Gulf
Today, Monday, Nov 28, 2022 | Jamadi Al Awwal 4, 1444
Dubai Chambers unveils plans to expand roles of business councils
Dubai Chambers has unveiled new plans to establish new country-specific business
councils operating in Dubai and expand their roles to support ongoing efforts to
boost Dubai’s non-oil foreign trade and create new channels of economic
cooperation between business communities in the emirate and promising markets
around the world.
The announcement was made by Abdul Aziz Al Ghurair, Chairman of Dubai Chambers,
who addressed more than 150 ambassadors, consul generals and commercial attachés
at the Diplomatic Circle Dinner 2022.
The event was held at the Bulgari Hotel & Resort in Dubai in the presence of
Juma Mohammed Al Kait, Assistant Undersecretary for International Trade Sector -
UAE Ministry of Economy; Mohammad Ali Rashed Lootah, President and CEO of Dubai
Chambers; and Issam Kazim, CEO of Dubai Corporation for Tourism and Commerce
Marketing (DCTCM).
Al Ghurair called on ambassadors and members of the diplomatic community in the
UAE to offer their support in establishing several new business councils that
would provide the right platforms for businesses in the UAE and abroad to
connect, collaborate and build mutually beneficial partnerships.
“We are putting a new comprehensive framework into place that will restructure
and expand the role of business councils in Dubai to boost its foreign trade and
promote cross-border business opportunities for member companies. These councils
will cover markets of strategic importance to Dubai and support us as we further
expand our presence across Africa, Latin America and the Middle East and attract
more companies and investment from these regions,” said Al Ghurair.
Al Ghurair encouraged existing business councils to leverage Dubai
International Chamber’s vast network of international offices to their benefit,
operate more effectively and provide their members access to attractive growth
opportunities in the UAE and abroad.
He revealed that Dubai Chambers would organise a special forum in 2023 to engage
members of business councils, as well as representatives from embassies,
consulates and foreign trade and commercial offices operating in the UAE and
invited participants to attend the event.
He informed participants about important economic developments and several new
initiatives and functions introduced by Dubai Chambers aligned with its new
strategic priorities that aim to enhance the business environment and economic
competitiveness in Dubai.
In addition, he thanked members of the diplomatic community for their vital
support in assisting Dubai Chambers’ events, trade delegations and other
activities in 2022, including its participation at Expo 2020 Dubai, which he
says significantly contributed to the organisation’s success and achievements.
During his special remarks, Juma Mohammed Al Kait, Assistant Undersecretary for
International Trade Sector - UAE Ministry of Economy, elaborated on the UAE’s
strategic plans to enhance the regulatory environment, open new export markets,
adopt advanced technologies and ensure an ideal ecosystem for talent and
entrepreneurs
He stated that the UAE is building a modern economy as a global hub for trade
and foreign investment in line with the government target of doubling the size
of the economy from Dhs1.4 trillion to Dhs3 trillion by 2030. He highlighted the
importance of bilateral trade deals and comprehensive economic partnership
agreements signed between the UAE and leading economies in accelerating trade,
strengthening supply chains, creating investment opportunities and boosting
innovation.
“The UAE is ready - more than ever - to do business with the world and form
mutually beneficial partnerships that promise brighter, better future for all,”
Al Kait said as he called on business communities from around the world to
capitalise on market opportunities emerging in the country.
The UAE is also attracting a new generation of foreign direct investment to
accelerate our industrial innovation ambitions. We are welcoming all forms of
capital – technological and financial, H.E. Al Kait said, identifying
healthcare, education, agritech, food production, fintech, financial services
and advanced technologies as key target sectors for FDI. He added that new
residency rules applicable to golden visas and green visas, as well as upgraded
laws related to commercial companies, employment and family-owned businesses
will help ensure the UAE’s sustainable economic growth.
The Diplomatic Circle Dinner 2022 featured a panel discussion joined by Al
Ghurair, Chairman of Dubai Chambers; Juma Mohammed Al Kait, Assistant
Undersecretary for International Trade Sector - UAE Ministry of Economy;
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers and Issam Kazim,
CEO of Dubai Corporation for Tourism and Commerce Marketing (DCTCM).