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Indian businesses top list of Dubai Chamber joins

The findings highlight Dubai’s strong ability to attract direct investments from India and underline the emirate’s growing appeal among international businesses…reports Asian Lite News

A recent analysis by Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has revealed that Indian businesses topped the list of new non-Emirati companies joining the chamber during the first quarter of this year, with 4,351 new companies.

The findings highlight Dubai’s strong ability to attract direct investments from India and underline the emirate’s growing appeal among international businesses.

Pakistan ranked second on the list with 2,222 new companies joining in Q1 2024, while Egypt followed with 1,404 new companies registering as members of the chamber.

During the first quarter of the year, 736 new Syrian companies joined the chamber, placing the country fourth on the list.

The United Kingdom ranked fifth with 698 new companies, while Bangladesh ranked sixth with 635 new companies during Q1 2024.

Iraq secured seventh place on the list with 501 new member companies, and Sudan claimed the eighth spot with 379 new companies joining the chamber’s membership.

China ranked ninth on the list, with 362 new companies registering as members of the chamber, and Jordan claimed the tenth spot, with 343 new companies.

In terms of the sectoral distribution of new member companies joining the chamber during Q1 2024, the trade and services sector ranked first, accounting for 42.3 percent of the total. The real estate, renting, and business services sector came in second place, representing 33.9 percent of the total. This was followed by the construction sector in the third place with 9.2 percent, and the transport, storage, and communications sector, which ranked fourth with 8.1 percent. The social and personal services sector came in fifth place with 6.5 percent.

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Over 15K New Indian Firms Join Dubai Chamber

Pakistan ranked second in terms of new company memberships in 2023…reports Asian Lite News

A recent analysis by Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has revealed that Indian investors topped the list of nationalities of new non-UAE businesses joining the chamber last year. A total of 15,481 new Indian-owned companies became members in 2023, representing year-over-year (YoY) growth of 38 percent and underlining Dubai’s continuing attractiveness among Indian businesses and investors.

Pakistan ranked second in terms of new company memberships in 2023, with the chamber welcoming 8,036 new Pakistani businesses in 2023 – a remarkable growth rate of 71.2 percent compared to the previous year. Egypt ranked third, with 4,837 new members registering, representing YoY growth of 63.2 percent.

Prominent destination for investments

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, “During the past year, Dubai has consistently attracted foreign direct investment from many different nations and sectors, underlining the diversity of the emirate’s business environment and its broad economic appeal as a global business destination.”

Lootah added that the chamber is committed to providing specialised value-added services that support its strategic priorities, facilitate business activity, and enhance the competitiveness of companies in the emirate, stating, “The remarkable increase in the diversity of nationalities represented among the owners of member companies reflects Dubai’s growing prominence within the global business landscape, especially since the announcement of the Dubai Economic Agenda (D33).”

Dynamic growth trajectory

The number of new Syrian-owned companies joining Dubai Chamber of Commerce reached 2,755 in 2023, representing YoY growth of 28.8 percent. The country ranked fourth among the top investor nationalities for new company registrations.

The United Kingdom ranked fifth with a total of 2,267 new companies, up from 1,503 in 2022 to achieve YoY growth of 50.8 percent. The number of new Bangladeshi-owned member companies increased by 42.8 percent to reach 2,252. China ranked seventh on the list with 1,560 new companies joining the chamber in 2023, achieving an annual growth rate of 66.5 percent.

The number of new Jordanian companies increased by 31.6 percent to reach 1,469, compared to 1,116 in 2022. Iraqi companies ranked ninth on the list, with 1,247 new companies registered during 2023. This represented YoY growth of 95.5 percent compared to the 638 companies that joined in 2022. Yemeni companies ranked tenth with 1,214 new companies, achieving an annual growth rate of 57.5 percent over the 771 companies that joined in 2022.

Increases across diverse sectors

The majority of new companies that registered with Dubai Chamber of Commerce in 2023 operate within the wholesale and retail trade and repair of motor vehicles sector, which accounted for 44.2 percent of new memberships. This was followed by companies from the real estate, renting, and business activities sector, which represented 32 percent of the total. The construction sector ranked third with 8.3 percent of total new companies, while the transport, storage, and communications sector came fourth, accounting for 8.1 percent of the new companies joining as chamber members.

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Dubai Chambers, Exporters Discuss Key Challenges

The session offered an opportunity for participants to share their opinions and suggestions to contribute to the development of the export and re-export sector and accelerate the growth of Dubai’s foreign trade…reports Asian Lite News

Dubai Chambers has launched the Exporters Roundtable, a new initiative supporting export companies in the emirate in expanding the global reach of their products and services.

The initiative is part of the Chambers’ drive to contribute to achieving the goals of the Dubai Economic Agenda (D33), which seeks to double the size of the emirate’s economy by 2033 and position Dubai among the world’s top three cities. The roundtable is also aligned with the objectives of the Dubai Global initiative, which assists Dubai-based companies in exploring new economic and business opportunities in global markets.

The Exporters Roundtable creates a platform to engage in dialogue with local exporting companies and gain valuable insights into the emirate’s export and re-export landscape. The event sought to uncover critical challenges facing companies operating in the sector and discuss their priorities and requirements. The session offered an opportunity for participants to share their opinions and suggestions to contribute to the development of the export and re-export sector and accelerate the growth of Dubai’s foreign trade.

Attendees were also introduced to the benefits of the integrated services provided by Dubai Chambers to enhance the local business community’s access to expert guidance and support, complemented by its extensive network of international representative offices. These include opportunities to participate in overseas trade missions to explore new partnerships in key target markets, helping them to expand globally and increase their trade volumes.

Hosted at Dubai Chambers’ headquarters, the inaugural edition of the Exporters Roundtable attracted the participation of 140 major exporters. The timely event created a forum for constructive dialogue on the challenges and opportunities shaping the future of the export and re-export sector.

During his opening speech, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated: “As vital contributors to the growth of Dubai’s economy and the emirate’s foreign trade, engaging with exporters is another important step towards strengthening our partnerships with the business community and supporting the growth and prosperity of Dubai-based companies in global markets.”

He added, “The Exporters Roundtable creates an interactive platform for dialogue with local exporting companies that enables them to discuss their priorities and requirements, enhancing the sector’s growth prospects and unlocking access to support services and new opportunities. By doing so, the event will help further enhance the sector’s contribution to the national economy, strengthen our efforts to support and protect the interests of the business community in Dubai, as well as facilitate and promote the ease of doing business in the emirate.”

During the meeting, the Ministry of Economy provided a detailed presentation on the latest developments arising from the comprehensive economic partnership agreements concluded by the UAE. The session explored the contribution of these agreements to opening exciting opportunities for private sector companies and exporters in Dubai and the UAE.

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Dubai Chamber Holds Over 100 Biz Meetings in Rwanda

The delegation brings together 18 Dubai-based companies operating across eight diverse sectors to explore expansion opportunities in the region….reports Asian Lite News

Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has successfully coordinated more than 130 bilateral business meetings between companies from Dubai and Rwanda during the first leg of the chamber’s trade mission to East Africa.

The delegation brings together 18 Dubai-based companies operating across eight diverse sectors to explore expansion opportunities in the region.

During the first day of the roadshow, the chamber arranged a special business forum in Kigali, Rwanda’s capital city. Titled “Doing Business in Rwanda”, the event was organised with the support of the Embassy of the United Arab Emirates in Kigali in partnership with the Rwanda Development Board (RDB) and the Private Sector Federation of Rwanda (PSF).

The gathering attracted more than 150 participants including senior figures from the Rwandan government, business leaders, and local companies interested in exploring potential partnerships with members of the chamber’s delegation.

The trade mission was organised as part of the “New Horizons” initiative spearheaded by Dubai International Chamber, which is aimed at driving the international expansion of Dubai-based businesses in targeted priority markets. The initiative enables companies to join international roadshows and trade fairs to gain first-hand experience in new territories. The trade missions will play a vital role in achieving Dubai’s goal of increasing non-oil foreign trade to US$ 544.5 billion (AED 2 trillion) by 2026, in line with the emirate’s five-year trade plan.

The forum featured speeches by Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers; Jean Chrysostome Ngabitsinze, Minister of Trade and Industry of the Republic of Rwanda; and Jeanne Francoise Mubiligi, Acting Chairperson of the Private Sector Federation of Rwanda. The event was also attended by Mohammed Alkaabi, Head of Support Services and Consular Affairs at the Embassy of the United Arab Emirates in Kigali.

During his opening remarks, Mohammad Ali Rashed Lootah, who headed the trade mission, highlighted the shared focus on innovation and the digital technology sectors among the dynamic business communities in Dubai and Rwanda. He described Rwanda as one of the key markets in the chamber’s plans to diversify trade with the African continent in line with the ambitions of the Dubai Economic Agenda (D33). Lootah stated that the trade mission will contribute to achieving the chamber’s strategic priorities by supporting the expansion of 100 companies from Dubai into international markets by the end of 2024.

Lootah added, “The number of companies from Rwanda registered as members of the chamber and operating in Dubai can still be improved – we see strong potential for growth. Currently, we have 26 active companies, including eight new companies that joined between January and September this year. We are also looking forward to increasing the value of bilateral trade with Rwanda, which reached a total of US$ 653.4 million in 2022. Our visit is aimed at helping our members expand into the Rwandan market, attracting more African companies to the emirate, and boosting bilateral trade and investments – goals we are confident we can achieve with the support of our distinguished partners in Rwanda.”

Jean Chrysostome Ngabitsinze, Minister of Trade and Industry of the Republic of Rwanda, said, “The Republic of Rwanda and the United Arab Emirates are two countries that enjoy good bilateral relations, and this forum is another indicator of how our two countries are continuing to increase cooperation. During the first quarter of 2023 alone, exports from Rwanda to the UAE were valued at US$ 211.5 million, accounting for around 50% of Rwanda’s share of exports. In the same quarter, imports from the UAE amounted to US$ 87.3 million. These are substantial numbers, but nonetheless, there is room for more growth.”

Ngabitsinze continued, “Rwanda is one of the fastest-growing economies in the region. It has a low-risk profile for investors, is one of the safest countries, and is business-friendly in terms of governance, as well as being highly ranked in the ‘Ease of Doing Business’ report. There are multiple reasons why it would make sense to expand operations to Rwanda.”

Hassan Al Hashemi, Vice President of International Relations at Dubai Chambers, delivered an informative presentation on Dubai’s economic landscape and outlined the numerous competitive advantages the emirate offers for African companies and entrepreneurs in Rwanda.

The chamber has identified a number of promising sectors for Dubai-based companies in Rwanda, including opportunities to increase imports of cereal products; flour; fats; wax; vegetable and animal oils; and coffee, tea, and spices. High-potential sectors for investment in Rwanda include transportation and warehousing; software and IT; and business services.

According to fDi Intelligence data, the cumulative value of investments from Dubai to Rwanda between January 2018 and June 2023 amounted to US$ 211.1 million (approximately AED 777 million). These were mainly concentrated in the transportation and warehousing, communications, business services, and electrical components sectors. Dubai also accounted for 77 percent of the UAE’s total investment in Rwanda. The number of companies or franchises from Dubai that are currently registered in Rwanda is estimated at eight.

A panel discussion was held as part of the forum, which brought together expert speakers in the fields of logistics, customs legislation, and the investment and financial sectors in Rwanda. The panellists explored the advantages of doing business in Rwanda and shared their knowledge of the local business landscape with the visiting delegation from Dubai during an interactive QA session. This was followed by a series of bilateral business meetings between representatives of companies from Dubai and Rwanda.

A broad range of sectors were represented by the companies comprising the trade mission including construction; electrical; energy and renewables; food and beverages; hospitality and furnishing; information technology; retail; and trading.

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Dubai Chamber Expands Reach With 20+ Biz Councils

The event attracted the participation of over 600 business people, providing unparalleled opportunities for professionals to expand their networks, exchange ideas, and foster valuable partnerships with like-minded peers…reports Asian Lite News

Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has participated in the ‘Big Inter-Council Networking Night’ event as part of its efforts to support the business community, promote cross-border economic partnerships, and consolidate the emirate’s position as a highly competitive hub for global trade.

Organised by a number of business councils under the umbrella of the chamber, the exclusive gathering was the largest inter-council networking event of the year and created an ideal platform for the chamber’s Business Relations team to connect with more than 20 business councils.

The event attracted the participation of over 600 businesspeople, providing unparalleled opportunities for professionals to expand their networks, exchange ideas, and foster valuable partnerships with like-minded peers.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, “Networking events of this nature are highly important for Dubai’s vibrant business community, as dialogue with business councils is key to the successful strategic partnership between the public and private sectors. These meetings create an ideal platform to discuss joint cooperation and align efforts to serve common interests, supporting the business councils’ drive to enhance the competitiveness of the local business environment and consolidating Dubai’s position as a leading global business destination.”

Dubai Chamber of Commerce works to facilitate and improve the ease of doing business in Dubai, while delivering value-added services and acting as a bridge between the business community and Dubai’s dynamic government. In addition to serving as a powerful advocate for the emirate’s business interests, the chamber helps members make informed decisions and explore business opportunities by providing access to timely market intelligence and expert guidance.

The ‘Big Inter-Council Networking Night’ is an initiative by the business councils that includes a series of regular quarterly gatherings aimed at enhancing dialogue between councils and coordinating their activities to advance their common interests.

Business councils provide valuable platforms for companies in the UAE and other markets to connect, collaborate, and build mutually beneficial partnerships, opening new channels for economic cooperation with business communities across the globe.

Dubai Chamber of Commerce is currently working to expand the number of business councils representing the nationalities of investors in the emirate, with the goal of consolidating efforts to support members in international markets and unify the voices of business councils to achieve their shared objectives.

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Indian Investors Drive Growth at Dubai Chamber

Other countries with large increases in new memberships included Egypt, with 2,154 new companies joining the chamber. This represents an increase of 102% compared to H1 2022 and brings the total number of Egyptian member companies to 18,028…reports Asian Lite News

Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has revealed that Indian investors topped the list of nationalities behind new companies joining the chamber during the first half of 2023.

A total of 6,717 new Indian-owned companies signed up for membership in H1 2023, compared to 4,845 in H1 2022, representing year-over-year growth of 39%.

In total, Indian companies accounted for 22.3% of the 30,146 new companies that joined the chamber in H1 2023. The number of Indian companies registered by the end of June 2023 increased to 90,118, reflecting the important role Indian companies play in supporting the sustainable growth of Dubai’s economy.

The UAE ranked second in the number of new companies joining the chamber during the first half of this year, with 4,445 new companies registered. Pakistan ranked third with 3,395 new companies, an increase of 59% compared to H1 2022, bringing the total number of Pakistani companies registered to 40,315.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, “The diversity of nationalities represented among the new companies joining the chamber reflects the vibrancy of Dubai’s dynamic business environment, together with the emirate’s strong ability to consistently attract a broad range of foreign direct investment.”

Lootah highlighted that the number of new chamber members increased by 43% during the first half of 2023, adding, “Our extensive facilities, services, and activities add tremendous value for businesses and are closely aligned with the chamber’s drive to achieve the goals of the Dubai Economic Agenda and our strategic priorities.”

Other countries with large increases in new memberships included Egypt, with 2,154 new companies joining the chamber. This represents an increase of 102% compared to H1 2022 and brings the total number of Egyptian member companies to 18,028.

Additionally, 1,184 new Syrian-owned companies joined during H1 2022, an increase of 24% from the 956 recorded during H1 2022. The overall number of Syrian companies registered with the chamber now stands at 10,678.

The total number of new Bangladeshi companies registering with the chamber witnessed a year-over-year increase of 47%, rising from 711 in H1 2022 to 1,044 in H1 2023, contributing to 10,975 companies. Meanwhile, the United Kingdom saw an increase of 40%, with the chamber welcoming 963 new UK-owned member companies during H1 2023 to bring the total number to 10,010.

China was also among the top nationalities for new chamber members, with 664 new companies joining in H1 2023, up 69% from the H1 2022 figure and bringing the number of Chinese-owned enterprises to 8,265. Six hundred thirty-nine new Jordanian companies joined during H1 2023, a 36% increase from the 469 recorded during H1 2022, bringing the number of Jordanian businesses registered with the chamber to 8,368.

The number of Lebanese businesses registering witnessed year-over-year growth of 26% in H1 2023, with 588 new members compared to the 468 businesses that joined during the same period last year. This brought the total number of Lebanese businesses registered as chamber members at the end of June 2023 to 6,175.

The list of countries with the highest growth rates in new member company ownership during H1 2023 included Japan, which increased by 253% to reach 60 – up from 17 new companies registered in H1 2022. New Kyrgyzstan-owned company registrations increased 167%, rising from 21 in H1 2022 to 56 in H1 2023.

Tanzania’s new business registrations increased from 14 companies in H1 2022 to 34 in H1 2023, while Hungary saw a 138% increase from 16 businesses in H1 2022 to 38 during H1 2023.

Trading and repair services accounted for 42.4% of the total activities among new member company registrations during H1 2023, followed closely by the real estate, renting, and business service sectors, which made up 30.8% of new member companies.

Businesses in the construction industry took third place with 7.2%, while the transport, storage, and telecommunications sectors ranked fourth, accounting for 6.3% of the total activity among new companies joining the chamber during the first half of the year.

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Dubai Chamber welcomes 30,000+ new firms in H1 2023

The chamber achieved a new milestone by forming 100+ Business Groups from diverse economic sectors in the emirate, aiming to enhance the private sector’s influence on Dubai’s business policies and legislation.…reports Asian Lite News

Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has announced a series of significant accomplishments made during the first half of 2023, including significant growth in the number of member companies and an increase in the value of the exports and re-exports of its members.

The impressive results reflect the competitiveness of Dubai and its business community, together with the chamber’s continuing commitment to achieving its strategic priorities, supporting the emirate’s economic aspirations, and realising the objectives of the Dubai Economic Agenda (D33).

Dubai Chamber of Commerce’s data indicates that the number of new member companies increased by 43% between January and June this year to reach a total of 30,146, up from 21,098 companies in the first half of 2022. This significant growth underlines Dubai’s attractiveness among both companies and investors, as well as the emirate’s growing reputation as a leading global business destination.

The total value of exports and re-exports of member companies also increased by 7% during the first half of 2023 to reach AED 137.6 billion, up from AED 129.4 billion in the same period last year. In addition, the chamber issued 357,000 certificates of origin during H1 2023.

A total of 2,402 ATA Carnets were issued and received for goods and commodities with a value of AED 2.5 billion during the six-month period, compared to 2,326 ATA Carnets with a value of AED 1.2 billion during H1 2023. This represents a growth in the value of goods and commodities of more than 108%, while the number of ATA Carnets issued and received increased by 3.3%.

H.E. Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, said, “Our impressive results from the first half of this year confirm the success of our unique business model, which is based on three specialised chambers operating under the umbrella of Dubai Chambers. As Dubai’s engine of economic growth, our strategic priorities are aligned with the goals of the Dubai Economic Agenda, which seeks to further enhance the emirate’s position as a leading global centre for business, trade, and investment.”

 “The significant increase in our new members reflects the chamber’s commitment to attracting investments, while the growth in the value of our members’ exports and re-exports underlines the impact of our support for Dubai-based companies seeking to expand into international markets in line with Dubai’s drive to boost the value of non-oil foreign trade to AED 2 trillion by 2026. We will continue to focus on building an agile and resilient economy based on diversification and innovation that fulfils the vision of Dubai’s wise leadership,” His Excellency added.

Other notable achievements during the first half of 2023 included the launch of the Dubai Centre for Family Businesses under the umbrella of Dubai Chambers, which was inaugurated in May by His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE. The Centre was established with the goal of ensuring the growth and sustainability of family businesses in Dubai and is tasked with developing this vital sector and enhancing its economic contribution to the emirate’s dynamic future.

The Dubai Centre for Family Businesses’ activities commenced with the launch of the Governance Series. The initiative encompasses a series of insightful educational sessions focusing on key issues such as laws affecting family businesses and best practices in governance, which play an important role in succession planning.

Dubai Chamber of Commerce reviewed a total of 54 draft laws in cooperation with Business Groups during the first half of the year as part of its efforts to support the interests of the business community, while the number of mediation cases received reached 75.

The chamber reached a new milestone when it succeeded in establishing more than 100 Business Groups representing diverse economic sectors in the emirate, with the goal of enhancing the private sector’s role in shaping policies and legislation related to Dubai’s business environment. These bodies also serve to enhance the competitiveness of the sectors covered, which are now supported by a total of 105 dedicated Business Groups.

The chamber’s Business Advocacy sector arranged over 160 meetings with representatives from Business Groups and Councils to explore challenges and opportunities in specific sectors. In addition,  24 Annual General Assembly events were organised for Business Groups and Councils. More than 1,300 businesses in Dubai benefited from 12 workshops and events organised, while a series of eight webinars and online training sessions attracted 520 participants. In addition, 82 meetings were held with key stakeholders and partners including the Dubai Health Authority, the Ministry of Education, RTA, Dubai Police, and the Community Development Authority to explore opportunities to serve the business community.

As part of its efforts to achieve its strategic priority of improving the business environment in the emirate, Dubai Chamber of Commerce also launched the ‘Business Sectors Platform’, which offers an innovative package of services designed to empower Business Groups and Business Councils and enhance the effectiveness and efficiency of their activities. The new service logged a total of 78 users during its initial phase of operation.

On the sustainability front, Dubai Chambers co-hosted ‘Road to COP28: Driving Collective Climate Action in the UAE’ in May, an awareness-raising event targeted towards the private sector that aimed to drive engagement and enable participants to gain a deeper understanding of the COP28 agenda. Organised in cooperation with the UN Climate Change High Level Champions, the highly successful event attracted around 700 attendees.

Dubai Chamber of Commerce’s Centre for Responsible Business (CRB) organised three Sustainability Knowledge Series events during the first half of 2023, which attracted 408 participants from 310 companies.

Ten companies were awarded the CSR Label, eight companies received the Advanced CSR Label, and 47 companies were presented with SMART CSR Labels.

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Dubai Chamber discusses future of AI

The workshop brought together top executives, business leaders, experts, and entrepreneurs to discuss the challenges and opportunities facing the industry….reports Asian Lite News

Dubai Chamber of Digital Economy, one of the three chambers operating under Dubai Chambers, hosted the 10th session of its regular digital industry workshops, focusing this time on software development and artificial intelligence (AI) industry.

The workshop brought together top executives, business leaders, experts, and entrepreneurs to discuss the challenges and opportunities facing the industry.

Commenting on the event, Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, and Chairman of Dubai Chamber of Digital Economy, said: “The UAE is committed to unlocking the full potential of digital economy, which has grown two and a half times faster than global GDP over the past two decades. The UAE is involving all relevant parties in building a clear roadmap to stimulate digital industries, and ensure that current government policies, initiatives and strategies promote innovation and business friendliness for all sectors.”

artificial intelligence.(photo:Pixabay.com)

As Dubai aims to become a preferred destination for international digital investment and global tech talent, it is attracting a growing number of software development professionals. This is in line with the UAE’s plans to provide 100,000 golden visas to the best computer programming talent both in the UAE and across the globe.

The UAE is targeting to position itself as a global leader in artificial intelligence by 2031, with several priority sectors, including Resources & Energy, Logistics & Transport, Hospitality, Healthcare, and Cybersecurity. The ‘UAE Digital Economy Strategy’ aims to double the contribution of the digital economy to the UAE’s gross domestic product (GDP) to 19.4 per cent within 10 years.

Dubai Chamber of Digital Economy is committed to achieving the UAE’s ambitious goals and further establishing Dubai as a leading hub for software development and artificial intelligence.

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Dubai Chamber exports, re-exports to W.Africa up 42%

Export markets targeted by member companies were more balanced and diversified when compared to previous years…reports Asian Lite News

Dubai Chamber member companies’ exports and re-exports to West Africa surged by 42 percent in the first five months of 2021 to reach a record $387 million, fuelled by a recovery in trade activity, according to a recent analysis.

The analysis was released by Dubai Chamber of Commerce and Industry as it prepares to host the 6th Global Business Forum Africa in Dubai this October in cooperation with Expo 2020 Dubai. The data revealed that 3,201 Certificates of Origin for West Africa-bound shipments were issued between January and May 2021, marking a year-over-year increase of 20 percent, a Dubai Chamber press release said on Tuesday.

Export markets targeted by member companies were more balanced and diversified when compared to previous years, which is a clear sign that Dubai-based exporters are expanding to new markets.

Nigeria was the largest West African export market for member companies, accounting for a 32 percent share of the value of exports and re-exports to the region, followed by Ghana (17 percent), Ivory Coast and Guinea with 12 percent each, Senegal (8 percent), and Mali (4 percent).

Product categories of exports to the region were also diversified. Plastics accounted for 31 percent of exports, followed by electrical machinery/electronics (14 percent), machinery/mechanical appliances (13percent) and aluminium (6 percent).

The latest estimates by the International Trade Centre (ITC), indicate that there is potential for UAE traders to double their exports and re-exports to the Western Africa markets, currently valued at $2.1 billion.

In terms of markets, Nigeria is currently the largest market for member exports, yet it still has an estimated annual gap of $544 million worth of exports that could be captured in the near term by UAE traders. Senegal comes second with an untapped export potential of $397 million, followed by Ghana with $365 million.

The commodities with the highest untapped potential for export and re-export companies in the West Africa region include polyethylene, sugar cane and rice, trigger batteries, polypropylene, textiles from yarn and milk powder, pure copper wires and other products.

Through its network of representative offices, Dubai Chamber supports businesses exploring promising African markets. These offices – located in Ethiopia, Ghana, Mozambique and Kenya – identify market opportunities for Dubai Chamber member companies and support African businesses that are keen to enter the Dubai market.

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Sheikh Mohammed revamps Dubai Chambers

The move is also part of efforts to catalyse Dubai’s economic transformation and further reinforce the city’s rise as a global business hub, reports Asian Lite News

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, approved the new Board of Directors of Dubai Chambers, which was recently restructured into three entities – Dubai Chamber of Commerce, Dubai Chamber of Digital Economy and Dubai Chamber of International Trade.

The decision forms part of restructuring the Chambers’ operations to enhance its contributions to Dubai’s economy, raise the level of support provided to emerging business sectors and accelerate Dubai’s innovation journey.

The move is also part of efforts to catalyse Dubai’s economic transformation and further reinforce the city’s rise as a global business hub.

His Highness said the three new chambers are integral to Dubai’s new drive to create a highly competitive, advanced investment environment geared for rapid growth. “In the light of the changes sweeping across the globe, we need to adopt new business models that enable us to raise our sustainability and attain continued success. Deploying innovative operational frameworks and developing flexible legislations will help us foster further growth and achievement in Dubai’s economy,” His Highness said.

“Dubai Chambers will be one of the organisations spearheading our efforts to further transform the emirate’s business environment and enhance its position as a dynamic regional and global centre for business, trade and finance,” His Highness said. “Dubai will continue to constantly offer new opportunities and facilitate the efficient flow of international trade backed by its advanced logistics hub, state-of-the-art ports and airport infrastructure, and its pro-growth business environment,” His Highness noted.

Speaking on the Chambers’ business plan, His Highness said: “The members of Dubai Chambers will be active stakeholders in executing Dubai’s international trade strategy which aims to expand our external trade to AED2 trillion in five years,” His Highness added.

His Highness also reviewed the objectives of all the three chambers and stressed on the need for them to work in close coordination and harmony under the Board of Dubai Chambers. His Highness further said the work of the chambers should be guided by a comprehensive strategic vision that reflects the directives of Dubai Government.

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In March, His Highness approved the restructuring of Dubai Chambers into three separate organisations with unique functions – Dubai Chamber of Commerce, Dubai Chamber of Digital Economy and Dubai Chamber of International Trade.

Juma Al Majid was named as the Honorary Chairman of the Dubai Chamber of Commerce and Industry while Abdulaziz Al Ghurair was appointed as its Chairman. Sultan bin Sulayem was named Chairman of the Dubai Chamber of International Trade and HE Omar Al Olama was named Chairman of the Dubai Chamber of Digital Economy.

The Board of Dubai Chambers is chaired by Abdulaziz Al Ghurair and its members include Omar Al Futtaim, Khalid Jumaa Al Majid, Rajaa Al Gurg, Omar Al Olama, Sultan bin Sulayem, Butti Saad Al Kendi, Helal Saeed Al Marri, Faisal Jumaa Belhoul, Patrick Chalhoub, Ghassan Al Kibsi, Dr. Amina Al Rustamani and Tariq Hussain Khansaheb.

The Board will work to create a comprehensive unified strategy for Dubai Chambers, set key priorities and objectives, propose major initiatives to advance Dubai’s strategic economic development, and ensure streamlined coordination and integration between the three chambers.

The Board of Dubai Chambers seeks to accelerate the growth of the Dubai economy by promoting Dubai as a global business hub and attracting multinational companies. The Dubai Chamber of International Trade will represent and support the interests of local companies with international presence and international companies based in Dubai. It will also support Dubai’s vision to expand to new global markets, forge new economic partnerships and support local companies in achieving global success, while also attracting promising talent and investors from across the world. The Dubai Chamber of International Trade seeks to cover 30 international markets that are considered important markets for Dubai through promotional projects.

The Dubai Chamber of Digital Economy is tasked with launching projects and developing studies on the new future economy, as part of efforts to build the world’s best digital infrastructure and transform Dubai into an international technology hub. With the objective of promoting the interests of technology companies and advancing the role of the digital economy in the emirate, the new chamber will build a network of relationships with local and international tech entrepreneurs and investment funds. It will also help draft legislations in Dubai and the UAE to create a growth-friendly environment for the digital economy.

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