• Home
• /
• Business

Dubai price index reviewed

The Dubai Chamber of Commerce and Industry will release the index every quarter, beginning from the first quarter of 2006. International standards will be used in the preparation and implementation of the system.

Gen. Shaikh Mohammed yesterday toured the premises of the Dubai Chamber of Commerce and Industry and met DCCI Board Chairman, Obeid Humaid Al Tayer, who briefed him on the chamber’s activities and general development plans.

Dubai has been moving towards its target of becoming a developed economy and the fast paced growth requires proper and consistent monitoring, through the use of relevant economic indicators to keep businesses abreast of the changes currently happening on the global market. The index will be a key indicator of the economic well being of Dubai, its businesses and industry. It will help forecast the business and economic conditions and will act as a basis for redirecting fiscal and monetary policies as well as trade and exchange rate policies.

The DCCI, since its major restructuring in 2002-2003, has been playing a new role in representing, protecting and promoting the interest of the business community in Dubai.

The first DCCI-CPI, expected to be released to the public on the second quarter of 2006, will be an indicator of the change in the average retail prices of a fixed basket of goods and services commonly purchased by households relative to a base year. The CPI is the most widely used measure of inflation. It is a definite measure of change in the value of money or of the purchasing power of dirham. It is also used as a basis in adjusting or escalating wages, contracts, and other transaction flows.

The Dubai crown prince also reviewed some of DCCI statistics on export and re-export. The statistics show a significant surge in export in the first seven months of the year 2005 at a total of Dh57 billion, representing a rise of 23 per cent compared to the same period last year.

Gen. Shaikh Mohammed, who is also the chairman of the Dubai executive council (DEC), gave directives that training programmes be availed for UAE Nationals to enable them gain employment at the DCCI.

The Dubai crown prince reviewed the DCCI’s scholarship scheme for UAE nationals. The system provides opportunity for UAE nationals to have university education at the Dubai university college, affiliated to the DCCI.“ The scholarship for our sons and daughters reflect the commitment of their leadership to provide for every UAE national opportunity for education, work and dignified means of livelihood,” he said. He gave his approval to the DCCI to give 100 scholarships for Dubai government department and institution staff that want to pursue university education while they continue to work with their respective institutions. The new scholarship system will be known as the ‘Shaikh Maktoum bin Rashid Al Maktoum Scholarship Scheme.’