"Dubai-Ghana Economic Ties Flourish: Bilateral trade reach 110% high"

" Dubai-Ghana Economic Ties Flourish: Bilateral trade reach 110% high \r\n\r\nIn a recent interview with NorvanReports in Accra, Ghana, as part of his Business and Trade Mission tour of the West Africa region, H.E. Mohammad Ali Rashid Lootah, the President and CEO of Dubai Chambers, shed light on the remarkable surge in economic collaboration between Dubai and Ghana. He highlighted exponential growth in bilateral trade, a rise in the number of new companies, and exciting opportunities for tech startups.\r\n\r\nIn the exclusive interview with NorvanReport, H.E. Mohammad Ali Rashid Lootah disclosed that bilateral trade between Dubai and Ghana has witnessed a staggering 110% increase. According to him, from 2.5 billion US dollars in 2021, the trade volume soared to an impressive 5.3 billion US dollars in 2022.\r\n\r\n\u201cThis growth stands out as one of the most substantial within the African region, reflecting the strengthening economic ties between the two nations,\u201d he said.\r\n\r\n Rising Stars: Ghanaian Companies in Dubai \r\n\r\nThe conversation further unveiled a positive trend in the establishment of new companies. The President and CEO of Dubai Chamber revealed that, in the first nine months of the year, 43 new companies from Ghana set up operations in Dubai. This brings to 116 companies which are Ghanaian owned set up in Dubai, indicating a vibrant and expanding business landscape.\r\n\r\n Equal Priorities for Investment \r\n\r\nHe emphasised that all markets are considered equal priorities for investment. He urged both Dubai-based and Ghanaian companies to explore international expansion, fostering a mutually beneficial partnership. Sectors with high potential, such as food processing and technology, were specifically highlighted.\r\n\r\n Tech and innovation take centre stage \r\n\r\nIdentifying technology and digital transformation as key growth areas, H.E. Mohammad Ali Rashid Lootah told NorvanReports that he wishes that many of the tech-startups in Africa, especially Ghana, would take advantage of the \u201cNorth Star\" exhibition to secure funding to expand or scale up their businesses. This event, held annually in October, attracted 1800 technology startups from over 100 countries in 2023. A dedicated segment called \"Africa 100\" aims to connect African tech startups with investors, creating opportunities for growth in the digital economy, he revealed.\r\n\r\nThe president and CEO of the Dubai Chambers expressed optimism about the future, particularly for Ghanaian entrepreneurs in the technology sector. He encouraged their participation in technology events held in Dubai, envisioning a role for them in shaping the digital landscape and potentially birthing new unicorns from Africa.\r\n\r\nThe impressive surge in bilateral trade, the influx of new companies, and the focus on technology and innovation signal a promising future for the collaborative efforts between these two dynamic economies. As Dubai positions itself as a global player in the digital economy, the stage is set for exciting opportunities and sustained growth for the two nations.\r\n\r\nIn a strategic move to bolster economic ties and enhance international relations, the Dubai Chambers is set to elevate its operations in Ghana, signalling a significant milestone in the organization's global expansion.\r\n\r\nGoing into the future H.E. Mohammad Ali Rashid Lootah said the Chambers will focus on there thematic areas in increasing trade and international relations as part of the New Horizon agenda which also fits in very well with the D33 move by Dubai.\r\n\r\nWith a rich history of collaboration spanning eight years, the Ghana office has been a vital contributor to the Chamber's vibrant network. New Focus on Direct Trade will aim to intensify trade between Dubai and Ghana.\r\n\r\nH.E. Mohammad Ali Rashid Lootah told NorvanReports \u201cFirstly, the Dubai Chamber aims to assist companies from Dubai in navigating the Ghanaian market successfully. This includes providing support for a seamless expansion process. Secondly, the organization is keen on facilitating Ghanaian companies in establishing subsidiaries in Dubai, offering a comprehensive service to streamline the setup process. Lastly, there is a heightened emphasis on enhancing international relations and sharing market intelligence to create a more dynamic and informed business environment,\u201d he noted.\r\n\r\nThe Dubai Chambers especially the international office he said has set a benchmark for its offices, including the one in Ghana, to deliver measurable results. Key performance indicators include an increase in bilateral trade and investment and the generation of success stories from the collaborative efforts.\r\n\r\nWhen asked when the New Horizon trade missions will reach Ghana, H.E. Mohammad Ali Rashid Lootah said, \u201clooking ahead, the Dubai Chamber has Ghana firmly on its radar for a mission in 2024, with an 80% probability, and a 20% chance in 2025. This move aligns with the broader plan of expanding its reach, with a particular focus on new missions in Abidjan and Nigeria.\u201d\r\n\r\n New Horizon Initiative Reach C\u00f4te d'Ivoire \r\n\r\nDubai International Chamber launched a trade mission to West Africa with a special business forum in Abidjan, C\u00f4te d'Ivoire, and Nigeria. In C\u00f4te d\u2019Ivoire alone, they have successfully coordinated more than 170 bilateral business meetings between representatives of 15 companies from Dubai operating across 10 sectors and their counterparts in West Africa as part of the \u2018Doing Business with C\u00f4te d\u2019Ivoire\u2019 event. The trade mission was organised as part of our \u2018New Horizons\u2019 initiative, aimed at driving the international expansion of Dubai-based businesses in targeted priority markets.\r\n\r\nThe forum attracted more than 220 attendees, including senior government figures, prominent business leaders, and African companies seeking to establish economic partnerships with the Dubai-based businesses participating in our trade mission.\r\n\r\nOn the sidelines of the forum, the chamber has signed an MoU with the C\u00f4te d'Ivoire Chamber of Commerce and Industry aimed at enhancing cooperation in areas including organising trade missions, exhibitions, conferences, training, and other events.\r\n\r\n Profile: H. E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers \r\n\r\nH.E. Mohammad Ali Rashed Lootah is the President and CEO of Dubai Chambers, one of the largest economic development arms in Dubai. In his current role, he oversees the implementation of Dubai Chambers\u2019 strategic initiatives and plans, which aim to improve the ease of doing business in Dubai, support businesses expanding globally, attract foreign companies and investment, and advance the digital economy.\r\n\r\nPreviously, H. E. Lootah served as CEO of Commercial Compliance and Consumer Protection for Dubai\u2019s Department of Economy and Tourism, where he was responsible for overseeing consumer protection, business protection, intellectual property protection, and commercial compliance.\r\n\r\nHe also held several other leadership positions at the Department of Economic Development, namely Deputy CEO of the Commercial Compliance and Consumer Protection Sector, Deputy CEO of the Dubai Export Development Corporation, Executive Director of Corporate Quality and Excellence, and Deputy Director of the Information Technology Department at the Dubai Land Department.\r\n\r\nHe earned a bachelor\u2019s degree in computer systems engineering from Arizona State University in the United States and an executive MBA in strategic management from the Higher Colleges of Technology in Dubai."

"Dubai-Ghana Economic Ties Flourish: Bilateral trade reach 110% high"

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