DUBAI: Dubai has long been known as a global hub for trade and commerce, and His Excellency Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, believes that the emirate can continue to benefit from its strategic location at the crossroads of Asia, Europe, and Africa. In a recent article published by the African Media Agency, Al Ghurair reflects on the changing face of globalization and how Dubai can remain a global gateway for trade.
Al Ghurair notes that while globalization has transformed economies and made the world more interconnected than ever before, the effects of the pandemic, ongoing geopolitical issues, and persistent inflation are all making their mark on the global economic system. As a result, there has been a shift towards ‘deglobalization’ and the formation of new regionalized economic blocs.
However, Al Ghurair believes that Dubai can continue to benefit from the new face of globalization by leveraging its location and capitalizing on the strong growth in foreign investments in the emirate. He notes that the Dubai Government has launched the Dubai Economic Agenda (D33), which aims to double the size of the emirate’s economy by 2033 through 100 transformational projects. These projects will advance Dubai’s plans for green and sustainable manufacturing, add 400 cities to Dubai’s foreign trade map, open economic corridors with Africa, Latin America, and Southeast Asia, and much more.
To ensure Dubai’s position as a worldwide gateway for business and trade, Al Ghurair notes that the Dubai International Chamber has launched ‘Dubai Global,’ an initiative designed to establish a powerful network of 50 integrated representative offices in five continents by the end of the decade. Through this network, Dubai is accelerating towards the D33 targets of increasing FDI to over AED 650 billion over the coming 10 years and boosting foreign trade in goods and services to AED 25.6 trillion, while strengthening bilateral trade and supporting the international growth of Dubai companies.
Al Ghurair believes that by remaining agile and open to opportunities on all fronts, Dubai will continue to lead the world as a hub for innovation, international trade, and tech-driven enterprise. The Dubai Business Forum, which will gather key public and private stakeholders from across the globe for a transformational two-day program of networking and dealmaking, creates a perfect opportunity for the Dubai business community to connect with international organizations from near and far, supporting the emirate’s regional and global ambitions.
