Dubai Free Zones Council Inks Memorandum of Understanding with Chamber of Commerce and Industry of Serbia

Dubai Free Zones Council Inks Memorandum of Understanding with Chamber of Commerce and Industry of Serbia

Agreement to boost foreign direct investment, expand bilateral trade

Dubai-UAE: 01 November, 2019 – The Dubai Free Zones Council (DFZC) has signed a memorandum of understanding (MoU) with the Chamber of Commerce and Industry of Serbia (CCIS) in a bid to encourage Serbian companies to establish branches across Dubai’s free zones and boost the flow of foreign direct investments between the two nations.

Dr Juma Al Matrooshi, Deputy to the Secretary General of the DFZC and Marko Čadež, President of CCIS, signed the MoU in the presence of Stanimir Vukićević, Serbia’s Ambassador to the UAE.

The MoU provides an official framework for a strategic collaboration between the parties to explore trade and economic opportunities in each of the respective countries, facilitate commercial trade, attract investments, and facilitate the implementation of innovative ideas
that strengthen UAE-Serbia relations across disciplines.

Dubai as a Launchpad

Dr Al Mohammed Al Zarooni, Secretary General of the DFZC, said: “The agreement enables Serbian companies to establish their regional presence in Dubai’s free zones. While the GCC have established plans to diversify their economies to minimize dependency on oil and gas, Dubai offers business opportunities worth hundreds of millions of dollars to overseas companies.”

The World’s Airport and Port

Noting that the increased number of flights between Dubai and Belgrade has motivated Serbian investors and businessmen to visit the emirate to explore new opportunities, Dr Al Zarooni added: “This has translated into more Serbian companies being attracted to the
region, while enabling international companies based in Dubai’s free zones to leverage Serbia as a corridor into Central and Eastern Europe. In addition to boosting the emirate’s profile as a key global trade and logistics hub, our efforts to capitalize on this trend support
the Dubai Silk Road vision, outlined in Article 1 of the Fifty-Year Charter, issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.”

Further Growth

For his part, Marko Čadež said: “We are proud to sign this MoU with DFZC and look forward to a fruitful collaboration in driving growth and development that will significantly strengthen the economic ties between the UAE and Serbia.”

Commending the UAE job market for its advanced regulatory environment that helps attract talented and competent professionals from around the world, Marko Čadež, said: “We are delighted to enter this strategic partnership with the DFZC ahead of Expo 2020. Dubai offers a variety of competitive advantages to Serbian companies, including new opportunities in the trade, tourism, hospitality, logistics and finance sectors. We are confident the agreement will deliver substantial economic benefits to our two countries.”

According to 2019 statistics by the Dubai Chamber of Commerce and Industry, non-oil trade between Dubai and Serbia increased by 46 percent from US$24.7 million in 2014 to US$36 million in 2018. Meanwhile, UAE investments in Serbia are estimated to total €4 billion.