New initiative to support international expansion of Dubai businesses

Dubai Chambers and Standard Chartered recently signed a Memorandum of Understanding (MoU) to enhance collaboration aimed at fostering the growth of UAE businesses and supporting their expansion into promising global markets.

Under the terms of the MoU, both parties will cooperate to provide access to integrated banking services for international companies establishing their operations in Dubai with the support of Dubai Chambers, as well as for the local private sector.

The agreement will enhance the competitiveness of businesses in the emirate and help facilitate their growth and expansion across local and international markets.

As part of the agreement, Standard Chartered will offer trade finance services to UAE businesses seeking to expand internationally. The bank said it will leverage its global network to guide Dubai-based businesses in setting up accounts and provide similar support to multinational companies looking to establish bank accounts in Dubai.

Dubai Chambers has committed to support Standard Chartered’s clients worldwide who are interested in establishing a presence in Dubai and expanding their operations from the emirate.

The agreement was signed as part of the Global Partnerships Programme, an initiative launched to accelerate Dubai Chambers’ business expansion and attraction efforts through collaborations with world-class service providers across eight trade categories. The Global Partnership Programme supports the objectives of the ‘Dubai Global’ initiative, which seeks to attract foreign direct investments (FDI) to the emirate and support Dubai-based companies in exploring new business opportunities.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said: “This agreement aligns with our ongoing efforts to consolidate Dubai’s pivotal role in the global financial and business landscape. We remain committed to empowering both local and international companies to thrive in Dubai and expand into promising global markets, while simultaneously attracting foreign investments to the emirate.”

Rola Abu Manneh, Chief Executive Officer, UAE, Middle East, and Pakistan, Standard Chartered, added: “This partnership reflects our commitment to supporting the UAE’s vision for economic growth and diversification while contributing to Dubai’s ambitious D33 agenda. By leveraging our global network and trade finance expertise, we aim to empower businesses across the UAE to expand into new markets and achieve sustainable growth.”

The MoU with Standard Chartered will support the Global Partnership Programme across the chamber’s 32 international representative offices around the world.

‘UAE employers hold upper hand’, says new employment report

Employers are firmly in the driving seat in the UAE when it comes to staff recruitment, as more expats flock to the region, according to the Robert Half 2025 UAE Salary Guide.

The report said that while there is a wealth of available expat talent, businesses can offer lower salaries and strip back their benefits packages.

“With less competitive pay and benefits, those already living and working in the UAE are unable to change jobs – which is great for employers in terms of retention, but they must keep an eye on growing dissatisfaction and falling productivity,” the report said. “It may be easier to find candidates, but that does not mean that those on the market have the right skills. Those with UAE experience are still in demand, but employers are often compromising their needs due to budgetary constraints, leaving them without the skills they need to succeed.”

The Robert Half report pointed out that the current labour market in the UAE may be buoyant for employers, but they could be storing up issues for 2025, as many have been holding fire on hiring until the outcomes of global elections are known and interest rates fall or, at the very least, stabilise.

“When the floodgates open, many employers could find themselves competing for the best talent, and with 65% of employees ready for a new role, the market could become much more fluid,” the report said.

More than three in five (63%) of business leaders expect their overall headcount to increase in the next 12 months, with half (50%) agreeing that they need to hire more people due to growth.

The report said that business confidence about growth prospects in the year ahead were likely to convert into increased hiring activity in the market. Some 67% of business leaders feeling confident about their organisations’ growth prospects in the year ahead.