Hamad Buamim
President and CEO of Dubai Chamber of Commerce & Industry
Growing uncertainty, protectionism and geopolitical tensions were among the dominant trends weighing over international trade, supply chains and the global economy in 2019. While the exchange of trade tariffs between the US and China has posed many challenges, it has also created plenty of new trade opportunities for other leading economies.
Dubai saw its non-oil foreign trade increase 5 per cent year on year to reach Dhs676bn in the first six months of 2019. This growth trend, led by an uptick in exports and trade volumes, reflects growing momentum behind Dubai’s economic diversification strategy. Dubai Chamber played an active role in expanding Dubai’s trade links with emerging markets as it ventured into to new markets and established a presence in Buenos Aires, Argentina and Shenzhen, China.
Our representative offices around the world are crucial to fulfilling our efforts to build strong partnerships with key stakeholders in promising markets, explore new opportunities that offer the most potential for our members, and promote Dubai as a world-class business hub and investment destination.
There is growing consensus that 2020 will be a much better year as signs point to a global growth recovery and an easing of trade tensions and monetary policies. Other key trends expected to reshape the global business landscape over the year include the widespread adoption of Fourth Industrial Revolution technologies, the direction of oil prices and regional economic integration.
The year ahead will be nothing short of transformational for Dubai as it welcomes the world for Expo 2020, along with the 25 million visitors who are taking part. As the official business integration partner for Expo 2020, we are proud to play a pivotal role in connecting UAE businesses and their global counterparts during the mega event.
We are gearing up to host more than 33 business events during Expo 2020, including the next editions of the Global Business Forum (GBF) Africa and GBF Latin America, as well as the first-ever GBF focusing on investment opportunities in ASEAN countries.
These high-level events, along with the dedicated on-site Business Connect Centre, will create plenty of opportunities for business communities and chambers of commerce from around the world collaborate and forge meaningful partnerships.
While 2020 will surely be a very busy year for us, I cannot help but feel optimistic about the exciting prospects, possibilities and prosperity that will come with it. Capitalising on this unprecedented opportunity, Dubai Chamber will spare no effort as it supports the most inclusive and international World Expo in history and elevates Dubai’s position on the world stage.
“There is growing consensus that 2020 will be a much better year as signs point to a global growth recovery and an easing of trade tensions, and the adoption of Fourth Industrial Revolution technologies”