DUBAI, 2nd November, 2023 (WAM) -- Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has successfully attracted six companies from across the globe to set up their businesses in Dubai.
The signing of six Memoranda of Understanding (MoUs) during the Dubai Business Forum underlines the chamber's commitment to achieving its strategic priorities by attracting global companies and investments to the emirate.
Agreements were signed with five multinational companies including China's Shenzhen Meiniao Technology; India's Temla Consumer Products, Sensedynamic Fashion, and Metal Power; and Indonesia's House of Indonesia. In addition, one MoU was inked with Dynamox, an SME from Brazil.
Valued at over US$ 300 million, Shenzen Meiniao Technology is a Chinese technology company dedicated to comprehensive solutions for automotive and home entertainment software and hardware. Through five years of intensive development, the company has created a range of automotive entertainment software and hardware solutions at various price points for ordinary and intelligent connected cars. It also boasts research, development, and production capabilities for smart karaoke software and hardware.
Timla Consumer Products is a dynamic and vibrant Indian snack brand that caters to a health-conscious market. The company has established a branch in the UAE under the name Timla Trading. With projected annual recurring revenue of US$ 14 million for 2023-2024, the company aims to establish strategic partnerships that will leverage local expertise while bringing its unique offerings to the UAE.
Sensedynamic Fashions is a direct-to-consumer youth fashion e-commerce company that aims to democratise fashion. Valued at US$ 20 million, the company operates using an innovative production on-demand technology and works with zero inventory and zero warehousing as a zero-wastage brand.
Metal Power is an Indian manufacturing company that provides a comprehensive range of products, accessories, and services for optical emission spectrometers. Valued at US$ 12 million, the company has more than 35 years of experience in spectrometry, directly and indirectly supplying and servicing its customer base in over 50 countries across six continents.
Previously known as NRA Group, House of Indonesia is one of the biggest Hajj and Umra travel agencies in Indonesia. With a current revenue of US$ 150-180 million, the company plans to relocate its headquarters from Jakarta to Dubai. In addition to its travel offerings, House of Indonesia will focus on business sectors including general trading, property, and furniture.
Dynamox is a Brazilian technology company specialising in the development of vibration and monitoring solutions for maintenance and reliability teams across various industries. Valued at US$ 20 million, the company has a presence in 22 countries around the world and plans to establish an office in Dubai to connect with potential partners and clients across the MENA region, particularly in the mining and F&B sectors.
The six agreements were signed at The Deals Hub, a dedicated impact-driven platform for global business leaders and investors to forge and announce major business initiatives, partnerships, investments, and commercial alliances during the Dubai Business Forum. An innovative initiative that reflects Dubai Chambers' commitment to driving growth in international trade and investment, The Deals Hub further consolidates Dubai's position as a leading global city for doing business.
Hosted from 1-2 November under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, the Dubai Business Forum brings together key stakeholders from the government and private sectors across the globe to explore strategic economic partnerships, develop international networks, and open new horizons for business, trade, and investments.