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Dubai firms 'need to meet global ethics standards'

DUBAI —The Dubai Ethics Resource Centre (DERC), set up by the Dubai Chamber of Commerce & Industry (DCCI) in 2004, is now in phase two of its research programme designed to measure the level of awareness of business ethics, corporate governance and social responsibility among Dubai-based businesses.

Dr. Belaid Rettab, Director of DERC, said in order to position Dubai as the commercial and financial hub of the region, Dubai businesses need to meet international standards of business ethics and corporate governance. "Dubai businesses need to be the best in the world by being financially transparent, accountable, and responsible. DCCI feels that that it is in the position to drive this change in terms of strategies, guidelines, policies, standards and best practices through DERC."

He said DERC has a huge responsibility towards Dubai in raising awareness and encouraging responsible behaviour among Dubai business community. "Our agenda is to foster corporate integrity and to promote Dubai as the region's gateway for global commerce by offering its global business partners an environment of transparency and rule of law," he said.

DERC is governed by a Board of Trustees, composed of delegated members of the Board of Directors of DCCI, and representatives of academic and multinational business organisations that support the centre.

Dr. Rettab said DERC is involved in researching corporate responsibility in the local market. In June 2005, DERC published the results of the first phase of this research. The findings of phase one research supported the general perception that Dubai local businesses view the concept of corporate responsibility primarily as an agenda for local youth development and corporate giving.

DERC raises awareness of corporate responsibility and organisational ethics and the role they play in enhancing performance and competitive advantage, and also empowers DCCI members to design and implement corporate responsibility programmes. To meet these goals, DERC offers a variety of services including research, education and training and consulting services, and will soon launch certification programmes that are designed to build the capacity of individual organisations and foster a general business environment that values transparency, accountability and the rule of law.