Dubai plans to attract 50 multinational companies as part of global hub push

Dubai plans to attract 50 multinational companies within three years, the emirate’s government media office said on Wednesday citing a statement from the Dubai International Chamber.

The plan is part of a three-year strategy adopted by the chamber to boost the emirate’s status as a global trade hub, it said, adding that it will also support 100 Dubai-based companies with international expansion.

Dubai is facing increased competition from Saudi Arabia in attracting international business. The kingdom has given foreign firms until the end of 2023 to set up headquarters or risk losing out on government contracts.