Dubai Chambers, Standard Chartered to support global expansion of local businesses

Dubai Chambers and Standard Chartered signed a Memorandum of Understanding (MoU) to enhance collaboration aimed at fostering the growth of UAE businesses and supporting their expansion into promising global markets.

Under the terms of the MoU, both parties will cooperate to provide access to integrated banking services for international companies establishing their operations in Dubai with the support of Dubai Chambers, as well as for the local private sector.

The agreement will enhance the competitiveness of businesses in the emirate and help facilitate their growth and expansion across local and international markets.

As part of the agreement, Standard Chartered will offer trade finance services to UAE businesses seeking to expand internationally.

The Bank will leverage its global network to guide Dubai-based businesses in setting up accounts and provide similar support to multinational companies looking establish bank accounts in Dubai. Dubai Chambers will support Standard Chartered’s clients worldwide who are interested in establishing a presence in Dubai and expanding their operations from the emirate.

The agreement was signed as part of the Global Partnerships Programme, an initiative launched to accelerate Dubai Chambers’ business expansion and attraction efforts through collaborations with world-class service providers across eight trade categories. The Global Partnership Programme supports the objectives of the Dubai Global initiative, which seeks to attract foreign direct investments (FDI) to the emirate and support Dubai-based companies in exploring new business opportunities.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers said the agreement "aligns with our ongoing efforts to consolidate Dubai's pivotal role in the global financial and business landscape. We remain committed to empowering both local and international companies to thrive in Dubai and expand into promising global markets, while simultaneously attracting foreign investments to the emirate.”

Rola Abu Manneh, Chief Executive Officer, UAE, Middle East, and Pakistan, Standard Chartered, added it "reflects our commitment to supporting the UAE’s vision for economic growth and diversification while contributing to Dubai’s ambitious D33 agenda. By leveraging our global network and trade finance expertise, we aim to empower businesses across the UAE to expand into new markets and achieve sustainable growth.”

The MoU with Standard Chartered will support the Global Partnership Programme across the chamber’s 32 international representative offices around the world.