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dubai’s capability in reducing the effects of the global economic slowdown comes from its competence Hamad Buamim, president and CEO of Dubai Chamber
The emirate’s capability in reducing the effects of the global economic slowdown comes from its competence Hamad Buamim, president and CEO of Dubai Chamber
dubai — The Dubai Chamber of Commerce and Industry welcomed more than 8,000 new members during the first half of 2016 while its members’ total exports and reexports reached Dh138 billion during the same period, it announced on Monday.
Last year, a total of 16,000 new members joined the chamber and in the middle of this year, its total membership reached 193,000.
This new addition takes the nonprofit business organisation’s membership closer to 200,000 while enhancing its reputation as one of the largest chambers of commerce in the world.
According to a recent report on its half-year activities, while the chamber’s membership maintained a pace of sustained growth, its members’ total exports and re-exports reached Dh138 billion, with Saudi Arabia ranking as the top-most destination with members’ exports and re-exports to the country accounting for Dh44 billion.
Also, the chamber registered a growth of two per cent in the issuance of certificates of origin (COOs) in the first half of this year, totalling more than 478,000, compared to 469,000 COOs issued during the same period last year.
Hamad Buamim, president and CEO of Dubai Chamber, said that Dubai’s economy has once again showed its resilience in facing the adversities of global economic challenges while sustaining its trade sector, which has proved its competitiveness on a global level.
“The emirate’s capability in reducing the effects of the global economic slowdown comes from its competence based on economic diversity and the UAE’s strategy to move away from oil resources, which actually complements the vision of the country’s wise leadership in creating a competitive economic order,” said Buamim.
He also said the chamber is putting the finishing touches to the launch of its new strategy for 20162021 in line with the Dubai Plan 2021, to enhance the emirate’s lucrative business environment and the competitiveness of its businesses in overseas markets.
Buamim lauded the chamber’s efforts in the past months to promote its members’ presence in emerging markets by opening international offices, launching smart services and innovation strategies and organising several global economic conferences and forums. These contribute to increasing the competitiveness of Dubai businesses in overseas markets while also boosting the strength of companies operating in Dubai, he said.
He added that the chamber has issued 125 ATA Carnets for the temporary import of goods during the first half of this year. He added that this service demonstrates the emirate’s leadership in facilitating global trade, while supporting the Mice (meetings, incentives, conferences and exhibitions) sector, especially with Dubai recently maintaining its 14th position among the world’s top destinations for business events, affirmed by the Union of International Associations in its international meetings statistics.
Buamim added that in the first half of this year, the Dubai Chamber, as part of its efforts to stimulate private sector growth in the emirate, received 308 international delegations from 67 countries, totalling over 519 government officials and businessmen, while the chamber’s five international offices held 202 meetings with potential investors.
Settling trade disputes
In light of the rising importance of settling commercial disputes amicably in the emirate, the Dubai Chamber received 516 arbitration and mediation cases in the first half of the year. The organisation’s initiative, Dubai International Arbitration Centre, received 115 arbitration cases in comparison to the 97 cases received during H1 2015. The Dubai Chamber’s legal services department received 401 mediation cases compared to 301 received in the same period last year.
Studying economic laws
As part of its commitment to create a favourable business environment and to support business growth, the Dubai Chamber studied, reviewed and followed up on 26 federal and local legislations and draft laws, while sending its recommendations to the government of Dubai’s department of legal affairs and to the authorities concerned. Most notable was the draft federal law regulating mining activities and the protection of mineral resources in the UAE, a draft federal law on financial leasing contracts, draft by-law on environmental protection and development, cabinet resolution regulating the use of coal as a solid fuel, draft law concerning civil establishments in the emirate of Dubai, and the draft unified law and its by-laws for food safety for GCC countries.
Customer service
Dubai Chamber, while endeavouring to move towards smart services and to provide the highest quality of customer service under its ongoing strategy to attract larger foreign investments to Dubai, served 194,000 customers.
It won the top spot for ‘customer happiness’ at the Dubai Government Excellence Programme award ceremony held this year in the emirate.
In the first half of this year, the Dubai Chamber opened its new international office in the Mozambican capital, Maputo, bringing the number to five international offices. All these offices held 202 meetings and nine events with companies and investors looking to enter the Dubai market or provide access for Dubai businesses to the markets where these offices operate.
The Dubai Chamber’s Tejar Dubai initiative, an entrepreneurship development programme that aims to help young Emiratis turn their business ideas into reality, launched four commercial projects in the first half of the year, taking the number to 20 projects launched thus far.