Dubai plans to attract 50 multinational companies within three years, the government media agency said, citing a statement from the Dubai International Chamber, Reuters reported.

The plan is part of a three-year strategy adopted by the chamber to elevate the emirate's status as a global trading hub, the statement said. It will also support 100 Dubai-based companies with international expansion.

Dubai is facing increased competition from Saudi Arabia in attracting international business. The kingdom has given foreign firms until the end of 2023 to set up headquarters or risk losing government contracts.