'Dubai Can Be First Choice Over Silicon Valley For Indian Startups': Dubai Chambers President
Focusing on investments in the new-age sectors like fintech, food-tech and artificial intelligence, Dubai can be the first preference for Indian startups instead of the Silicon Valley, said Mohammad Ali Rashed Lootah, president and CEO of Dubai Chambers at the Dubai-India Business Forum organised in Mumbai.
While Dubai’s crown prince Hamdan Bin Mohammed Al Maktoum is on his first state visit to India, Dubai Chambers explored new trade and investment opportunities with 200 businessmen in Mumbai. Dubai Chambers is an umbrella organisation of Dubai Chamber of Commerce, Dubai International Chamber and Dubai Chamber of Digital Economy.
The forum, which focused on ways to enhance strategic economic opportunities between the two markets, was attended by over 200 senior officials and investors, including a delegation featuring 30 prominent business leaders from Dubai. The event came three years after the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and India, which is the UAE’s first bilateral agreement under its CEPA programme.
Speaking at the event, Lootah said, “Although Dubai is well-known for business opportunities in retail, real-estate, logistics and similar sectors, there is a new growing demand for digital economy. Fintech plays a major role in this but we are also focusing on food-tech, logistics tech and information technology including artificial intelligence. We need to aware the investors in both the countries about the diverse alternatives available in both the countries.”
Speaking about the impacts of tariffs imposed by US President Donald Trump, Lootah said, “This is a great opportunity for Indian businesses to choose Dubai as an investment hub. Since the amount of tariffs in Dubai and UAE is lesser than USA, we can help each other in emerging markets seeing double-digit growths.” He also added that Dubai can be the first option for startups and unicorns instead of Silicon Valley.
Dubai Chambers mentioned at the conclave that the value of non-oil trade between both markets exceeded AED142 billion during the first nine months of 2024, achieving year-over-year growth of 19%. Moreover, the chamber has 72,651 active Indian companies registered as members, including 4,563 new Indian companies that joined during the first quarter of this year, marking year-over-year growth of 16.2%.
Ahmad bin Byat, the vice chairman of Dubai Chambers, said, “Dubai and India share an exceptional relationship built on mutual trust and a commitment to economic integration. India holds an important position as a key trading partner for Dubai. As we mark the third anniversary of the CEPA between the UAE and India, we are confident bilateral trade will continue to accelerate and flourish over the long term.”
The forum included a panel discussion featuring Lootah, together with representatives from Confederation of Indian Industry (Cll), Federation of Indian Chambers of Commerce & Industry (FICO) - Arab Council and IMC Chamber of Commerce and Industry.
The session explored the future of Dubai-India relations in trade, investment, and international expansion amid global economic shifts. It also highlighted Dubai’s role as a strategic launchpad for Indian companies expanding into the international market, and discussed how businesses can benefit from Dubai’s position as a leading trade and investment hub, as well as ways to strengthen bilateral economic cooperation and enhance the global competitiveness of both Dubai and India.
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