The newly formed Board of Dubai Chambers today held its first meeting at Dubai Chambers’ headquarters, which discussed objectives and as the organisation prepares to adopt a long-term strategy.
The meeting was headed by H.E. Abdulaziz Al Ghurair, Chairman of Dubai Chambers, and attended by H.E. Omar bin Sultan Al Olama, Chairman of the Dubai Chamber of Digital Economy, His Excellency Sultan bin Sulayem, Chairman of Dubai Chamber of International Trade and board members Omar Al Futtaim, Khalid Jumaa Al Majid, Rajaa Al Gurg, Omar Al Olama, Sultan bin Sulayem, Butti Saad Al Kendi, Helal Saeed Al Marri, Faisal Jumaa Belhoul, Patrick Chalhoub, Dr. Amina Al Rustamani and Tariq Hussain Khansaheb. The board meeting was also attended by H.E. Hamad Buamim, President & CEO of Dubai Chamber of Commerce and Industry.
During the meeting, board members elaborated on the various roles that Dubai Chambers will play in enhancing Dubai’s value proposition and economic competitiveness in the global arena in line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai announced in March of this year.
The directives established a new structure for Dubai Chamber comprising three chambers – namely, Dubai Chamber of Commerce, Dubai Chamber of International Trade and Dubai Chamber of Digital Economy. Dubai Chamber of Commerce will continue to support and protect the interests of the business community in Dubai.
Dubai Chamber of International Trade will represent and support the interests of local companies with international presence and international companies based in Dubai. It will also support Dubai’s vision to expand to new global markets, forge new economic partnerships and support local companies in achieving global success, while also attracting promising talent and investors from across the world. The Dubai Chamber of International Trade seeks to cover 30 international markets that are considered important markets for Dubai through promotional projects.
The Dubai Chamber of Digital Economy is tasked with launching projects and developing studies on the new future economy, as part of efforts to build the world’s best digital infrastructure and transform Dubai into an international technology hub. With the objective of promoting the interests of technology companies and advancing the role of the digital economy in the emirate, the new chamber will build a network of relationships with local and international tech entrepreneurs and investment funds. It will also help draft legislations in Dubai and the UAE to create a growth-friendly environment for the digital economy.
During the meeting, several priority projects were identified, which aim to promote Dubai globally, attract multinational companies, grow the digital economy, enhance regulation and policies, establish new business groups, accelerate Dubai Chambers’ digital transformation and improve existing financing models.
Among the targets outlined for the projects are: fuelling Dubai’s trade with 30 priority markets, attracting over 50 new large multinational companies and more than 300 startups establishing a presence in the emirate, finalising regulation and policy recommendations, ensuring full representation and empowerment of business groups, transitioning to 100% paperless model and implementing a new business model with value-added revenue services and optimised cost structures.
“The transition to a three-Chamber model is a paradigm shift for business in Dubai, which will strengthen the emirate’s position as a digitally-driven economy and global business hub. The new structure enables the various chambers to adopt a more specialised and effective approach toward achieving the strategic ambitions outlined by HH Sheikh Mohammed for Dubai’s future-ready economy,” said H.E. Al Ghurair.
“We look forward to working with key stakeholders from the public and private sectors to ensure a favourable business environment in Dubai, create new trade and investment opportunities, attract top talent and businesses from around the world and pave the way for sustainable economic growth,” H.E. Ghurair explained, adding that the changes come at the right time as Dubai prepares its economy for the post-Covid era and the next 50 years.
The Chairman of Dubai Chambers added that the three chambers will play a crucial role in driving Dubai’s economic development and achieving the target of boosting the value of the emirate’s foreign trade to $2 trillion by 2026, by tapping into emerging sectors and high-potential business opportunities, while expanding efforts to attract foreign investment and forge cross-border partnerships.
