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The delegation is being headed by Loh Khum Yean, CEO, Standards, Productivity and Innovation Board (SPRING) - a Singapore government agency focused on enterprise development.
Top of the agenda for the visiting entrepreneurs' five-day trip was a presentation by Dubai Logistics City (DLC) - the first phase of the giant Dubai World Central urban aviation community being built at Jebel Ali just 40 kilometres from Dubai city centre.
"This visit has enabled us to understand Dubai's long-term vision for economic prosperity and Singaporean entrepreneurs should be able to look to this forward-looking emirate for investment and trading opportunities," said Yean.
"Singapore has nearly US$80 billion of foreign direct investment overseas of which only three per cent is in the Middle East. Statistics for the last eight years show that business is picking up as the city-state's trade with the UAE grew from US$1.8 billion to US$4.1 billion."
The visit follows DLC's participation at Singapore's SCM Logistics World end of last year - an event which marked the unveiling of DLC's unparalleled geographical-hub position and its unique link between the Far East and European / African markets.
Last year the UAE and Singapore signed an economic, trade and technical co-operation pact - the first step towards a full Free Trade Agreement (FTA). The pact called for collaboration in areas such as trade, industry, transport and logistics services, infrastructure development, oil and gas services, education, tourism and investment.
"Dubai and Singapore are respective transhipment hubs for the Middle East and South East Asia and our regional networks complement each other as we push towards a smaller supply chain and product cycle," explained Yean.
"This delegation comprises 10 major logistics companies covering air and sea freight in the chemical and oil & gas industry sectors representing the Singapore logistics fraternity, and many are actively considering setting up base in Dubai."
On the agenda were possibilities of leasing DLC warehouse and office space for the purposes of establishing regional distribution centres, facilitating local logistics partnerships with oil and gas companies and exploring the air freight connectivity opportunities between Singapore and the emirate.
Michael Proffitt, CEO, Dubai Logistics City said: "To receive interest and praise from Singapore, which has long been something of a role model for Dubai is an achievement in itself. Singapore developed the hub concept for Asia and DLC will now be a complementary gateway for Europe, Middle East and Africa.
"The delegation represented a prosperous sector of heavyweight Singaporean enterprises which have recognised the unique DLC business proposition and how our facilities can maximise their companies' efficiency and profitability in the Middle East."
Posted by Anne-Birte Stensgaard, Senior News Editor
