Dubai wants to bring 50 multinational companies to the city in three years.

A statement from the Dubai International Chamber said the city hoped to attract 50 multinational corporations within three years. The announcement came as Prince William continued his visit to the Emirati state.

The plan is part of a three-year strategy adopted by the chamber to elevate the emirate's status as a global trade hub, according to the organization, which also stated that it will assist 100 Dubai-based companies in their international expansion efforts.

During the next three years (2022-2024), the new strategy announced by Dubai will seek to strengthen the emirate's position as a global trade hub, attract multinational corporations to the emirate, and assist local companies in their international expansion.

In order to achieve this, the plan would concentrate on "attracting 50 multinational companies to Dubai within three years, supporting the external expansion of 100 companies from Dubai to priority foreign markets within two years, and improving the business environment in Dubai and making it conducive to business growth, with a particular emphasis on multinational companies."

The plan would also include assisting and motivating multinational corporations to list on the Dubai Financial Market, as well as other initiatives.

Dubai International Chamber chairman Sultan bin Sulayem said the new strategy is in line with the five-year plan announced by HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, to increase Dubai's non-oil foreign trade to AED 2 trillion over five years.

He further said that when the plan is implemented successfully, it will strengthen Dubai's position in the global arena and allow the emirate to expand its trade partnerships with promising markets around the world.

H.E. bin Sulayem stated that the Dubai International Chamber has access to representative offices in Africa, Eurasia, and Latin America, all of which are tasked with facilitating Dubai's trade flows with other countries, according to the official.

He stated that 30 target markets have been identified as part of the strategy adopted by the Dubai International Chamber, all of which have "huge economic potential," according to the CEO.

"The new strategy will enable Dubai International Chamber to more effectively promote the emirate as a preferred global business hub and attract leading multinational companies to the emirate," said Bin Sulayem. "This will improve the emirate's competitiveness in key sectors such as commerce and infrastructure, logistics and digital economy, retail and manufacturing," he added.

By fLEXI tEAM