His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai has approved legislations aimed at creating a new legal framework for Dubai Chambers and their Boards of Directors…reports Asian Lite News
The legislations are aimed at helping Dubai Chambers achieve their strategic objectives, reinforcing Dubai’s position as a global economic hub, and supporting the business community in the emirate.
The legislations include a Decree establishing Dubai Chambers as a new entity that replaces the Dubai Chamber of Commerce & Industry and appointing HE Juma Al Majid as the Honorary Chairman of Dubai Chambers. Another Decree establishes the Board of Directors for Dubai Chambers and appoints HE Abdul Aziz Al Ghurair as its Chairman.
Other Decrees establish the Board of Directors for Dubai Chamber of Trade, the Board of Directors for Dubai Chamber of International Trade with Sultan Ahmed bin Sulayem as Chairman, and the Board of Directors for Dubai Chamber of Digital Economy with HE Omar Sultan Al Olama as Chairman.
The Decrees, which reflect Sheikh Mohammed bin Rashid’s vision for enhancing Dubai’s economy, establish three specialised chambers to cater to new requirements resulting from the emergence of new economic sectors. The new legislations help create the fundamental structural changes necessary for Dubai Chambers to operate effectively in an evolving environment, going beyond traditional models.
The legislations also enable Dubai Chambers to map out a clear vision for the future by adding more roles and powers, which allow the new organisations to raise their effectiveness and strengthen their role in developing sectors like digital economy and international trade.
As per the new legislation, Dubai Chambers’ main responsibility is to develop plans and policies to enhance the emirate’s global status as an economic hub and create an attractive business environment.
Abdul Aziz Al Ghurair, Chairman of the Board of Directors of Dubai Chambers and Chairman of the Board of Directors of Dubai Chamber of Trade, said that the new Decrees enhance Dubai Chambers’ ability to contribute to the emirate’s strategic economic objectives and establish Dubai’s leading position in the global economy, while keeping pace with changes in the digital economy and international trade.
Sultan Ahmed bin Sulayem, Chairman of the Board of Directors of the Dubai Chamber of International Trade highlighted the importance of the Decrees for Dubai and the organisation’s commitment to meet the aspirations of the emirate’s business community, realise Dubai’s strategic vision, support the interests of companies, businessmen and investors and contribute to achieving the emirate’s economic objectives.
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Omar Sultan Al Olama, Chairman of the Board of Directors of Dubai Chamber of Digital Economy, noted that the Decrees reflect Dubai’s clear strategic economic vision and the emirate’s keenness to keep pace with developments in the digital economy. The Decrees will create a supportive legislative framework and an attractive environment for specialised entities and the development of advanced logistical capabilities.
The Decrees also create strategic frameworks for Dubai Chambers to work to advance Dubai’s economic growth and provide effective support to all traditional and emerging business sectors. Furthermore, the Decrees highlight Dubai’s commitment to supporting national and family corporations by providing a fertile ground for their growth and development into competitive global companies. The Decrees also seek to develop new generations of trained and qualified businessmen and entrepreneurs who can support the national economy in expanding its global horizons and contribute to achieving Dubai’s ambitious economic vision.
The new Decrees gives businesses and foreign investors an opportunity to contribute to the development of trade policies, regulations and legislations for various sectors, further strengthening the public-private partnership that has underpinned Dubai’s exceptional growth and achievements.
Acknowledging the vital role played by SMEs and entrepreneurs in the national economy, the Decrees also seek to provide them tools to develop their business and opportunities to tap local and global markets.