Dubai Chamber Seeks to Attract more Azerbaijani Investment in Dubai

Dubai Chamber of Commerce and Industry urged Azerbaijani companies to invest in Dubai’s developing economy as part of its recently launched “Anchor 100” initiative during a meeting in Baku recently.

Anchor 100 seeks to attract the leading 100 global companies to Dubai to enhance FDI flows and contribute to the emirate’s economic diversification and growth. As well as international players that are not yet present in the emirate, Dubai Chamber is focusing on regional top players in the CIS and East Africa through its offices in Baku and Addis Ababa, Ethiopia. The initiative is part of Dubai Chamber’s wider ProDubai strategy, launched earlier this year, which aims to spread awareness about the advantages of investing in Dubai.

Officials from Dubai Chamber travelled to the Azeri capital to participate in the “Anchor 100 Executive Seminar: Dubai – World Class Business Gateway”, held at the Kempinski Hotel Badamdar. The event was attended by over 50 senior executives from leader Azerbaijani holding companies and financial institutions.

Mr. Hassan Al Hashemi, Director, External Relations, Dubai Chamber, officially opened the event, giving delegates an update on the organisation’s latest international initiatives, including international office openings and ProDubai.

Mr Hashemi said: “Dubai Chamber’s International Representative Office in Baku, which we launched in November last year, is doing an excellent job in forging stronger links between the business communities in Dubai, Azerbaijan and the surrounding CIS region.”

He said: “Dubai is an ideal base for Azerbaijani businesses to access GCC and Middle Eastern markets due to its extensive infrastructure, strong legal system and diversified economy which opens up a multitude of investment opportunities.

“The GCC Customs Union is a major attraction for companies to Dubai because it facilitates reaching in excess of 40 million customers,” Mr Hashemi said. “At the same time, the emergence of Dubai as an international destination to live and work makes it the ideal choice for businesses today,” he said.

Mr Hashemi added that the Anchor 100 initiative would help to enhance the competitiveness of Dubai and that Dubai Chamber would provide research, advice and guidance for companies who wanted to take advantage of what the city has to offer.

He urged Azeri companies to enter the Dubai market, particularly in the sectors of trade, logistics, construction and real estate, tourism, and financial services, adding that the Dubai Chamber International Representative Office in Azerbaijan could provide information about investing in Dubai.

The meeting also included a presentation by H.E. Omar Al Zarouni, UAE Acting Charge d’affaires at the UAE Embassy in Baku, about the business culture in the emirates, as well as other presentations on the legal environment and how to establish a business in Dubai.

Dubai Chamber’s Baku office is active in promoting UAE companies in Azerbaijan. On the side lines of the upcoming Baku Build, the 19th Azerbaijan International Construction Exhibition, on October 23-26, 2013, the office will be organising a roundtable discussion on the construction sector and inviting 15 UAE-based companies participating in the exhibition to attend.