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Recognizing the need for sustainable growth, the government of Dubai has embarked on a journey to shift the focus towards a robust non-oil economy. Recently, Dubai International Chamber, operating under Dubai Chambers, launched an initiative, New Horizons, to bolster the global expansion of local private sector companies. 

According to WAM, the chamber said the initiative’s successful trade missions to Central Asia, the UK, and South Africa occurred in the first half of 2023. Plans for upcoming roadshows to explore untapped business opportunities in key regions were also unveiled. The latter half of the year is slated for roadshows to delve into business prospects in Asia, Europe, East and West Africa. The venture will also extend its scope to encompass the Baltic region, ASEAN countries, Turkey, and other promising African markets in 2024.

Mohammad Ali Rashed Lootah, president and CEO of Dubai Chambers, expressed his support to the members of Dubai International Chamber in their global expansion endeavors across strategic markets worldwide. “The New Horizons initiative stands as a driving force behind the international growth of member companies and plays a pivotal role in the grand vision of Dubai: to increase non-oil foreign trade to $554 billion by 2026, in line with the emirate’s five-year trade plan. The chamber has set a concrete target to assist 100 Dubai businesses in their global expansion by the end of 2024,” he said.

The initiative enables local companies to participate in international trade missions and gain the necessary knowledge for establishing and operating businesses in priority markets.