The chamber achieved a new milestone by forming 100+ Business Groups from diverse economic sectors in the emirate, aiming to enhance the private sector’s influence on Dubai’s business policies and legislation.…reports Asian Lite News
Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has announced a series of significant accomplishments made during the first half of 2023, including significant growth in the number of member companies and an increase in the value of the exports and re-exports of its members.
The impressive results reflect the competitiveness of Dubai and its business community, together with the chamber’s continuing commitment to achieving its strategic priorities, supporting the emirate’s economic aspirations, and realising the objectives of the Dubai Economic Agenda (D33).
Dubai Chamber of Commerce’s data indicates that the number of new member companies increased by 43% between January and June this year to reach a total of 30,146, up from 21,098 companies in the first half of 2022. This significant growth underlines Dubai’s attractiveness among both companies and investors, as well as the emirate’s growing reputation as a leading global business destination.
The total value of exports and re-exports of member companies also increased by 7% during the first half of 2023 to reach AED 137.6 billion, up from AED 129.4 billion in the same period last year. In addition, the chamber issued 357,000 certificates of origin during H1 2023.
A total of 2,402 ATA Carnets were issued and received for goods and commodities with a value of AED 2.5 billion during the six-month period, compared to 2,326 ATA Carnets with a value of AED 1.2 billion during H1 2023. This represents a growth in the value of goods and commodities of more than 108%, while the number of ATA Carnets issued and received increased by 3.3%.
H.E. Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, said, “Our impressive results from the first half of this year confirm the success of our unique business model, which is based on three specialised chambers operating under the umbrella of Dubai Chambers. As Dubai’s engine of economic growth, our strategic priorities are aligned with the goals of the Dubai Economic Agenda, which seeks to further enhance the emirate’s position as a leading global centre for business, trade, and investment.”
“The significant increase in our new members reflects the chamber’s commitment to attracting investments, while the growth in the value of our members’ exports and re-exports underlines the impact of our support for Dubai-based companies seeking to expand into international markets in line with Dubai’s drive to boost the value of non-oil foreign trade to AED 2 trillion by 2026. We will continue to focus on building an agile and resilient economy based on diversification and innovation that fulfils the vision of Dubai’s wise leadership,” His Excellency added.
Other notable achievements during the first half of 2023 included the launch of the Dubai Centre for Family Businesses under the umbrella of Dubai Chambers, which was inaugurated in May by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE. The Centre was established with the goal of ensuring the growth and sustainability of family businesses in Dubai and is tasked with developing this vital sector and enhancing its economic contribution to the emirate’s dynamic future.
The Dubai Centre for Family Businesses’ activities commenced with the launch of the Governance Series. The initiative encompasses a series of insightful educational sessions focusing on key issues such as laws affecting family businesses and best practices in governance, which play an important role in succession planning.
Dubai Chamber of Commerce reviewed a total of 54 draft laws in cooperation with Business Groups during the first half of the year as part of its efforts to support the interests of the business community, while the number of mediation cases received reached 75.
The chamber reached a new milestone when it succeeded in establishing more than 100 Business Groups representing diverse economic sectors in the emirate, with the goal of enhancing the private sector’s role in shaping policies and legislation related to Dubai’s business environment. These bodies also serve to enhance the competitiveness of the sectors covered, which are now supported by a total of 105 dedicated Business Groups.
The chamber’s Business Advocacy sector arranged over 160 meetings with representatives from Business Groups and Councils to explore challenges and opportunities in specific sectors. In addition, 24 Annual General Assembly events were organised for Business Groups and Councils. More than 1,300 businesses in Dubai benefited from 12 workshops and events organised, while a series of eight webinars and online training sessions attracted 520 participants. In addition, 82 meetings were held with key stakeholders and partners including the Dubai Health Authority, the Ministry of Education, RTA, Dubai Police, and the Community Development Authority to explore opportunities to serve the business community.
As part of its efforts to achieve its strategic priority of improving the business environment in the emirate, Dubai Chamber of Commerce also launched the ‘Business Sectors Platform’, which offers an innovative package of services designed to empower Business Groups and Business Councils and enhance the effectiveness and efficiency of their activities. The new service logged a total of 78 users during its initial phase of operation.
On the sustainability front, Dubai Chambers co-hosted ‘Road to COP28: Driving Collective Climate Action in the UAE’ in May, an awareness-raising event targeted towards the private sector that aimed to drive engagement and enable participants to gain a deeper understanding of the COP28 agenda. Organised in cooperation with the UN Climate Change High Level Champions, the highly successful event attracted around 700 attendees.
Dubai Chamber of Commerce’s Centre for Responsible Business (CRB) organised three Sustainability Knowledge Series events during the first half of 2023, which attracted 408 participants from 310 companies.
Ten companies were awarded the CSR Label, eight companies received the Advanced CSR Label, and 47 companies were presented with SMART CSR Labels.
ALSO READ: Samsung dominates memory chip market