Dubai Chambers, Citi sign MoU to boost business competitiveness

Dubai Chambers recently signed a Memorandum of Understanding (MoU) with Citi UAE to enhance cooperation and serve common goals, boost the competitiveness of the business community and facilitate public-private partnerships that drive sustainable economic growth.

The Memorandum of Understanding was signed by Hamad Buamim, President and CEO of Dubai Chambers, and Elissar Farah Antonios, CEO of Citi UAE and Head of Middle East and North Africa, in the presence of representatives from both entities.

Under the terms of the strategic agreement, the parties will collaborate on joint events and initiatives that support common goals, attract companies to the UAE and provide new banking services, products and financial solutions to the private sector.

Buamim described the agreement as “an important development that would raise the standard of banking services and solutions that enable business growth, ultimately creating a more conducive and competitive business environment”.

He noted that the partnership supports Dubai Chambers’ strategy and ongoing efforts to attract multinational companies to Dubai and ensure a favourable business environment in the emirate, adding that banking is among the top sectors that attract the most foreign direct investment and a key sector that will support the emirate’s new economic vision.

Antonios said that this strategic partnership is an opportunity to further promote Dubai as an investment destination and a hub for multinational companies. It falls within Citi’s commitment to UAE’s transformation into a global economic powerhouse and its support of Dubai’s attractiveness and forward-thinking vision.

Meanwhile last week the Dubai Chamber of Commerce - one of three chambers operating under Dubai Chambers - has revealed that its membership increased 55.4 per cent in April 2022, while member exports and re-exports grew by 16.7 per cent, compared to the same period last year.

The new member companies joining Dubai Chamber of Commerce in April 2022 reached 3,056, bringing the Chamber’s total membership to 300,000 companies making it the largest chambers of commerce in the world.

The value of members’ exports and re-exports in April 2022 amounted to Dhs20.2 billion, growing by 16.7 per cent from the Dhs17.3 billion posted in April 2021. The chamber issued 57,704 certificates of origin in April this year, up by 8.2 per cent from last year.

Abdul Aziz Al Ghurair, Chairman of Dubai Chambers, said the latest figures reflect Dubai Chambers’ efforts to stimulate the business environment and boost its competitiveness.

WAM