Cairo – A representation office of the Dubai Chamber of Commerce was launched in the Egyptian capital city last Sunday (11) by the ambassador of the United Arab Emirates to Cairo, Mariam Khalifa Al Kaabi, to strengthen trade ties between the UAE and Egypt.
The chamber’s International Offices executive director Omar Khan said Egypt is a strategic partner for the institution and that the UAE’s close relationship with Egypt has been a strong basis for the success of Dubai businesses in the country. UAE investments have more than doubled recently, with trade between the two countries reaching US$ 7.5 billion in 2021.
Khan said the new office in Cairo is in line with the Dubai Global initiative where the Chamber aimed to bring the number of international offices to 15 by the end of the week. Other two offices were launched in the period. The initiative aims to reaching 27 offices by 2023 and 50 by late 2030. The initiative will offer global reach opportunities for businesses from the UAE.
Khan explained to ANBA on the sidelines of the inauguration of the new office that the Dubai Chamber has representation offices in countries like Mexico, Brazil, China, Ethiopia, South Africa, and Angola. According to the executive, the chamber is guiding companies from Dubai and elsewhere on opportunities in the Egyptian market and on the other hand, presenting Egyptian companies with opportunities available in all other countries where the Dubai Chamber has offices.
Between Egypt and Dubai
The executive director said the Dubai Chamber has identified several high potential sectors to boost investment ties between Egypt and the UAE. They include trade, agribusiness, IT and maritime.
According to him, the new office is set to offer Egyptian businesses market intelligence and operational expertise. It will also provide Egyptian multinationals and small- and medium-sized enterprises access to trustworthy partners to unlock Dubai’s global hub opportunities.
For Dubai businesses, Khan explained, in addition to market intelligence, route-to-market strategies and operational set-up expertise, the Cairo office will help maximize business opportunities in Egypt, providing Dubai businesses access to reliable partners and stakeholders across the country.
Opportunities in Egypt
Egypt was Dubai’s second trading partner on the African continent in 2021 and last year ranked 20th globally on the list of the emirate’s trading partners. The number of Egyptian companies registered as members of the Dubai Chamber of Commerce and operating in the emirate amounts to more than 14,700 companies. According to Khan, Egypt is one of the largest startup hubs on the African continent and accounts for 14% of all startups in Africa, according to an OECD report.
Khan said the emirate of Dubai can provide easy access to 2.2 billion consumers, serving as a hub to enable Egyptian companies and businesses to expand their footprint globally.
Translated by Georgette Merkhan & Guilherme Miranda
