Revolutionary Bharat Mart Project to elevate Indian business presence in Dubai

The ambitious Bharat Mart project, envisioned as a sprawling retail hub for Indian enterprises in Dubai, is poised to potentially launch by 2025. Set to mirror the success of China's Dragon Mart in International City, this groundbreaking initiative aims to create a centralized platform for Indian exporters, offering a platform to showcase their diverse products.The project's significance is underscored by the joint commitment of India and the UAE to double their non-petroleum trade target to $100 billion by 2030, a milestone outlined in the Comprehensive Economic Partnership Agreement (CEPA), which took effect last year.According to a report by The Economic Times, although the project's concept is yet to be finalized, Bharat Mart is anticipated to span an expansive 100,000 square meters. It will feature an amalgamation of retail spaces, warehousing facilities, and hospitality units, as detailed by an unnamed official quoted in the report.Abdulla Al Hashmi, Chief Operating Officer of Parks and Zones at DP World GCC, expressed optimism about Bharat Mart becoming a pivotal distribution hub, supporting the global export endeavours of Indian-made products. He said that Bharat Mart is poised to become a mega-distribution hub to support the exports of made-in-India products to the world. He emphasized the strategic advantages for Indian companies eyeing expansion into Africa, Europe, and the US, foreseeing a significant reduction in both time and cost associated with shipping goods between India and these regions.Bharat Mart is envisioned to incorporate retail showrooms, warehouses, offices, and ancillary facilities designed to accommodate a diverse range of goods, spanning from perishable items to heavy machinery. In a forward-looking move, there are considerations for establishing a digital platform, facilitating global buyers in procuring goods seamlessly from the facility.This transformative project was initially unveiled in August 2022 as part of the UAE-India Comprehensive Economic Cooperation Agreement (CEPA), which came into effect in May 2022. CEPA outlines a comprehensive roadmap for enhancing non-petroleum trade between the two nations to $100 billion by 2030.The impending launch of Bharat Mart marks a significant stride towards fortifying economic ties and fostering a dynamic business ecosystem between India and the UAE.

Dubai Chamber of Commerce announces establishment of CRBC

Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has announced the establishment of a new Business Council to represent the interests of Costa Rica’s business community in the emirate. The formation of the ‘Costa Rican Business Council in Dubai’ is a strategic move designed to enhance trade ties and strengthen connections between the two markets.The chamber welcomed a delegation featuring His Excellency Dr. Arnoldo André Tinoco, Minister of Foreign Affairs and Worship of Costa Rica; His Excellency Francisco Chacón Hernández, Ambassador of the Republic of Costa Rica to the United Arab Emirates; and founding members of the council for a special meeting to discuss the council’s formation. The dialogue focused on strategies for collaboration to unlock the full potential of the new business council, which will deliver a host of benefits for companies in both Costa Rica and Dubai.His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated: “The establishment of the Costa Rican Business Council in Dubai represents another significant step in enhancing the trade and investment relationship between the business communities in our respective markets. This collaborative effort comes as part of our ongoing drive to ensure a supportive, enabling, and world-class business environment in Dubai. We look forward to working together to boost bilateral trade and promote cross-border opportunities for business and investments.”The value of non-oil trade has been growing steadily and reached USD 58.7 million in 2022, representing an impressive annual growth rate of 19%. Bilateral trade and investments are set to increase further following the launch of the new Business Council. Earlier this year, Costa Rica also entered into preliminary CEPA negotiations with the UAE, paving the way for building a significant and influential platform that will further cement the economic relations between the two countries.Covering markets of strategic importance to Dubai, Business Councils serve as valuable platforms for companies in the UAE and abroad to connect, collaborate, and build mutually beneficial partnerships. Operating under the umbrella of Dubai Chamber of Commerce, the councils drive advocacy efforts, secure legislative enhancements, and build bridges of cooperation with business communities across the globe.Business Councils are non-profit organisations comprising companies, business owners, and industry experts that represent the interests of companies from specific countries operating in Dubai. The councils work in cooperation with the chamber to promote bilateral trade and investments between businesses in Dubai and the market represented by each council.SHA

Dubai Internet City and Korea National IT Industry Promotion Agency Sign MoU

Dubai Internet City, the region’s leading technology hub and part of TECOM Group PJSC, has signed a memorandum of understanding (MoU) with the National IT Industry Promotion Agency (NIPA), backed by the Government of South Korea, to foster innovation and entrepreneurship efforts that bolster the growth of the global technology sector.A high-level Korean delegation toured the vibrant technology district on the side lines of the MoU signing. Ammar Al Malik, Executive Vice President – Commercial at TECOM Group signed the memorandum on behalf of Dubai Internet City with Sung-Wook Hur, President of NIPA. The UAE and Korea are key trading partners with bilateral non-oil trade totalling $3 billion during the first half of 2023. The UAE is Korea’s second-largest Arab trade partner and recently concluded talks with Korea for a Comprehensive Economic Partnership Agreement (CEPA) deal. In January 2023, the UAE also announced plans to invest $30 billion in various South Korean sectors and industries to expand economic cooperation over the next few years.Under the terms of the MoU, NIPA will provide industry data and insights that enhance collaboration and facilitate the participation of Korean technology companies and professionals in Dubai Internet City’s ecosystem.Commenting on the partnership on behalf of Dubai Internet City, Ammar Al Malik, Executive Vice President – Commercial at TECOM Group, said: “We are delighted to embark on this strategic memorandum with NIPA that marks a significant step towards fostering innovation, supporting entrepreneurship, and strengthening the global technology landscape. The agreement underscores our ecosystem’s alignment with the goals of Dubai Economic Agenda ‘D33’ to enable globally impactful innovation from Dubai. The strengths and resources offered by Dubai Internet City and TECOM Group will undoubtedly create lasting impact and drive growth for Korean technology companies not just in Dubai or the region, but around the world."The MoU with NIPA underscores Dubai Internet City’s commitment to advancing technology, innovation, and entrepreneurship through joint initiatives that have a positive impact on the global scale. The agreement was signed at GITEX Global 2023, the world’s largest technology event that Dubai Internet City is Innovation Partner for, which runs until 20 October at Dubai World Trade Centre.Dubai Internet City is the region’s largest tech hub and has led Dubai’s digital transformation strategy for over two decades, serving as a platform for global tech brands, start-ups, and innovators to work, connect, and innovate. The district is home to more than 3,000 customers, including Fortune 500s and SMEs such as Google, 3M, Microsoft, and Careem, in addition to over 29,000 professionals and entrepreneurs. Dubai Internet City is part of TECOM Group’s portfolio of business districts that includes Dubai Design District (d3), Dubai Science Park, Dubai Media City, Dubai Studio City, Dubai Production City, Dubai Knowledge Park, Dubai International Academic City, and Dubai Industrial City.