Bangladesh-UAE trade value hits US$2 billion

Economic relation between Bangladesh and the UAE has been growing over the last seven years. Bangladeshi expatriates play a significant role in the UAE economy through investment and employment.

Bangladeshi investors own more than 150,000 registered businesses in the UAE and employ about 500,000 professionals and workers to manage them. The UAE is also currently looking at Bangladesh for greater trade and investment cooperation.

Dubai Chambers has successfully organised the Dubai-Bangladesh Business Briefing, with the goal of enhancing bilateral economic and investment relations, fostering cooperation between the business communities in both markets across key sectors, and supporting the growth of bilateral trade.

As part of the event, a Memorandum of Understanding (MoU) was signed between Dubai Chambers and the Dhaka Chamber of Commerce and Industry (DCCI). The agreement is designed to broaden bilateral cooperation and promote efforts to diversify and expand mutual trade and investments. The two parties will provide comprehensive support to strengthen connections between exporters and importers from Dubai and Dhaka, including the facilitation of business-matching services. The MoU also seeks to encourage joint ventures and collaborative investments between private sector companies in both markets.

The agreement outlines cooperation between the two parties in areas including the organisation of specialised trade events, exhibitions, and investment missions. The two chambers will also focus on sharing commercial and economic data to facilitate the exchange of market intelligence. The agreement was signed by His Excellency Mohammed Ali Rashed Lootah, President and CEO of Dubai Chambers, and Taskeen Ahmed, President of the Dhaka Chamber of Commerce & Industry.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented: “Dubai Chambers is committed to extending comprehensive support to Bangladeshi businesses and investors to help them grow their operations in Dubai and leverage the emirate’s competitive advantages. Our goal is to further strengthen cooperation between the business communities in Dubai and Bangladesh to foster partnerships and contribute to achieving shared developmental goals.”

The value of non-oil trade between Dubai and Bangladesh reached Dh5.1 billion during the first nine months of 2024, reflecting annual growth of 23.4 percent.

The number of Bangladeshi companies registered as active members of Dubai Chamber of Commerce reached 8,686 by the end of 2024, achieving annual growth of 19 percent and reflecting Dubai’s growing attractiveness among Bangladeshi investors.

Taskeen Ahmed, President of Dhaka Chamber of Commerce and Industry (DCCI), said Bangladeshi nationals constitute one of the largest expatriate communities in the UAE, accounting for 17 percent of Bangladesh's total overseas employment, making the UAE the second-largest destination after Saudi Arabia.

Total trade volume between Bangladesh and the UAE reached US$2 billion in the FY 2024 with incremental growth. Bangladesh’s competitive investment framework featured by fiscal and non-fiscal incentives, favourable regulatory environment for foreign investors, targeted tax exemptions across various industries, 100 percent foreign ownership, and Double Taxation Treaties with the UAE make Bangladesh an attractive destination for investment, especially in non-oil sectors. Additionally, Dubai’s strategic location serves as a key gateway for Bangladeshi businesses to access the growing halal market in the region,” Taskeen Ahmed added.

Dubai Chambers presented an overview of the promising investment opportunities in Dubai for the Bangladeshi community. The sectors highlighted included logistics and warehousing, real estate, medical tourism, software development, and mobile app innovation.