Friday 5 December 2024

LCCI and Dubai Chambers have signed a Memorandum of Understanding (MoU) to support the growth and diversification of bilateral economic and investment ties. The agreement aims to strengthen connections between the business communities in Dubai and London and foster enhanced collaboration on joint initiatives.

Under the terms of the MoU, Dubai Chambers will assist London-based companies from diverse sectors with expanding and growing their operations in Dubai. The agreement will also contribute to the development of trade and investment relations at the local and regional levels, leveraging Dubai as a hub. Similarly, the London Chamber of Commerce and Industry will provide support to investors and businesses from Dubai and facilitate investments and partnerships within London’s business community.

The agreement also outlines cooperation in organising and participating in trade fairs, investment missions, conferences, and exhibitions, as well as the sharing of trade and economic data.

The MoU was signed by H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, and Karim Fatehi MBE, Chief Executive of the London Chamber of Commerce and Industry.

Karim Fatehi MBE, Chief Executive, London Chamber of Commerce and Industry, said: “This MoU is a testament to what can be achieved when visionary leaders, members and communities come together to build a shared future. Let us continue to work hand in hand, innovate together, and shape a future where the strength of our collaboration is the foundation of our shared success.”

H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said: “Dubai Chambers is committed to strengthening international partnerships and building constructive relationships that cement Dubai’s position as a leading global hub for trade and investments. We aim to enhance ties and foster collaboration to drive business growth and open new horizons for expansion into regional and global markets. Through these efforts, we contribute to building bridges of cooperation with business communities around the world, supporting economic growth and creating new opportunities that align with the aspirations of investors and businesses across diverse sectors.”

Welcoming the MoU, Dev Agrawal, from LCCI Member Singhania & Co, said: "In my practice, I frequently engage with Dubai-based clients and legal systems, advising on matters such as corporate structuring, investment regulations, and dispute resolution. The relationship between the London Chamber and the Dubai Chamber is pivotal in fostering a robust trade and investment ecosystem. As a solicitor specializing in cross-jurisdictional laws, I witness firsthand how these partnerships facilitate smoother commercial operations, promote mutual understanding, and create opportunities for growth. 

"Both cities are global leaders in finance, technology, and trade, and closer alignment would enhance access to capital, create diverse investment opportunities, and improve regulatory harmonization. For my legal practice, this would mean assisting clients in navigating streamlined compliance frameworks, fostering confidence in cross-border transactions, and opening doors to strategic partnerships." 

About Dubai Chambers

Dubai Chambers is dedicated to supporting the goals of the Dubai Economic Agenda (D33), which aims to double the emirate’s economy over the coming decade and position Dubai among the top three cities globally. Dubai Chambers’ strategic priorities include enhancing Dubai’s favourable business environment, attracting international businesses and investments to Dubai, and driving the international expansion of Dubai Chambers’ members, as well as accelerating the growth of Dubai’s digital economy, increasing the effectiveness of advocacy, and sustaining a climate of institutional and customer excellence.

ENDS