A new milestone for Dubai International Chamber of Commerce.
In fact, the Nigerian market is one of the largest markets in Africa.
Also it provides Dubai traders with access to a wide range of markets in Central and West Africa.
The new office is part of “Dubai Global” initiative launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum.
Which aims to stablish 50 commercial representative offices for Dubai around the world by 2030.
His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect him, participated in the G20 Leaders’ Summit, which was held via video communication technology, and His Highness expressed his aspiration to welcome the participants in the #COP28 pic.twitter.com/bLDJZ0cwJV
— UAE Voice (@uae_voiceeng) November 23, 2023
Foreign missions to help Dubai companies expand abroad in markets.
The opening of the new office is also in line with the objectives of the “New Horizons for External Expansion” initiative.
This initiative focuses on organizing foreign missions to help Dubai companies expand abroad in rewarding markets.
Because Lagos office will contribute to building strong relationships with stakeholders in the public and private sectors.
And will also provide a comprehensive range of support services to the Nigerian business community.
Including helping Nigerian companies enter the Dubai market and expand internationally from the emirate.
Mentioning that the office will also support and guide Dubai companies planning to enter the Nigerian market through all stages of their international growth.
The World Bank expects the UAE’s non-oil economy to grow by 4.5% in 2023 due to strong performance in the tourism, real estate, construction, transportation, and manufacturing sectors and increased capital spending. pic.twitter.com/e0v65cBJp1
— UAE Voice (@uae_voiceeng) November 22, 2023
Dubai International Chamber of Commerce forum in Lagos.
Dubai International Chamber of Commerce forum was attended by His Excellency Mohamed Ali Rashed Lootah, Director General of the Dubai Chambers.
In addition to His Excellency Babajide Sanwo-Olu, Governor of Lagos State.
Mr. Dele Oye, President of the Nigerian Association of Chambers of Commerce, Industry, Mining and Agriculture.
And Mr. Michael Olawale-Cole, President of the Lagos Chamber of Commerce and Industry.
According to Dubai Customs data, the value of Dubai’s non-oil trade with Nigeria in 2022 amounted to approximately AED 7.8 billion.
Which is representing a growth rate of 39.3% compared to its value in 2021.
While the FDI Intelligence data results are saying that the value of investments from Dubai to Nigeria amounted to US$234.30 million (approximately AED 862.2 million).
The results are covering the period from 2018 to July 2023.
However, the investments are concentrated in the sectors of food and beverages, real estate, financial services, software and IT services.
As well as business services, fertilizers, building materials, transportation and storage.
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