Dubai Chambers, U.S Chamber of Commerce partner to enhance trade, investment ties

The Dubai Chamber of Commerce recently announced the signing of a Memorandum of Understanding (MoU) with the U.S. Chamber of Commerce, aiming to strengthen trade relations and foster connections between the Dubai and American business communities. This agreement is designed to support the growth of bilateral trade and expand economic cooperation between the two nations, potentially leading to new ventures and partnerships.

The agreement was signed at the Dubai Chamber of Commerce headquarters, with Salem Al Shamsi, Vice President of International Relations at the Dubai Chamber of Commerce, and Steve Lutes, Vice President of Middle East Affairs at the U.S. Chamber of Commerce, representing their respective organizations. This formal signing underscores the commitment of both chambers to actively pursue the goals outlined in the MoU.

Al Shamsi stated, "This collaboration is part of our ongoing efforts to strengthen cooperation with global business organizations and communities. Through our partnership with the U.S. Chamber of Commerce, we aim to enhance economic and investment partnerships, expanding mutually beneficial business opportunities between American companies and their Dubai counterparts." This strategic alignment seeks to create a more conducive environment for international commerce.

According to the terms of the agreement, the Dubai Chamber of Commerce will support U.S. Chamber of Commerce members in establishing companies and making investments in Dubai, providing strategic services to accelerate the investment process. Conversely, the U.S. Chamber of Commerce will support Dubai Chamber of Commerce members in expanding into the U.S. market, facilitating business matchmaking and networking events to foster valuable connections.

Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State, noted that the UAE's total investment in the United States has exceeded $35 billion, accounting for more than 50% of the total foreign direct investment from Arab countries in the U.S. at the end of 2023. Simultaneously, as of the end of 2022, U.S. investments in the UAE surpassed $5 billion, highlighting the reciprocal nature of the economic relationship.

The agreement also outlines cooperation in several key areas, including mutual support at trade shows, investment missions, conferences, and exhibitions held in Dubai and the United States, as well as regular exchange of information and reports on bilateral trade in both markets. Such collaboration will ensure that businesses have access to the latest insights and opportunities.

Through this partnership, the Dubai Chamber of Commerce will continue to focus on achieving its strategic priorities, including improving Dubai's business environment, attracting international businesses and investment, and promoting the international expansion of its members. The Chamber is also dedicated to accelerating the growth of Dubai's digital economy, enhancing the effectiveness of advocacy, and maintaining excellent institutional and customer service standards.

Notably, the United States is the UAE's fourth-largest global trading partner, accounting for 4.8% of the UAE's total non-oil trade. In the first nine months of 2024, bilateral non-oil trade reached $28.3 billion, a 46.2% increase compared to the same period in 2019. The UAE is also the United States' most important trade partner in the Arab world, with bilateral trade accounting for 27% of U.S. trade with the region, solidifying its position as a key economic hub.