Dubai Chamber hosts Luxembourg Crown Prince in effort to enhance trade ties

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Staff Report

Dubai: The Dubai Chamber of Commerce and Industry hosted a high-level delegation from Luxembourg headed by HRH Crown Prince Guillaume of Luxembourg, as part of its efforts to strengthen trade ties with the European country.

The delegation from Luxembourg included HRH Crown Princess Stéphanie of Luxembourg, H.E. Etienne Schneider, Deputy Prime Minister and Minister of Economy of Luxembourg, Carlo Thelen, Director General of Luxembourg Chamber of Commerce, and representatives from the country’s public and private sectors.

The delegation was welcomed by H.E. Hisham Al Shirawi, 2nd Vice Chairman of Dubai Chamber, and senior officials from Dubai Chamber. Seminar was attended by business leaders from the UAE and Luxembourg, both exchanged their views on Luxembourg’s economy and business environment, while also identified synergies and areas of mutual cooperation between the two countries.

HRH Crown Prince Guillaume of Luxembourg highlighted on many synergies that the UAE shares with Luxembourg such as its well-diversified and open economy that is always welcoming new opportunities. He described Luxembourg as an excellent gateway for distributing products in Europe, as well as a leading investment hub for regional and multinational corporations.

In his welcome remarks, H.E. Al Shirawi explained that Dubai and Luxembourg have enjoyed a strong relationship over the years, with bilateral non-oil trade growing steadily in recent years, reaching $94 million in 2016. Yet, he stressed the need to expand trade and
investment ties further, especially within the areas of Islamic finance, ICT, fintech, and logistics, satellite technology, and cyber security.

Dubai Chamber’s 2nd Vice Chairman said the emirate is an ideal partner for Luxembourg as a re-export hub with its strong links across the Middle East, Africa, and South East Asia, which can offer plenty of incentives and advantages to Luxembourg-based companies.

For his part, H.E. Schneider explained that Dubai’s position as a thriving business hub for the Middle East region is something that Luxembourg is looking to achieve in Europe. He said that shared values of openness and flexibility have enabled Luxembourg and the
UAE to forge strong political and economic ties over the years.

H.E. Schneider noted that Luxembourg has become a leading regional hub for information and communication technologies, and intercontinental logistics, adding that the country has recently enhanced its cooperation with the UAE in new areas such as space technology and Islamic finance.