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Business Home > Nation
 
Dubai Chamber posts 7% growth

Abdul Basit / 18 July 2013

Dubai Chamber of Commerce and Industry on Wednesday reported a significant growth across all its operations for the first six months of the year as more than 7,000 new companies joined the chamber and membersí exports and re-exports increased by seven per cent to Dh145 billion over Dh136.2 billion in same period last year.

The half year figures covering January 1 to June 30, 2013 highlight the continued strong performance of Dubai’s trade sector and the overall positive business environment and confidence of the business community.

May recorded the highest monthly total of Dh25.4 billion during the first half of the year while January was the lowest with a value of Dh23.5 billion.

Dubai Chamber director-general Hamad Buamim commented that Dubai’s trade sector has achieved record growth, while tourism has consolidated its position as a leading support sector in light of Dubai’s ambitious vision of attracting 20 million visitors by 2020.

The director general said: “This year Dubai Chamber is striving to promote Dubai in international business arenas and we are in the process of signing agreements with a number of global businesses to open their headquarters in Dubai, which we know will boost FDI, strengthen our business climate and enhance the competitiveness of our businesses in overseas markets.”

The Chamber issued a total of 418,000 certificates of origin (COs), compared to 372,000 COs in the first half of 2012, equal to a 12.2 per cent increase. Again, May was the month with the highest number of certificates issued (74,000), while February was the month with the lowest (63,000).

Between January and June, a total of 7,153 new members joined Dubai Chamber, registering a 5.5 per cent increase on the same period in 2012 when 6,780 new members joined. This increased the total number of Dubai Chamber members to over 145,000 by the end of June.

He also highlighted the commitment of Dubai Chamber under its mission to represent, support and protect the interests of the business community, while pursuing its strategic objectives of creating a favourable business environment, supporting the development of business and promoting Dubai as an international business hub.

 

54 ATA carnets issued in H1 2013

Dubai Chamber issued 54 ATA carnets between January and June 2013, with an invoice value of Dh25.8 million, which is a growth rate of 145 per cent, compared to 22 ATA carnets worth Dh12.2 million issued during the same period last year. Dubai Chamber’s half year figures also show that during this time the organisation received 139 international delegations, comprised of 503 delegates, including government officials and businessmen, recording an increase of 15 per cent compared to the number of visiting delegations recorded in the same period last year.

At the same time, Dubai Chamber participated in 29 events around the world, in 22 cities in 20 countries, including the United Kingdom, France, Kazakhstan, Uzbekistan, Tajikistan, Jordan, Poland, Portugal, Qatar, Uganda, Colombia and others, with the objective of promoting Dubai as an international business hub and profitable destination for foreign investment.

 

Global expansion

With the importance of settling commercial disputes amicably in the emirate gaining ground, Dubai Chamber received a total of 417 arbitration and mediation cases in the first half of the year. The organisation’s initiative Dubai International Arbitration Centre (DIAC), received 177 arbitration cases, while Dubai Chamber’s Legal Services department received 240 mediation cases during the same period.

As part of its new strategy to promote Dubai as a global business hub to foreign investors and to open up promising markets of the world for its members, Dubai Chamber inaugurated its second overseas representative office in the Ethiopian capital Addis Ababa. This follows the launch of its first overseas office in Azerbaijan and is part of plans to open around 20 representative offices in key emerging markets.

In May, Dubai Chamber organised the Africa Global Business Forum 2013 — a major success with the participation of 4,460 global decision-makers and business leaders as well as over 40 African ministers, who discussed enhanced cooperation and joint investment ties over the two-day event.

The highlight of the event was the attendance of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and his decision to make this an annual event as the forum successfully served as a platform for Emirati and African businesses to network and exchange experiences.

Meanwhile, Dubai Chamber, in cooperation with the Private Office of Shaikh Majid bin Mohammed bin Rashid Al Maktoum, Chairman of Dubai Culture and Arts Authority, launched Tejar Dubai, a entrepreneur development programme that aims to help young Emiratis turn their business ideas into realities.

In order to consolidate Dubai’s position as a global business hub and in line with a new decree issued late last year empowering Dubai Chamber to attract global non-profit business organisations to the emirate, Dubai Chamber, in partnership with the International Chamber of Commerce (ICC) launched the first ICC Regional Banking Commission Middle East and North Africa (Mena), a chapter of ICC’s influential rule-making body for the banking industry.

Dubai Chamber also organised the International Conference for the launch of the 7th cycle of the Mohammed Bin Rashid Al Maktoum Business Award 2013, which focuses on honouring business excellence in the country. Preparations are now underway for hosting the prestigious award ceremony in the second half of this year.

— abdulbasit@khaleejtimes.com

 

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