Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has inaugurated a new representative office in Milan to boost trade and investment between Dubai and Italy. The opening further strengthens the chamber’s presence in Europe following the launch of its London office in June and increases its growing network of international representative offices to 23 worldwide.

The launch of the new office comes as part of the ‘Dubai Global’ initiative launched by Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, which seeks to establish an integrated network of 50 representative offices around the world by 2030. The initiative is designed to reinforce Dubai’s position as one of the world’s leading commercial hubs by attracting investments, talent, and new business to the emirate while supporting the international expansion of Dubai-based companies into 30 priority markets.

The official inauguration ceremony for the Milan office was held with the participation of Naser Al Khaja, Charge d’affaires at the UAE Embassy in Italy, and Salem Al Shamsi, Vice President of Global Markets at Dubai Chambers, in the presence of distinguished representatives of the Italian business community. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: “Strengthening our presence in the European market represents another important step that will enable us to capitalise on the opportunities created by the Dubai Economic Agenda and bring us closer to achieving the objectives of the emirate’s five-year foreign trade plan. Our new office in Milan is set to drive further growth in Dubai’s non-oil trade with Italy and other European countries, as well as increased strategic investments from businesses in both markets. I am confident this strategic opening will elevate our strong bilateral relations to new heights.”

Naser Al Khaja, Charge d’affaires at the UAE Embassy in Italy, said: “Over the years, the UAE has successfully established strong relationships with Italian companies and institutions. Today, we are pleased to witness the enhancement of these partnerships with the opening of a representative office for Dubai International Chamber in Milan. This reaffirms our mutual goal of strengthening ties and mutual business opportunities between the two countries, as well as building a commercial and investment network between two dynamic markets.”

He added: “I believe that initiatives such as these contribute to enhancing the distinguished relationship between the UAE and Italy, attracting mutual investments, and building new partnerships and business projects across a variety of key knowledge and innovation-driven sectors in alignment with the comprehensive vision of the UAE and its balanced approach to economic and social development.” The office in Milan, which is the chamber’s eighth international representative office to open since the beginning of the year, will build strong relationships with key public and private sector stakeholders and deliver a comprehensive range of support to the Italian business community. In addition to assisting Italian companies seeking to enter the Dubai market and expand through the emirate, the office will support and guide Dubai-based businesses that plan to enter the Italian market throughout every stage of their international growth journeys.

The opening supports the goals of the ‘Dubai Global’ initiative, which aims to attract foreign companies, SMEs, investors, and international talent to Dubai by showcasing the emirate’s competitive advantages, sharing market intelligence, and strengthening engagement with key international stakeholders. The value of non-oil bilateral trade between Dubai and Italy reached Dhs33.7 billion during 2022, representing year-on-year growth of 7%. A total of 228 new Italian companies registered with Dubai Chamber of Commerce during the first seven months of 2023, an increase of 49% compared to the same period in 2022 that brought the total number of member companies from Italy to 1,758.

Key sectors for trade between the UAE and Italy include machinery, precious stones and metals, aluminium, tobacco, vehicle parts, footwear, and leather articles. Dubai International Chamber aims to further enhance the commercial relationship between the two countries by identifying and capitalising on new trade and investment opportunities in areas such as pharmaceutical products, agribusiness, the automotive industry, and consumer goods.

With its strategic location and world-class logistics facilities, Dubai has emerged as a preferred trade hub for Italian companies with global ambitions. The emirate offers convenient access to over 2.2 billion consumers and serves as launchpad to enable Italian businesses to expand their footprint into the Middle East and beyond.