Dubai, Bulgaria to strengthen economic and investment ties

Sajjad Ahmad, Deputy Business Editor/ WAM

Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has announced the establishment of the Bulgarian Business Council. The new council aims to strengthen economic cooperation, promote partnerships between the business communities in Dubai and Bulgaria, and expand investment collaboration across diverse sectors.

The council’s first meeting was held recently at Dubai Chambers’ headquarters. Participants discussed ways to develop new business opportunities and advance mutual investments. The meeting also focused on strengthening the connections between Bulgarian companies and their counterparts in Dubai, exchanging expertise and data, and organising bilateral business events.

The launch of the Bulgarian Business Council comes as Dubai continues to reinforce its position as an international hub for Bulgarian companies and investors. Non-oil trade between Dubai and Bulgaria reached Dhs777 million in 2024, recording annual growth of 5% and reflecting the strength of bilateral commercial ties. During the first nine months of this year, 54 new Bulgarian companies joined the chamber, bringing the total number of active Bulgarian members to 243 by the end of September.Maha Al Gargawi, Vice President of Business Advocacy at Dubai Chambers, commented: “The establishment of the Bulgarian Business Council represents an important step forward in the economic ties between Dubai and Bulgaria. The council will help build stronger partnerships between our business communities, unlock new opportunities for joint investment, and support the continued growth of bilateral trade.”In this regard, Milo Borissov, Bulgarian businessman and entrepreneur, stated, “I am delighted with the creation of this Bulgarian Business Council, which opens new avenues for collaboration between Bulgaria and the UAE. Together, we can explore and harness the potential of both markets.”

Borissov is the founder of the PALMS WORLD brand and a managing partner in an international holding group, as well as a co-founder of the “Sport in Bulgaria” Foundation.The Business Councils operating under the umbrella of Dubai Chamber of Commerce represent the interests of companies and investors from specific markets operating in Dubai. They work in close cooperation with the chamber to enhance bilateral trade and investments between Dubai and the markets represented, with the goal of developing robust long-term economic partnerships.

Established in 1965, Dubai Chamber of Commerce continues to represent, support, and protect the interests of the business community in Dubai, create a stimulating business environment, and promote the emirate as a global business hub. The chamber is one of three chambers operating under the umbrella of Dubai Chambers, which was restructured under a decree issued by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

Meanwhile Dubai International Chamber (DIC), one of the three chambers operating under the umbrella of Dubai Chambers, has officially launched a new international representative office in Karachi, with the goal of strengthening bilateral trade and investments between Dubai and Pakistan.

The opening of the chamber’s new office comes as part of the ‘Dubai Global’ initiative, which seeks to establish 50 representative offices around the world by 2030. The initiative is designed to strengthen Dubai’s position as a leading global business hub by attracting foreign direct investment and supporting the international expansion of local companies into 30 priority markets around the world. The office was inaugurated during a ceremony held in Karachi in the presence of Dr. Bakheet Ateeq Alremeithi, Consul General of the United Arab Emirates in Karachi, together with officials and representatives from the Pakistani business community.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated: “The inauguration of our new office marks a strategic step that reflects our firm commitment to strengthening the robust economic partnership between Dubai and Pakistan. We aim to broaden the scope of bilateral cooperation between our business communities and advance our vision to create new paths for the flow of trade and investments. This will help drive mutual growth and enhance the ability of Pakistani companies to capitalise on emerging opportunities in Dubai.”

The inauguration comes at a time of notable growth in business relations between Dubai and Pakistan. Dubai’s non-oil trade Pakistan reached Dhs22.8 billion in 2024. Between early 2022 and end of Q3 2025, the number of Pakistani companies registered as active members of Dubai Chamber of Commerce increased by 161% to reach 33,110. A total of 6,850 new Pakistani companies joined the chamber during the first nine months of 2025 alone.