Latest news with #internationalbusiness
Zawya
a day ago
- Business
- Zawya
DIC launches 36th international representative office in Bangkok to boost trade and investments with Thailand
H.E. Mohammad Ali Rashed Lootah: ' The launch of our new office in Bangkok further strengthens Dubai's global connectivity and reaffirms our commitment to supporting businesses in expanding their international footprints. ' Dubai's non-oil trade with Thailand exceeded AED 23.8 billion in 202 4, achieving substantial YoY growth of 23.3 %. The number of Thai companies registered as active members of Dubai Chamber of Commerce increased by 28.4% during 2024 to reach 190 by the end of the year. Dubai, UAE – Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has inaugurated its 36th representative office in Thailand. Located in Bangkok, the new office will play a key role in attracting businesses and investments from Thailand to Dubai and further strengthening the growing trade ties between the two markets. The chamber's office will work to deepen relationships with key public and private sector stakeholders and deliver a comprehensive range of support to the Thai business community, providing access to market intelligence, business matchmaking services, and strategic guidance on market entry. The launch supports the goals of the Dubai Global initiative, which aims to attract foreign companies, investors, and international talent to Dubai by showcasing the emirate's competitive advantages and enhancing bilateral engagement. His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: 'The launch of our new office in Bangkok further strengthens Dubai's global connectivity and reaffirms our commitment to supporting businesses in expanding their international footprints. The office will unlock new opportunities for Thai companies seeking to enter Dubai and leverage the city's strategic advantages as a gateway to global growth. Thailand remains an important partner in our efforts to cement Dubai's position as a hub for global trade and investment, and we are confident this step will generate significant opportunities for businesses in both markets.' Unlocking Opportunities in Thailand The new office was inaugurated during the 'Doing Business with Thailand' forum, which was organised as part of Dubai Chamber of Commerce's 'New Horizons' trade mission to Southeast Asia. Hosted in Bangkok, the forum was attended by more than 474 participants including senior officials, business leaders and Thai companies interested in exploring partnership opportunities with the chamber's delegation. The trade mission attracted the participation of 20 Dubai-based companies operating across diverse sectors including food and beverages, human resources, trading, electronics, hospitality, industrial lubricants, investment, and agriculture. The chamber successfully coordinated 288 bilateral business meetings between members of the Dubai delegation and companies from Thailand. The forum was organised by Dubai Chamber of Commerce in collaboration with the Thailand Board of Investment. Special remarks were delivered by Gongsakdi, Secretary to the Minister of Foreign Affairs of the Kingdom of Thailand and Potnvit Silaon, Deputy Director General, Department of International Trade Promotion. The event also featured speeches from H.E. Obaid Saeed Obaid Bintaresh Aldhaheri, Ambassador of the United Arab Emirates to the Kingdom of Thailand, and Dr. Poj Aramwattananont, Chairman of the Thai Chamber of Commerce and the Board of Trade of Thailand. During the business forum, Salem Al Shamsi, Vice President of International Relations at Dubai Chambers, delivered a detailed presentation on Dubai's economic landscape, highlighting the emirate's unique competitive advantages for businesses and investors. The forum also featured a dedicated session with representatives from Thailand's Board of Investment, which provided insights into the local business environment and explored promising investment opportunities. The forum aimed to build on the expanding economic ties between Dubai and Thailand. Non-oil bilateral trade exceeded AED 23.8 billion during 2024, achieving substantial year-over-year growth of 23.3%. The number of Thai companies registered as active members of Dubai Chamber of Commerce increased by 28.4% during 2024 to reach 190 by the end of the year, underlining the growing engagement between the business communities in the two markets. Dubai Chamber of Commerce has identified a number of high-potential export products from Dubai to Thailand, including livestock feed, fertiliser, flat-rolled iron/steel, unwrought aluminium alloys, and cosmetic products. In terms of investment opportunities for Dubai-based companies in Thailand, key sectors include rental and leasing services, renewable energy, freight and distribution services, and medical tourism. About: Dubai International Chamber, one of three chambers operating under the umbrella of Dubai Chambers, was established to promote Dubai as a global business hub, attract multinational companies, and expand the emirate's trade ties with promising markets. The chamber has a mandate to meet His Highness Sheikh Mohammed's ambition to increase Dubai's foreign trade from AED 1.4 trillion to AED 2 trillion by 2026 Follow us on: For more information, please contact: Mohamad Mouzehem PR & Corporate Communications Email:
Forbes
3 days ago
- Business
- Forbes
Here's What Global Business Leaders Should Do As Trump's Tariffs Face Legal Fight: ICC's John Denton
John Denton, Secretary General of the International Chamber of Commerce, joined Brittany Lewis on "Forbes Newsroom" to discuss the recent legal actions surrounding President Donald Trump's tariffs and what it means for the international business community. Watch the full conversation above.
Forbes
3 days ago
- Business
- Forbes
Businesses Worried About Tariffs Could Follow Chinese Firms
Singapore is seen as a key location by Chinese businesses. (Photo by) This week's ruling by the U.S. Court of International Trade that Donald Trump had no authority to use the emergency economic powers legislation cited when he imposed global trade tariffs last month may have given succour to the President's many critics. However, with the administration quickly launching an appeal and leading trade adviser Peter Navarro insisting 'nothing has changed,' the move will do little to ease the confusion and uncertainty confronting business leaders around the world. Clearly, executives need to start thinking of different approaches if they are to survive, let alone thrive, in an environment in which established business models are under threat. One route could be, as business school professor Shameen Prashantham suggests, to follow the example of certain Chinese companies, which have, of course, more experience than most in dealing with Trump's policies. Put simply, these businesses are increasing their international activities by shifting their focus from regions and countries to particular places where they see opportunity. Prashantham, Professor of International Business and Strategy at China Europe International Business School (CEIBS) in Shanghai, says that firms have been forced to look outward because confidence in the domestic Chinese economy did not return after the pandemic. China's move into Africa and other developing parts of the globe under the Belt and Road Initiative is well known. Indeed, only this week it was reported to have pledged to open its markets to more products from the Pacific Islands and increase assistance to a region from which the U.S. has been retreating. But Prashantham says it is less appreciated that some businesses have seen the potential in some very specific places, where the presence of resources, talent or skills can be critically important to the ability to scale up operations. In taking this approach, they are following a strategy set out by the McKinsey Global Institute. Identifying 40,000 'micro-regions' around the world (in place of the 178 countries that it had previously looked at) the research arm of the management consultancy pointed out how this 'granular data' could better inform decisions about where to locate factories and plants than more general country information. As the study found, 'within-country differences are often far more pronounced than between-country variations.' Among the areas described are the Eastern Economic Corridor in Thailand and Chihuahua in Mexico. But many more are becoming the lenses through which Chinese leaders in particular see opportunity, says Prashantham, who has described how this works in a business review article co-authored with Lola Woetzel, a senior partner emerita of McKinsey in Shanghai. A key approach is to establish strategic hubs for emerging regions. Examples include Singapore for South-east Asia or Dubai for the Middle East and North Africa, chosen for infrastructure, talent and agility. Another case is Mauritius, which is seen as the intersection of Asia and Africa and during the pandemic was one of many countries to actively encourage the arrival of 'digital nomads' through golden visas and the like. In addition, Casablanca in Morocco is consciously positioning itself as a link between the Middle east, Africa and Europe. Another is to find new routes into old markets. Chinese companies have been adept at relocating operations to micro-regions where trade and innovation advantages bring added value. This explains the large Chinese populations (often from particular regions in their home country) in certain towns in Spain and Italy. With modern technology, it is also possible to use virtual teams and platforms to create digital talent hubs and so sidestep regulatory hurdles and scale without borders. All of which suggests that international trade is more resilient than some policy makers and politicians might believe. With few modern businesses content to operate in their domestic markets alone, expect to see more efforts to find ways around tariffs or to seize opportunities where the rewards outweigh any disadvantages imposed by them.
The National
7 days ago
- Business
- The National
Tartous port finds new lease of life as Syria reopens for business
Lorries shuttle back and forth as cargo ships unload their wares at the port of Tartous on Syria's Mediterranean coast: the scene was unthinkable only months ago as Syria remained a pariah in international business. Now, the quayside is a hive of activity as foreign firms seek opportunities after the fall of Bashar Al Assad. The city of Tartous is home to Syria's second-largest seaport, a strategic hub on international transit routes through the Mediterranean Sea. But the port fell into disuse under the Assad regime due to western sanctions on Syria and high customs fees. During a recent visit, workers told The National the port had previously been so neglected that they could not even find basic supplies such as stationery. Now, they say they are working non-stop to repair machinery, as business booms. Ayman Hamouyah, president of the Syrian government's Investment Authority, told The National: 'The port almost came to a halt due to the sanctions: international shipping companies didn't dare deal with Syrian ports, except for a few companies that weren't very significant – those tied to or complicit with the former regime.' Activity began to gather pace again after former president Mr Al Assad was toppled by rebels in December. Under the long-time dictator, Syria was left largely isolated from the international economy as the regime fought a 13-year civil war. The game-changer for the economy since the change of power were announcements by the US and EU that they would lift the sanctions imposed during Mr Al Assad's presidency. The move has reignited the appetite of overseas businesses, with the Investment Authority reporting it has received hundreds of letters in recent weeks expressing interest. 'There's now a real need to develop the ports – not just Tartous but also Latakia, along with the dry ports – because transit traffic, commercial activity and overall movement are expected to dramatically increase,' Mr Hamouyah said. Early this month, Syria renewed a deal with French shipping giant CMA-CMG to develop and operate Tartous for another 30 years. DP World, the Dubai-based port operator, signed an agreement for a multipurpose terminal at the port worth $800 million. The Emirati company was selected from several international firms that sent proposals. 'This is one of the most important deals signed since the announcement of the lifting of western sanctions,' Mr Hamouyah said. While the deal is so far non-binding, he said there was no doubt it will be implemented. Under the Assad regime, the port was run by a Russian company, STG Stroytransgaz, which was granted a 49-year lease in 2019. In January this year, the new authorities cancelled the contract in a sign of Russia's waning influence in Syria. Moscow was a primary backer of Mr Al Assad. All revenue from the port now goes to the Syrian state, said Riad Joudi, head of customs for the wider Tartous governorate. The Tartous seaport also houses Russia's only overseas naval base, which serves as a repair and replenishment point for the Russian navy in the Mediterranean. The cancellation of Russia's port management deal is not related to the military facility. However, it has cast doubt on the base's future amid signs that Moscow's sway is fading. Port employees told The National the naval base has been largely emptied out since Mr Al Assad was deposed. Satellite images show most military equipment has been withdrawn. In addition to the Tartus base, Russia also maintains an airbase at Hmeimim in Latakia governorate. After the fall of the Assad regime, The National reported that communication was taking place between Russia and the new Syrian authorities, with Moscow hoping to maintain its military presence.
Al Bawaba
22-05-2025
- Business
- Al Bawaba
DMCC Sees 13% Growth In Singaporean Companies As It Concludes First-ever Roadshow In Singapore, Signs Hawksford As Local Partner
DMCC, the leading international business district that drives the flow of global trade through Dubai, has announced growth of 13% of companies from Singapore joining its international business district in the past 12 months. The figures were revealed during DMCC's first-ever roadshow on the ground in Singapore as part of its efforts to attract Singaporean business to Dubai, and mean DMCC is now home to over half of the estimated total Singaporean businesses operating in the UAE. A new partnership with Hawksford, the international business services provider, will streamline company setup in DMCC's district. Hawksford will provide advisory and registration, accounting and tax support to businesses, attracting new companies to DMCC – particularly from the technology, innovation and sustainability sectors – and enabling them to set up, scale and operate seamlessly from Dubai. Singapore represents one of DMCC's strategic target markets, with a range of opportunities across tech, commodities and trade underpinned by a deepening relationship as Singaporean firms seek efficiencies through Dubai. With nearly 400 Singaporean companies now registered in DMCC, the business district is rapidly expanding its status as a critical gateway for businesses from Southeast Asia looking to grow internationally. The event saw senior DMCC executives engage directly with over 100 Singaporean business leaders, providing tailored insights into how Dubai can serve as a launchpad for international growth and investment diversification. Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: 'Our first in-person Made For Trade Live roadshow in Singapore comes at a time of accelerating cooperation between our two nations, with bilateral trade reaching USD 18.7 billion last year. This momentum is echoed by a 13% rise in Singaporean companies joining DMCC over the past 12 months, bringing the total to nearly 400 – accounting for more than half of all Singaporean businesses in the UAE. As our partnership deepens, our new agreement with Hawksford as our local partner will further reinforce DMCC's position as the business district of choice for Singaporean firms seeking global expansion from Dubai.' Tommaso Barindelli, Head of Business Development, Hawksford Dubai, added: 'We are delighted to be appointed as an International Service Provider by DMCC. With our on-the-ground expertise in Singapore and other key markets, we are ideally placed to help clients seize the unique advantages of DMCC and Dubai – whether they are entering the UAE for the first time or looking to expand across Asia, the Middle East and Africa. This partnership marks a significant milestone for our firm and a valuable opportunity for our current and future clients.' The partnership with Hawksford forms part of DMCC's broader strategy to build a strong global network of referral partners, easing the company formation journey for foreign investors and ensuring tailored support across jurisdictions. DMCC is currently home to over 25,000 companies from 180 countries, covering every sector and industry. The district contributes 15% of Dubai's annual FDI inflows and in accounting for 7% of Dubai's GDP, it remains a key driver of the emirate's position as a leading hub for international business.
