Home » Dubai Chambers, Hamburg Chamber of Commerce sign agreement to establish new ‘Innovation Corridor’

Dubai Chambers, Hamburg Chamber of Commerce sign agreement to establish new ‘Innovation Corridor’

by Dubaiforum

DUBAI, 1st November, 2023 (WAM) — Dubai Chambers has signed a new cooperation agreement with the Hamburg Chamber of Commerce to establish an ‘Innovation Corridor’ between the two markets, an initiative aimed at supporting the success of companies and startups offering innovative technologies, products, and services in both cities. The deal was signed during day one of the Dubai Business Forum, which is taking place on 1st and 2nd November at Madinat Jumeirah in Dubai.

The agreement seeks to facilitate smoother market entry between the two cities and foster mutual collaboration in research and development, sandboxing, and venture capital, as well as equip companies with the tools they need to achieve sustainable growth and expand into international markets.

Commenting on the deal, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said, “Our agreement with the Hamburg Chamber of Commerce is unique, as it brings together the business communities in Dubai and Hamburg to drive innovation, research, and international expansion. This will contribute to enhancing the competitiveness of both cities, as well as enable Dubai-based companies to benefit from the latest technologies, innovations, and global expertise.”

Lootah emphasised, “We remain committed to improving and developing Dubai’s dynamic business environment, and our partnership with the Hamburg Chamber of Commerce contributes towards this key strategic priority. In addition, it will further advance our efforts to serve the emirate’s business community and enhance its competitiveness and ability to overcome challenges through the development of innovative solutions.”

Dr. Malte Heyne, CEO of the Hamburg Chamber of Commerce, commented, “Hamburg and Dubai complement each other perfectly in terms of their innovation ecosystems. Hamburg has a large and established industrial sector, including basic industries such as copper, aluminium, and steel, which are important for the energy transition, as well as logistics and aviation technology. For Dubai, Hamburg offers connections to renowned research institutions, top-notch research infrastructure, and a growing life sciences economy.”

Dr. Heyne added, “As a leading foreign trade location, we are also the gateway to other European markets. The Innovation Corridor with our long-standing and proven partner Dubai Chambers will accelerate research and development on innovative solutions and enable access to markets in the region and beyond.”

As one of the leading markets for innovation and technology, startups and companies in Germany may face regulatory and legislative challenges that hinder applied research, fast implementation, and the rapid development of technologies. Dubai can help companies overcome these obstacles by providing a supportive ecosystem and a suitable testbed for innovative German technologies.

The new cooperation agreement focuses on innovation as a key factor in shaping the future of economies and societies, based on its ability to unlock competitiveness, create jobs, and enhance the quality of life throughout society. Companies serve as a primary catalyst in overcoming challenges, as they contribute to the development of innovative solutions, products, and technologies.

Dubai has emerged as a leading destination for innovative business solutions and provides global companies with a fertile environment in which to test out new ideas while exploring opportunities with investors and private equity funds. The emirate represents an ideal partner for accelerating innovation and strengthening international partnerships with the Hamburg business community, in line with the objectives of the Hamburg 2040 Location Strategy.

The agreement was signed as part of The Deals Hub, a dedicated impact-driven platform for global business leaders and investors to forge and announce major business initiatives, partnerships, investments, and commercial alliances during the Dubai Business Forum. An innovative initiative that reflects Dubai Chambers’ commitment to driving growth in international trade and investment, The Deals Hub further consolidates Dubai’s position as a leading global city for doing business.

Hosted under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the Dubai Business Forum brings together key public and private sector stakeholders from around the world to explore opportunities for strategic economic partnerships, strengthen international networks, and open new horizons for business, trade, and investment.

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