Dubai Chambers and Industrial and Commercial Bank of China sign a Memorandum of Understanding

Photo : Dubai Government Media Office

Dubai Chambers has recently signed a Memorandum of Understanding (MoU) with the Industrial and Commercial Bank of China Limited – Dubai (DIFC) Branch. This pivotal agreement is aimed at strengthening collaboration and enhancing the support available to businesses and entrepreneurs in both Dubai and China.

The MoU was formalized at Dubai Chambers' headquarters, with 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, signing on behalf of their respective organizations. The agreement outlines a framework for a broad spectrum of cooperation, including providing Dubai Chambers’ assistance to the bank’s clients in establishing their businesses in Dubai.

This collaboration will facilitate the mutual interests of business communities in both Dubai and China, fostering stronger ties between the two markets. It aims to boost bilateral trade and investment by promoting joint ventures and collaboration between companies from both regions.

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The timing of this agreement is significant, coinciding with the 40th anniversary of diplomatic relations between the UAE and China. The MoU is expected to further enhance the robust trade and investment connections between Dubai and China, reinforcing Dubai’s appeal to Chinese investors.

The MoU signing precedes the Dubai Business Forum – China, an event organized by Dubai Chambers under the theme ‘China, Dubai and Beyond: Igniting Global Trade and Investment.’ Scheduled to take place in Beijing on August 21, the forum aims to attract promising Chinese enterprises to Dubai, helping them tap into the region's and global growth opportunities facilitated by the emirate.