Dubai Chamber recently organised its last quarterly meeting of 2021 with the Business Groups and Business Councils which operate under the Chamber’s auspices, as part of its mission to represent, support and protect the interests of the business community in Dubai.
During the meeting, the Chamber reviewed the emirate’s economic landscape, growth prospects and investment opportunities, and introduced the private sector to the most recent developments in the laws and regulations.
The meeting provided a platform to engage with the business community and exchange views on the latest economic developments, identify the challenges being faced by the private sector, make recommendations to the relevant government agencies, along with exploring future investment opportunities.
H.E Hamad Buamim, President & CEO, Dubai Chamber elucidated on these issues during his speech and remarked on how the recent legislative developments will play a key role in enhancing UAE’s competitiveness, as they covered a broad spectrum of issues, most notably the Protection of Data Personal Law and the Law of Electronic Transactions and Trust Services amendment.
He further added 2021 has been a transformational year where not only did we get business back on track but also posted an impressive financial performance under the guidance of our wise and forward-looking leadership, which is a part of Dubai’s broader strategy to double the financial market’s size to AED 3 trillion ( USD 816.7 billion).
His Excellency also referred to the outstanding performance of Dubai’s economic sectors such as trade, tourism and hospitality, which coupled with Expo 2020 have played a key role in establishing partnerships, and reaffirming Dubai’s position as a global trade and investment hub.
To this end, he stressed on the Chamber’s commitment to continue to work to strengthen public-private partnerships, and to identify opportunities for the private sector through its flagship initiatives such as the Global Business Forum. As the Official Business Partner for Expo 2020, the Chamber has been actively involved in bringing together global business communities and exploring opportunities.
On his part, His Excellency Abdullah Al Nuaimi, Assistant Undersecretary for Communication and International Relations at the Ministry of Human Resources and Emiratisation (MoHRE) emphasized the Ministry’s keenness to empower entrepreneurship and support the private sector, to achieve inclusive and sustainable development.
During the meeting, Al Nuaimi reviewed the most prominent features of the Federal Decree-Law on Regulations of Labor Relations, which will come into force as of February 2, 2022.
The new law aims to ensure the efficiency of the labour market, enhancing its ability to attract and retain talents, and at the same time, providing a stimulating work environment, flexibility , sustainability, ease of doing business and productivity by leveraging local and global talents,, thus improving the competitiveness of the labour market. He stressed that the new law is balanced and provides equal protection and rights to both parties.
He pointed out that the new law allowed greater flexibility to the private sector in regard to the weekly rest, as workers are entitled to at least one weekly rest day, however, this can be increased at the discretion of the company.
Ahmed Mohammed Al Naqbi, CEO of the Emirates Development Bank, reviewed the bank’s strategy and efforts to support the business sector in the UAE, especially SMEs, and the financing solutions it provides to the business community.
While, Nadimeh Mehra, Vice President, District 2020, threw light on how 80% of the Expo site will be repurposed to form a mixed-use complex comprising of commercial, residential and cultural districts, which will be an ideal destination for housing, work and exploration, with a focus on sustainability, and a balanced and healthy living.
