At the first meeting of the newly formed Board of Dubai Chambers, chairpersons and board members discussed long-term goals and strategies to boost the contributions of Dubai Chambers to the digital economy, business community and overall economic growth.
The meeting was held at the Dubai Chambers headquarters, and was headed by Abdulaziz Al Ghurair, Chairman of Dubai Chambers. Members identified several priority projects to improve Dubai’s economic competitiveness globally.
On the business side, Dubai Chambers aims to promote trade with 30 priority markets, draw over 50 new large multinational companies to the emirate, grow Dubai’s startup ecosystem to 300 startups, and empower business groups. It also aims to put relevant regulation and policy recommendations in place, implement a 100% paperless model, and integrate value-added revenue services and optimised cost structures through a new business model.
TAKING A THREE-WAY APPROACH AT DUBAI CHAMBERS
During the meeting, the group discussed the role of the newly instituted Dubai Chamber of Commerce, Dubai Chamber of International Trade and Dubai Chamber of Digital Economy.
The three sub-associations of Dubai Chambers were established under directives by Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister, and Ruler of Dubai, that were announced in March this year.
The three chambers would play a significant role in driving economic development and enable the emirate to reach USD 2 trillion in foreign trade by 2026.
This would involve accessing emerging sectors and high-potential business opportunities, while also working towards bringing foreign capital into Dubai, and building cross-border partnerships as well.
Dubai Chambers would work with public and private stakeholders to create a favourable business environment, new trade and investment opportunities, and sustainable economic growth, while attracting top talent and businesses, Al Ghurair added.
Meanwhile, the Dubai Chamber of International Trade will aim to build networks across 30 international markets through promotional projects.
BUILDING A DIGITAL ECONOMY
The Dubai Chamber of Digital Economy will focus on building world-class digital economy infrastructure, promoting Dubai as an international technology hub. It will also be providing legislative support to encourage the growth of the digital economy.
“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,” Al Ghurair said. “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.”
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