Dubai Chambers and Standard Chartered have signed a Memorandum of Understanding (MoU) to deepen their collaboration, with the goal of accelerating the growth of UAE businesses and aiding their expansion into emerging global markets.
As part of the MoU, both parties will work together to offer integrated banking services to international companies setting up operations in Dubai with the assistance of Dubai Chambers, as well as to support 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.
Under the agreement, Standard Chartered will provide trade finance services to UAE businesses looking to expand globally. The Bank will leverage its global network to guide Dubai-based businesses in setting up accounts and provide similar support to multinational companies looking to 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.
HE Mohammad Ali Rashed Lootah President & CEO Dubai Chambers
“This 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, said that, “This partnership 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 agreement was signed as part of the Global Partnerships Program, 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 Program 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.
