The Luxury Network International Magazine Issue 09

ways, Sharaf Group, CEPSA, GEMS,
Horizon Terminals and RAK Ceramics.
Singapore’s reputation as a leading
international financial center has
also attracted UAE financial institutions
to establish a regional branch
in the country, covering the Asia
Pacific region. First Abu Dhabi Bank
and Emirates NBD have wholesale
branch licenses actively involved
in financing UAE and regional corporates
and trade and investment
flows between UAE and the region.
Abu Dhabi Commercial Bank has
also established a regional representative
office in Singapore.
Some of Singapore’s major companies
have also invested and established
operations in the UAE.
They leverage the UAE’s diversified
economic composition, strong and
business-friendly government and
the country’s strategic positioning
as the regional hub covering GCC,
MENA, East Africa and Central Asia.
Some of the Singapore companies in
the UAE include Capitaland, Ascott,
Sembawang Group, ST Group, Surbana
Jurong, DP Architects, RSP Architects,
Indoguna, Meinhart, Boustead
Projects, and GIS Schools. A
large number of trading companies
from Singapore have established
regional trading operations in Jebel-Ali
Free Zone, DAFZA and other
free zones in UAE. Financial institutions
such as Bank of Singapore and
DBS Bank are active in DIFC. Bank
of Singapore has recently expanded
their operations significantly, focusing
on the lucrative market for
wealth management.
UAE-Singapore Business Council
The establishment of the UAESBC
was first mooted at seminar to commemorate
the launch and signing of
the GCC-Singapore FTA. This proposal
received further support from
government and national business
organisations from both countries.
Hence, UAESBC was established in
early 2018 . Its primary aim is to provide
a platform for member companies
and individuals to connect
amongst themselves, with the UAE
embassy, relevant business bodies
both in UAE and Singapore, that will
also serve to catalyze greater trade
and investment flows between the
two countries. It is also the intention
to capitalize on the important role
that the UAE and Singapore can play
as regional nodes in China’s Belt and
Road Initiative, with reference to
the Maritime Road. Singapore is an
established hub for ASEAN and Asia
Pacific Region, with strong links to
the Indian sub-continent. Whilst on
the other hand, the UAE is the established
hub for the Middle East,
East Africa and Central Asia. Hence
there are certainly opportunities for
these two pivotal nodes to collaborate
in the Belt and Road Initiative.
The Patron of the UAESBC are, the
UAE Ambassador, His Excellency,
Dr Muhamed Omar and Mr Lee Yi
Shyan, a Member of Parliament and
former Senior Minister of State. The
Executive Committee include leading
UAE and Singapore companies
such as Global Foundries, First Abu
Dhabi Bank, Dnata, Borouge, Al-Futtaime
Group, ADNOC, ENOC, Emirates
NBD and ST Group, Surbana
Jurong, DP Architects, Meinhart and
others.
The council has a programme to
organise various activities such as
regular breakfast talks, trade missions,
workshops, seminars, networking
sessions with other chambers
and trade associations. It has
three categories of membership viz,
Corporate sponsor, ordinary corporate
and individual members.
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