Dubai plans to attract 50 multinational companies within three years, the Dubai International Chamber said in a statement, as Prince William continued his visit to the Emirati state. 

The plan is part of a three-year strategy adopted by the chamber to boost the emirate's status as a global trade hub, it said, adding that it will also support 100 Dubai-based companies with international expansion.

The new strategy announced for the next three years (2022-2024), aims to strengthen Dubai's position as a global trade hub, attract multinational companies to the emirate and support local companies with international expansion.

It would focus on "attracting 50 multinational companies to Dubai within three years, supports the external expansion of 100 companies from Dubai to priority foreign markets within two years with the aim of improving the business environment in Dubai and making it conducive to business growth with a focus on multinational companies".

The plan would also include supporting and motivating multinational companies to list on the Dubai Financial Market.

Sultan bin Sulayem, chairman of Dubai International Chamber, said new strategy supports the five-year plan announced by HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai to boost Dubai's non-oil foreign trade to AED 2trn.

He added that the plan, once implemented, woudl elevate Dubai's position in the global arena and expand the emirate's trade partnerships with promising markets around the world.

H.E. bin Sulayem said Dubai International Chamber had access to representative offices across Africa, Eurasia and Latin America that are working to facilitate Dubai's trade flows with other countries.

He noted that 30 target markets have been identified under the strategy adopted by Dubai International Chamber, which offer "huge economic potential".

Bin Sulayem said the new strategy enables Dubai International Chamber to more effectively promote Dubai as a preferred global business hub and attracting leading multinational companies to the emirate, which can enhance its competitiveness in key sectors such as trade, infrastructure, logistics, digital economy, retail and manufacturing among others.

Dubai International Chamber was established to strengthen partnerships with global corporations, investors and entrepreneurs and boost Dubai's status as a major trade hub. Adopting a more specialised approach to driving Dubai's foreign trade, the chamber promotes opportunities that the emirate offers in facilitating trade flows.

The news comes amid Prince William's visit to Dubai, which he said in a tweet on Wednesday that he was "excited to be arriving in Dubai to celebrate the UK at DubaiExpo and discuss the vital issue of working together with the UAE and international partners to achieve a more sustainable world". 

The Duke of Cambridge stepped out on Thursday for his first official visit to the United Arab Emirates. It also marks his first official trip abroad in almost two years.

His visit to Dubai came at the request of the UK's Foreign, Commonwealth and Development Office and coincides with the 50th anniversary year of the UAE and UK National Day. He attended UK National Day at Expo 2020 Dubai yesterday (10 February) .

Today (11 February) he also tweeted:  "Thank you for a wonderful day in the UAE! From visiting the Jubail Mangroves and Jebel Ali Port to seeing our Earthshot finalists and celebrating the UK National Day@expo2020dubai- it was great to spend time celebrating sustainability, collaboration and innovation."