Dubai Chamber of Commerce Opens Offices In Singapore

The UAE and Singapore have a Free Trade Agreement and offer each other regional access to new markets

The Dubai International Chamber has opened a new international representative office in Singapore, reinforcing the existing and well-established business links between Singapore and the UAE.

The step comes as part of the ‘Dubai Global’ initiative, which was launched in 2022 by Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, to establish 50 representative offices for Dubai in five continents by 2030. The initiative supports Dubai Chambers’ strategic goals of attracting international business and investment to Dubai and driving the global expansion of its members.

The office was officially inaugurated in Singapore with the participation of Ahmed Ali Al Sayegh, Minister of State; Jamal Abdulla AlSuwaidi, UAE Ambassador to Singapore; and Hassan Al Hashemi, Vice President of International Relations at Dubai Chambers.

Ahmed Ali Al Sayegh, Minister of State, commented: “The inauguration of Dubai International Chamber’s office in Singapore signifies the importance the UAE places on its relationship with Singapore. As a gateway to Southeast Asia and a global financial centre, Singapore offers an ideal platform for UAE businesses seeking to expand their reach and capitalise on new opportunities. Similarly, the UAE’s strategic location, unrivalled infrastructure, and flourishing business environment present Singaporean enterprises with immense potential to tap into a diverse and dynamic market.”

The number of Singaporean companies registered in Dubai now stands at 687 (end 2022). Singapore ranked 27th on the list of Dubai’s main trading partners during 2022.

In recent years, trade between the UAE and Singapore has focused on pearls and precious stones, as well as machinery and equipment. Opportunities exist to increase exports of several other products to Singapore including plastics, metals, and chemicals. In addition, with Venture Capital (VC) investments in Singapore witnessing significant growth, there are potential synergies in VC investments in information technology, financial services, and the B2C sector.

Singapore is a member of the ASEAN free trade bloc, which also includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Thailand, and Vietnam. It is a common regional HQ hub for foreign investors reaching out to South Asia and has additional FTA with China, India, and the UAE among others.

The UAE is a member of the Gulf Cooperation Council, which also includes Bahrain, Kuwait, Oman, Qatar, and Saudi Arabia. It has a Free Trade Agreement with Singapore and CEPA agreements with India, and Israel. It is additionally a member of the Arab Trade Zone which also includes Algeria, Bahrain, Egypt, Iraq, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Palestine, Qatar, Saudi Arabia, Sudan, Syria, Tunisia, and Yemen.

The office will also provide access to Singaporean MNCs and SMEs as they explore opportunities to leverage Dubai as a hub for global expansion. For Dubai businesses, in addition to market intelligence, route-to-market strategies, and operational set-up expertise, the Singapore office will help companies to maximise business opportunities and provide access to reliable partners and stakeholders in Singapore.

Dezan Shira & Associates maintains offices in both Dubai and Singapore. For market intelligence, legal, tax and related investment advise please email Maria Kotova in Dubai at dubai@dezshira.com, or David Stepat in Singapore at singapore@dezshira.com Our respective, complimentary investment guides can be downloaded from the related reading section below.

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