Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, a non-profit public entity that supports Dubai’s vision to become a major global player, has opened an office in Paris, according to a statement.
The French office is the chamber’s third international representative office in Europe.
The launch of the Paris office follows the opening of the chamber’s new base in Milan earlier in September, the statement noted, adding that the total number of international representative offices is now 24.
The Paris office’s opening is part of the Dubai Global initiative, which seeks to attract new business, investment and talent to the emirate, while also enabling Dubai-based companies to expand into priority international markets.
Trade relations between France and Dubai are growing. Non-oil bilateral trade between the two reached Dh24.6bn ($6.69bn) during 2022, equating to a 33.7% increase year on year, according to the statement.
A total of 472 French companies registered with the Dubai Chamber of Commerce during the first seven months of 2023, an increase of 33% compared with the same period in 2022.
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The UAE, the Arab world’s second-largest economy, is also pursuing its own independent trade agreements, bypassing the Gulf Cooperation Council, the Saudi Arabia-led political and trade bloc.
On 18 September, the UAE and Serbia launched negotiations towards establishing a Comprehensive Economic Partnership Agreement (CEPA), paving the way for increased trade and investment flows, according to a report by the state-operated Emirates News Agency.
The UAE is the third-largest market for Serbian exports in the Middle East, while foreign direct investment has been flowing into sectors including agriculture, food security, real estate, infrastructure and logistics, the report noted.
To date, the UAE has concluded CEPAs with India, Indonesia, Israel, Turkey, Cambodia and Georgia. The first four agreements have already come into effect.