Even though there have been disruptions to the global trading landscape caused by the COVID-19 pandemic, this cloud really has a silver lining. By utilizing digital formats, nearly a quarter of a million members of the Dubai chamber of commerce have been exploring new market opportunities on a global scale. According to Omar Khan, current Director of the Dubai Chamber’s International Offices, a series of virtual meetings and webinars were organized and joined by UAE businessmen and their African, Eurasian, and Latin American counterparts.
Khan went on to say that this digital platform has enabled Chamber members to explore newer, attractive investment and trade opportunities internationally. Furthermore, this has encouraged new company formation in Dubai while at the same time promoting the area as a hub for global business. The increasing confidence in Dubai among foreign investors is attributed to their higher levels of participation. Additionally, that growth is expected to continue in the ensuing months as companies are preparing for the post-COVID-19 recovery period.
One of the more recent virtual events hosted by the Dubai Chamber was an online mission to the Canton Fair (a.k.a. the China Import and Export Fair). The purpose of the virtual visit was to discuss food trade between Dubai and Russia and explore new opportunities in Mozambique’s gas and oil sectors. This event was attended by many businesses that are eagerly looking to tap into new market opportunities. According to Khan, Dubai businesses can leverage the Chamber’s network of international offices in order to:
- access valuable market intelligence
- benefit from local support when expanding into new markets
- make well-informed business decisions
- network with prospective partners
The Chamber is also supporting those high-potential companies who desire entry into the Dubai market and use the UAE as a strategic trading hub to expand their reach in this area of the world.
This digital platform should also benefit the Dubai Multi Commodities Centre and DMCC company formation. Established by Dubai’s government in 2002, the DMCC provides the financial, market, and physical infrastructure require for the establishment of global commodities trading. It should benefit JAFZA company formation as well. The Jebel Ali Free Zone began its operations in 1985 and is located in the Jebel Ali area at Dubai’s westernmost end near Abu Dhabi. It was established to provide ready-built facilities such as standard size offices and warehouses for clients or customers.
One of the Dubai businesses that have taken advantage of the Chamber’s initiatives to assist other companies in reaching out to promising market opportunities is a company named Tradeling. Tradeling, which launched its entrepreneurial debut in February, is a digital marketplace that has been showcasing products from more than 25 countries and nearly 300 suppliers. It is a B2B (business-to-business) digital marketplace that connects with global as well as regional suppliers to meet local company demands.
As a part of their operation, Tradeling requires companies to align its plans for expansion with the way in which the business environment is evolving. For example, when Tradeling witnessed the hit from COVID-19 to its beverages, food, and office supplies (its “verticals”), they knew their e-commerce startup had to adapt to this. Consequently, they took control of the situation and immediately developed a vertical in the area of health and wellness, which wasn’t a part of their original launch phase.
Muhammad Chbib, Tradeling’s CEO, stated those businesses who want to survive the pandemic’s economic hit will have to adapt using these types of tactics. Chbib also stated that by launching a new vertical in the midst of an economic crisis has made Tradeling even stronger. It has provided the company with a sharper focus on adapting to crisis-related economic circumstances.
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