?
The Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers along with the Dubai Chamber of Commerce and the Dubai Chamber of Digital Economy, opened its first office in Australia in 2023.
This expansion is part of a broader strategy to enhance Dubai’s global presence and support its economic agenda, particularly the “D33” plan, which aims to double the size of Dubai’s economy by 2033.
The primary objectives of the Chamber in Australia include promoting Dubai as a strategic global business hub, facilitating bilateral trade and investment opportunities, and providing innovative value-added services to empower businesses. We are not a membership organization in Australia, we operate as a trade office.
By supporting and protecting the interests of Dubai’s business community, the Chamber seeks to drive competitiveness and business growth, positioning Dubai as one of the top three cities globally for living, investing, and working.
Are there specific sectors that could benefit more from trade with UAE/Dubai?
We are sector agnostic, and we explore a wide range of industries for potential collaboration and growth. Key sectors include biotech, MedTech, big pharma, renewable and sustainable energy, smart city and urban planning, high-tech industries such as AI and robotics, defense, aerospace, manufacturing, tourism, and food & beverage. We are also working on getting more attention from family businesses to invest in Dubai.
For Australia specifically, we see strong potential in FinTech, HealthTech, and AgriTech, where innovative solutions and technologies can greatly benefit from strengthened trade and investment ties with Dubai.
What kinds of support and services does the Dubai International Chamber offer to businesses in Australia looking to expand into Dubai?
The Dubai International Chamber provides support services to businesses in Australia looking to expand into Dubai. This includes access to market research and data, assistance with licensing, bank openings, and site selection, and support in identifying potential partners.
Our dedicated account managers help businesses during the setup process and offer them continuous support throughout the first year to help them scale up and continue their expansion.
The Chamber also facilitates B2B and B2G meetings and visits, helps resolve teething issues such as real estate choices and school selections, and offers follow-up virtual calls to support the evaluation process.
Additionally, the Chamber provides guidance on how to manage to establish a business and offers investment incentives, including access to the Golden Visa program, which provides long-term residency benefits for investors and entrepreneurs.
It also facilitates business networking opportunities for businesses by providing contact with senior Australian and Emirati officials, government bodies, and government-linked entities. It assists Australian companies and organizations in connecting with their UAE counterparts, promoting both Australian and Emirati businesses, and fostering new opportunities and enterprises.
The Chamber actively builds and develops stronger ties and mutual understanding between Australia and Dubai, ensuring that members have the necessary connections and resources to thrive in both markets.
What are the key areas of trade and investment that the Dubai Chamber focuses on between Australia and Dubai?
The UAE is Australia’s largest trade and investment partner in the Middle East, with $9.3 billion in two-way goods and services trade in 2022, making it Australia’s 19th largest trading partner globally. Key Australian exports to the UAE include alumina, meat, oil seeds, and higher education, while UAE investment in Australia totaled $12.6 billion in 2022.
Approximately 300 Australian entities currently operate in the UAE, including 60 in the Jebel Ali Free Zone (JAFZA). Notably, the UAE has been the second top export destination for Australian vegetables for over a decade, with exports reaching $32 million in 2021.
Dubai alone contributes 78% to the total UAE-Australia trade. The UAE presents an opportunity for market diversification for Australian goods exporters, with Australian producers serving as reliable trade and food security partners for the UAE. Additionally, trade in services such as construction, minerals, resources, engineering, education, agribusiness, and health offers further opportunities for both nations.
The Comprehensive Economic Partnership Agreement (CEPA) between Australia and the UAE aims to enhance economic ties by reducing trade barriers, facilitating smoother trade flows, and creating new opportunities for businesses in both countries. The CEPA benefits both nations by promoting increased trade and investment, fostering innovation, and enhancing economic growth. For more detailed information on the CEPA, you can visit the DFAT page.
Mr. Marwan AlMarri visited Australia end of May, and it his first business mission to Australia as the Regional Director of Asia & APAC for Dubai Chambers… What were the reasons behind his visit, and what significance does it hold?
The main purpose of this mission was meeting in person with some of the multinational corporations (MNCs) and small and medium-sized enterprises (SMEs) in various stages of their expansion into Dubai. Marwan also met with various government entities responsible for the internationalization of Australian companies, such as Austrade and Investment NSW.
Additionally, he engaged with different business groups like the Australian Arab Chamber of Commerce and Industry and the Australia UAE Business Council. The mission also involved meetings with trade associations in relevant sectors, including the Australian EV Association (AEVA), Electric Mobility Manufacturers of Australia (EMMA), Australian Renewable Energy Agency (ARENA), Australian Energy Council (AEC), and Australian FinTech.
Furthermore, Marwan had the chance to meet with Dubai company DP World operating in Australia, to discuss future collaboration.
How does this event align with the broader goals and objectives of the Dubai Chamber?
The mission fostered strategic relationships and facilitated business expansion. It included meetings with MNCs and SMEs, government entities, ethnic business groups, and trade associations, which are crucial for the internationalisation of Australian companies. These engagements will help promote Dubai as a business hub and support Australian companies in their expansion into Dubai.
The mission’s aim was to strengthen ties and create opportunities for collaboration, aligning with the Chamber’s key performance indicators (KPIs) of promoting competitiveness and business growth.
What are the future plans for the Dubai International Chamber in Australia?
Having launched the Dubai International Chamber in Australia a year ago, our current focus is on strengthening the business corridor and enhancing our visibility so that businesses are aware of our presence and how we can support them.
Subsequently, we will extend our efforts towards New Zealand and the Pacific Islands. And we encourage interested parties in these regions to reach out to us now.
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Diriyah Company has joined forces with the Royal Institution of Chartered Surveyors (RICS) through a Memorandum of Understanding (MoU) to significantly boost the training and development of Saudi talent.
2 min
The recently signed MoU between Diriyah Company and the Royal Institution of Chartered Surveyors (RICS) marks a significant step towards strengthening the training and development of Saudi talent, fostering knowledge transfer, and establishing comprehensive learning and development plans within the built environment sector.
The MoU, signed by Abdullah Al-Othman, Chief Human Capital Officer at Diriyah Company, and Belinda Howell, Executive Director of Regulation & Assurance Operations at RICS, will promote and support the growth of Diriyah’s skilled workforce. The agreement initially targets the training of 15 Saudis from the Diriyah Company team, with the potential to expand beyond that, based on the needs of the organization.
The partnership will exclusively target employees of Diriyah Company, providing necessary training for young Saudi talent, mid-management professionals (both Saudi and non-Saudi), and potentially senior staff. The training program will primarily be conducted in Riyadh through webinars and in-person sessions, minimizing disruption to business operations. There are also opportunities for international training, based on the needs of the organization.
Key areas of collaboration will include training and guidance, facilitating the transfer of knowledge to young Saudi professionals in the fields of Cost and Commercial Management, Project Management, Asset and Facilities Management, Real Estate Advisory, Procurement, and Tendering, highlighting essential business, budgeting, and cost control skills. Professionals within Diriyah Company will also receive advice on the most suitable membership routes, from preparing development plans to overseeing the membership journey of young local talent to support their career development.
A joint working team, comprising representatives from both Diriyah Company and RICS, will be formed to activate areas of collaboration, and will prepare and submit progress reports to both organizations to enable continuous development of the agreed upon programs. Awareness sessions will demonstrate the advantages of RICS membership and the comprehensive courses covering RICS pathway competencies. The MoU will also include a track for building conservation and collaboration on achieving sustainability goals, ensuring that historic buildings are effectively managed, certified, and preserved.
Mr. Jerry Inzerillo, Group CEO of Diriyah Company, said: “We are thrilled to collaborate with RICS to bring the immense benefits of their programs to our employees and projects by adopting global standards in training and development. It is a significant step towards enhancing our professional capabilities and ensuring the preservation of Diriyah’s rich heritage.”
Mr. Justin Young, Global CEO of RICS, said: “Our collaboration with the Diriyah Company underscores our commitment to promoting cultural, economic, and professional growth within Saudi Arabia. By supporting Diriyah Company, we aim to highlight the roots of this ancient city and its history across various fields, including culture, arts, and knowledge.”
This MoU aligns with Saudi Arabia’s Vision 2030 initiative, which emphasizes the need to consolidate efforts, simplify procedures, and empower entities to deliver on their responsibilities. Diriyah Company remains committed to transforming Diriyah, The City of Earth, into a global destination enriched with culture, entertainment, education, and arts. Collaborating with government and private agencies, the company aims to contribute to the Kingdom’s cultural and economic development while enhancing the effectiveness of government initiatives.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
