DUBAI, (Pakistan Point News - 26th Jun, 2021) His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, has approved a new structure of Dubai Chambers' board, on Sunday, to drive Dubai's economic transformation and place the city as a global business hub.
''We approved the new structure of the three Dubai chambers: Dubai Chamber of Commerce and Industry, Dubai Chamber of Digital Economy, and Dubai International Chamber. A new model to lead Dubai's economic transformation and position the city as a global business hub,'' said His Highness Sheikh Mohammed bin Rashid.
''We approved the board of directors of the overarching Dubai Chambers, which will oversee and coordinate the efforts of the 3 chambers under a common vision and propose mega initiatives to spearhead Dubai's economy, ultimately creating a robust business environment.'' ''The three new chambers have historic responsibilities of boosting our international trade, advancing our digital economy, protecting the interests of entrepreneurs and business owners and supporting the Government of Dubai in establishing the world's best economic ecosystem,'' he added.
As for the Dubai International Chamber's action plan, H.H. said :''We expect members to engage effectively in implementing the emirates foreign trade which seeks to raise the value of our foreign trade to AED2 trillion in five years.'' Dubai International Chamber's plan targets 30 foreign markets."
Last year, Dubai's external trade stood at AED1.18 bn. 45 major multinational companies were registered with the chamber.
Abdul Aziz Al Ghurair will chair the new 12-member board of Dubai Chambers.
Established in 1965 with just 450 members, Dubai Chamber membership topped 245,000 in 2019, supervising 23 business groups and 41 business councils representing their countries.
According to latest statistics, digital economy contributes 4.3 percent of the emirate's GDP or AED100 billion. There are more than 1400 start-ups in the UAE with a total value of AED90 billion. The UAE has 90 investment fund in the digital sector and 12 business incubators.
In March, H.H. approved the restructuring of Dubai Chambers and the creation of three new chambers of commerce: Dubai Chamber, Dubai International Chamber, and Dubai Chamber of Digital Economy. The new chambers serve as the key drivers in establishing new sectors in the city and raising Dubai’s role in global trade.
Sheikh Mohammed bin Rashid Al Maktoum then said, "We will form three new chambers of commerce in Dubai, which will include the Dubai International Chamber that will work to support the interests of international companies based in Dubai, and the Chamber of Digital Economy that will seek to leverage technological trends of the future to promote growth and innovation."
He also announced the appointment of Juma Al Majid as the Honorary Chairman of Dubai Chamber, Abdulaziz Al Ghurair as the Chairman of Dubai Chamber, Sultan bin Sulayem as Chairman of Dubai International Chamber, and Omar Al Olama as Chairman of Dubai Chamber of Digital Economy.
The Board of Directors of Dubai Chambers is chaired by Abdul Aziz Al Ghurair, and its membership includes: Omar Al Futtaim, Khaled Juma Al Majid, and Raja Al Gurg. The Board also includes Omar Sultan Al Olama, Chairman of the Board of Directors of the Dubai Chamber of Digital Economy; and Sultan Ahmed bin Sulayem, Chairman of the Board of Directors of the Dubai International Chamber; along with Butti Saeed Al Kindi; Hilal Saeed Al Marri; Faisal Juma Belhoul; Patrick Chalhoub; Ghassan Al Kibsi; Dr. Amina Al Rostamani; and Hussain Abdulrahman Khansaheb.
Sheikh Mohammed bin Rashid Al Maktoum added, "Members of the new Dubai chambers will spearhead our strategy to achieve our futuristic economic vision, and we expect major regional and international accomplishments over the next phase."
The Dubai International Chamber will represent and support the interests of local companies with international presence and international companies based in Dubai. The new chamber aims to expand Dubai’s foreign trade and boost its status as an international business hub. It will support Dubai’s vision in expanding to new global markets, growing economic partnerships and supporting local companies in achieving global success, while attracting talent and investors from all over the world to fulfill their dreams in Dubai.
Members of the Dubai International Chamber will include businessmen, entrepreneurs and investors.
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 an attractive environment that advances the digital economy. Members of the chamber will include technology entrepreneurs and investors.
The new structure is part of broader efforts to grow the UAE’s digital economy and establish productive global partnerships, as well as boost the growth prospects of international companies based in Dubai.
During the meeting, the Council approved a five-year foreign trade plan for Dubai, as part of efforts to consolidate the key sector’s role as a major driver of Dubai’s economy.
Sheikh Mohammed bin Rashid Al Maktoum further said, "We approved a new global trade map for Dubai that establishes routes to over 400 cities around the world, and we aim to expand this network to 200 additional cities to reinforce the UAE’s pivotal role as an international business hub."
He added, "We adopted a five-year plan to increase Dubai’s foreign trade from AED1.4 trillion to AED2 trillion. We have deployed all the resources necessary to implement our plan."
New plans and procedures will be created to support Dubai’s trade and further enhance the attractiveness of its business environment. The five-year plan will boost Dubai’s status as an international business hub, with a special foreign trade focus on high-growth markets including Latin America, Africa and Asia.
The plan will also drive the future growth of Dubai’s foreign trade and create competitive investment benefits and facilities for businesses.
"Our vision is firmly focused on the future. Our resolutions match the ambitiousness of our plan to be the heart of global business. With our strong determination and optimism, the future will be promising," affirmed Sheikh Mohammed.
