Dubai Chambers has signed a Memorandum of Understanding (MoU) with the Industrial and Commercial Bank of China Limited – Dubai (DIFC) Branch to enhance cooperation and improve the support available to companies and businesspeople in Dubai and China.

The MoU was signed by H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, and Mr. Wei Luo, General Manager of the Industrial and Commercial Bank of China Limited – Dubai(DIFC) Branch, at Dubai Chambers' headquarters. The agreement establishes a framework for extensive and diverse cooperation that will see Dubai Chambers provideassistance to the bank's customers in setting up their businesses in Dubai. The two parties will also work together to support the interests of the business communities in Dubai and China and promotecollaboration between companies to boost bilateral trade and investment in both markets.

The agreement coincides with the 40th anniversary of the establishment of diplomatic relations between the UAE and China,andcontributes toenhancing the growing trade and investment ties between Dubai and China and consolidating the emirate’s attractiveness among Chinese investors.

The signing of the MoU comes ahead of the Dubai Business Forum – China, which has been organised by Dubai Chambers under the theme ‘China, Dubai and Beyond: Igniting Global Trade and Investment’and will take place in Beijing on August 21. The event aims to attract promising Chinese companies to Dubai and support them in leveraging the regional and global growth opportunities offered by the emirate.