On September 12, the 'Made for Trade Live' event took place at Geneva Chamber of Commerce, Industry, and Services (CCIG). The event, a collaborative effort between the Swiss Business Council UAE, Geneva Chamber of Commerce, Industry and Services (CCIG) and the Swiss Group, showcased the profound synergies between these two economic powerhouses and provided invaluable insights into the world of business and trade. In this article, we delve into the highlights of this event, featuring distinguished speakers, invaluable discussions, and the promising future of cross-border collaboration.

The event commenced with an insightful opening speech by Michael Lane, President of the Swiss Business Council UAE. Lane emphasized the visionary 8 Principles of Sheikh Mohammed Bin Rashid Al Maktoum's Governance, which have been instrumental in Dubai's transformation into a modern and prosperous city. These principles, including the importance of union, the rule of law, and nurturing talent, have underpinned Dubai's journey to becoming a global business hub.

Welcome Remarks:

Ahmed Bin Sulayem, Executive Chairman and CEO of the Dubai Multi Commodities Centre (DMCC), followed with welcoming remarks that shed light on the advantages of conducting business in the UAE. Sulayem highlighted DMCC's pivotal role as a center for foreign companies, emphasizing its ease of administrative procedures. He underscored DMCC's commitment to facilitating business growth, and its innovative Oracle system tailored to streamline administrative tasks.

Furthermore, Sulayem emphasized the symbiotic relationship between Switzerland and the UAE, citing Switzerland's role as a hub for international organizations like WIPO and WTO. He also discussed the significant opportunity presented by Sharia-compliant products within DMCC, opening doors to a broader market.

Jasim Alabdouli, General Consul of the United Arab Emirates, underscored the robust trade ties between Switzerland and the UAE. Alabdouli highlighted the substantial growth in bilateral relations over the last 15 years, with the UAE emerging as Switzerland's most vital trading partner in the Middle East. He also mentioned key agreements, including those on mutual protection of investments, reciprocal visa-free access for holders of a diplomatic passport, double taxation and the free trade agreement between EFTA and the Gulf Cooperation Council (GCC). Alabdouli shed light on the key sectors of cooperation, which encompass innovation, biotechnology, renewable energy and clean technology.

DMCC, Global Free Zone of the Year:

Bassel Bitar, Regional Representative – Asia and Eastern Europe, DMCC, provided a comprehensive overview of DMCC's offerings. DMCC, crowned 'Global Free Zone of the Year' eight times by the Financial Times FDI Magazine, stands as the world's premier free zone and a global commodities trading hub. Situated at the heart of Dubai, DMCC offers a vibrant community, world-class services, and prime properties with excellent connectivity.

Bitar highlighted DMCC's pivotal role in facilitating trade for products like coffee and diamonds. DMCC offers a unique advantage with a 50-year tax exemption, making it an attractive destination for businesses. He emphasized the thriving multicultural community within DMCC, comprising 100,000 residents from across the globe.

Doing Business in the UAE from a Swiss Perspective:

Roberto Delorenzi, Managing Partner of Swiss Group Advisory DMCC, explored the Swiss perspective of doing business in the UAE/Dubai. He emphasized the burgeoning Swiss-Emirati relations, noting that Switzerland ranked fourth in terms of Foreign Direct Investment (FDI) into Dubai in 2022. Delorenzi outlined the advantages of establishing a presence in the UAE, including a favorable legal system, advanced infrastructure, geographic proximity, and a robust economy.

Delorenzi also delved into the various types of company setups available in the UAE, such as local (mainland) companies, onshore free zone companies, and offshore free zone companies. He highlighted the importance of Emiratisation policies and upcoming corporate tax laws. Delorenzi stressed the existence of a Double Taxation Agreement between Switzerland and the UAE, offering businesses a clear framework for taxation.

Testimonials:

The event featured inspiring testimonials from business leaders who have thrived in the UAE. Rene Goetz, CEO of Areas SA, shared his journey from a tennis coach to a corporate insurance expert, showcasing the diverse opportunities available in the UAE's business landscape.

Additionally, a video interview with Michael Lahyani, Founder & CEO of Propertyfinder, provided valuable insights into the success story of a visionary entrepreneur in Dubai's real estate sector. Lahyani praised Dubai's infrastructure, diverse talent pool, quality of life, and the overall sense of security that has contributed to his company's remarkable growth.

The meeting concluded with a panel discussion featuring various speakers from Switzerland's business community engaged with the UAE, facilitating an open debate on the advantages and challenges facing companies operating in the region. Notably, Peter M. Harradine, Honorary President of the Swiss Business Council UAE, delivered a particularly conciliatory testimony based on his firsthand experiences of living in an Arab and Muslim country. He emphasized the remarkable tolerance of Islam towards other religions, shedding light on an aspect of Islamic society that is often overlooked in media discourse.

A Vision for Future Collaboration

Made For Trade Live Event was a testament to the enduring partnership between Switzerland and the UAE. It brought to the forefront the vast opportunities awaiting businesses in the UAE, particularly within DMCC, a thriving global free zone. The event underscored the importance of strategic collaboration, sound business practices, and the shared values of innovation and sustainability that bind these two dynamic regions.

As the business world continues to evolve, this event serves as a reminder that the UAE and Switzerland are committed to fostering economic growth and cross-border cooperation.