UAE and Luxembourg are looking to benefit by expanding their cooperation in several sectors of mutual interest, according to officials present at the UAE-Luxembourg Business Forum.
According to latest information, both parties are keen on collaborating in the following fields: industrial, ICT, healthcare technologies, finance, Islamic banking, and space sectors.
The forum was held at Dubai Chamber of Commerce and Industry’s headquarters, which was attended by a high-level delegation from Luxembourg led by Prince Guillaume along with ministers, government and business leaders.
Addressing delegates at the forum, Prince Guillaume of Luxembourg said:
Over the past ten years, I have had the pleasure to visit the United Arab Emirates, more specifically Dubai, on a regular basis – and every time, I am impressed to see how this country and this city have progressed. It is good to see such a vibrant and dynamic community, which simultaneously cherishes its heritage. Combining tradition and economic development is something that we, in Luxembourg, are constantly aiming to achieve too.
Etienne Schneider, Deputy Prime Minister, Minister of Economy, Minister of Health, Grand Duchy of Luxembourg said:
The UAE are already today the most important partner of Luxembourg in the Middle East in terms of trade and investment. The close and thriving partnership between our two countries will be further strengthened and developed with Luxembourg’s participation in Expo 2020 Dubai.
Schneider added that Luxembourg’s Expo 2020 pavilion would reflect the country’s values and strengths and promote open exchange between the Middle East and Europe.
Majid Saif Al Ghurair, Chairman of Dubai Chamber, explained the dire similarities between UAE and Luxembourg when it came to their vision guided by forward-looking strategies which were designed specifically to diversify their economies.
He added that both parties can synergies and help their respective economies transform and grow rapidly. In addition to that, he also labeled UAE-Luxembourg as an ideal platform for both countries to seek new avenues for their economic partnership.
Al Ghurair revealed that Dubai’s non-oil trade with Luxembourg increased 35 percent to $69 million in 2018, compared to 2013, adding that there is huge potential to expand the scope of bilateral trade in the future.
The forum featured also speeches and presentations from Pierre Gramegna, Minister of Finance, Grand Duchy of Luxembourg; and Mr. Carlo Thelen, Director General, Luxembourg Chamber of Commerce.
In addition, Omar Khan, Director of International Offices at Dubai Chamber, provided participants with an overview of Dubai’s economy and business landscape, as well as the various competitive advantages that are offered to foreign companies and investors.
Partnership for Different Business Prospects
After the forum, business leaders from both countries participated in bilateral meetings where they shared various business proposals and partnership opportunities which benefits their economic growth.
Here are some of the key statistics which highlight the room for improvement and capitalise on the potential booming in the UAE:
- A total of 18,260 new member companies joined Dubai Chamber in 2019, marking a year-over-year increase of 28%, while its total membership rose 9% over the same period, the non-profit public organization revealed during its annual media briefing held earlier today.
- Dubai Chamber achieved a 96% smart transformation of its core services in 2019 as it processed nearly 1 million transactions electronically during the year. As a result of its smart transformation push, the Chamber recorded an 81% drop in visits to its branches last year.
- Between 2016 and 2019, Dubai Chamber implemented 90% of its Dubai Paperless Strategy plans and saved 23 million papers, resulting in Dhs 50 million in cost savings. Following the introduction of smart attestation services in the first quarter of 2020, the Chamber expects its smart transformation rate to increase further to 98%.
- Over 778,000 Certificates of Origin were issued by Dubai Chamber in 2019. The number of attestations increased slightly to 18,832 last year. A total of 5,784 ATA Carnets were issued and received in 2019, while the value of goods covered by these documents surged 78% to reach Dhs 5.7 billion in 2019. In addition, the value of Dubai Chamber member exports reached Dhs 226 billion.
- Dubai Chamber organized and supported 58 business forums and events in 2019, which were attended by 7,721 participants (up from 54 business events and 6,217 attendees in 2018). A total of 1,077 bilateral business meetings were held in 2019, marking an increase of 49% from 724 meetings in 2018.