DUBAI, 13th March, 2023 (WAM) – The Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has successfully attracted Tuya Smart, a leading international IoT development platform provider listed on the New York Stock Exchange and the Hong Kong Exchanges & Clearing Ltd (NYSE: TUYA, HKEX: 2391). Tuya Smart’s all-in-one cloud connectivity applications make it easy and affordable for brands, retailers, and OEMs to make their products smart.
Tuya Smart aims to contribute to the development of the Environmental, Social, and Governance (ESG) industry in the Middle East, aligning with the UAE 2050 Energy Strategy. By leveraging its IoT technology expertise, Tuya Smart plans to assist businesses and consumers in the region to adopt more sustainable and environmentally responsible practices.
This successful partnership is a testament to Dubai International Chamber’s efforts in attracting leading multinational companies that bring economic value to Dubai while contributing to the emirate’s sustainability agenda, ahead of the 28th United Nations Climate Change Conference of the Parties (COP28) to be held at Expo City Dubai this year.
Tuya Smart’s sustainability initiative has demonstrated the role of an IoT company in achieving energy efficiency and carbon neutralisation through IoT technology and building a low-carbon lifestyle. The company has a strong global reputation, with over 708,000 registered developers from over 200 countries and regions, serving more than 8,400 customers. Tuya Smart has also established partnerships with leading brands such as Amazon, Google, and Schneider Electric, offering innovative IoT solutions to customers and businesses worldwide.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, reaffirmed Dubai’s position as the ideal global hub for international business operations and its commercial appeal. He emphasised that attracting multinational companies to the emirate is a strategic priority and that Dubai’s attractiveness is boosted by the recently announced Dubai Economic Agenda (D33). The D33 aims to double the size of Dubai’s economy in the next decade, consolidating its position as one of the world’s top three economic cities.
Lootah added that Dubai’s progressive innovation approach, world-class logistics and digital infrastructures, business-friendly policies, and sustainability focus make it the best place to do business, invest in, and expand into the Middle East and Africa markets. With the D33 targets, Dubai aims to become one of the top three economic cities, top five leading logistics hubs, and top four global financial centres, which will attract more FDI inflows to the emirate and multinational companies to relocate to Dubai.
Alex Yang, Co-Founder and COO of Tuya Smart, expressed excitement to bring the company’s cutting-edge technology and solutions to the Middle East, and appreciated the support of Mohammad Ali Rashed Lootah and Dubai International Chamber. Yang further stated that Tuya Smart is committed to sustainability and innovation and looks forward to working in partnership with Dubai International Chamber to assist businesses and consumers in the region to embrace a more sustainable future.
Dubai International Chamber plays a crucial role in facilitating the successful expansion of Dubai businesses into global markets and attracting foreign direct investment (FDI), supported by a network of Dubai International Offices worldwide. In the case of Tuya Smart, the Chamber’s office in China was instrumental in attracting the company to Dubai by facilitating meetings with key stakeholders in the public and private sectors, and assisting with business and legal activities for the company to obtain its commercial licence in Dubai.
The successful establishment of Tuya Smart in Dubai is a testament to Dubai International Chamber’s commitment to attracting FDI, MNCs, SMEs, and talent to the emirate, in line with the government-backed “Dubai Global” initiative. This initiative aims to establish a network of 50 integrated commercial representative offices for Dubai in five continents by 2030, further cementing Dubai’s position as a global business hub.