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Dubai Chambers has signed a Memorandum of Understanding (MoU) with Dubai Islamic Bank (DIB) to enhance the banking services available to the business community and support the local and global expansion of Dubai-based companies.
Under the terms of the MoU, the two parties will cooperate to provide value-added banking services to the local business community, as well as international companies establishing their operations in Dubai with the support of Dubai Chambers. The agreement will contribute to supporting the growth and expansion of Dubai-based and international companies operating in the emirate in both local and global markets.
DIB will provide trade finance services to local companies wishing to expand into international markets through its global branch network, in addition to streamliningbank account set-up services for multinational companies and SMEs. Dubai Chambers will also support DIB branch customers around the world who wish to invest in Dubai and grow their business from the emirate.
The agreementwas signed as part of the Global Partnerships Programme, an initiative launched to accelerate the chambers’business expansion and attraction efforts throughcollaborations with world-class service providers across eight trade categories.The Global Partnership Programme supports the objectives of the ‘Dubai Global’initiative led by Dubai International Chamber, which aims to attract foreign direct investment and support the global expansion of Dubai-based companies across 30 priority markets.
Khalid Al Jarwan, Vice President of Operations and acting Vice President of Digital and Commercial Sectors at Dubai Chambers, commented: “Dubai Chambers is dedicated to strengthening Dubai’s position as a leading global business hub, attracting investments to the emirate, and supporting the expansion of companies from Dubai into new international markets. Our partnership with DIBcontributes to these goals and will leverage the bank's extensive global network and financial expertiseto streamline the international expansion process for Dubai-based companies,as well as businesses from overseas seeking to enter Dubai. This collaboration comes as part of our ongoing commitment to mutually beneficial partnerships that support sustainable economic growth.”
Sanjay Malhotra, Chief Consumer Banking Officer at DIB, said: “Asthe largest Islamic bank in the UAE, ourpartnership with Dubai Chambers reflects Dubai Islamic Bank’s enduring legacy as a pioneer in Islamic banking.Beingthe only Islamic institution in this collaboration, we are proud to offer a comprehensive range of Sharia-compliant trade finance solutions tailored to meet the unique needs of businesses both locally and internationally. Our commitment to supporting businesses through customised banking solutions, along with our global reach and robust trade finance capabilities, positions us as a key enabler of economic growth. Our partnership with Dubai Chambers will transform the banking landscape for businesses in Dubai, driving both local and global growth through enhanced access to essential banking services. Together, we aim to streamline market entry for businesses and empower companies to thrive in Dubai’s dynamic economy, while reinforcing Dubai’s status as a global business hub.”
The MoU with DIB will support the Global Partnership Programme across the chamber’s 31 international representative offices around the world. This growing network will play a key role in achieving the ambitions outlined in the Dubai Economic Agenda (D33), which seeks to double the size of the emirate’s economy over the coming decade and consolidate Dubai’s position among the top three global cities.
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