Saudi Arabia top destination for Dubai Chamber members’ exports
In 2015, the emirate of Dubai reinforced its attractiveness to global investors with the addition of over 16,000 new companies joining the membership of Dubai Chamber of Commerce and Industry and taking the organisation’s total membership to 185,000. This 9.5% rise in membership enhances the Chamber’s position as one of the largest membership-based chambers of commerce in the world.
The members’ contribution is reflected in their annual exports and re-exports figures which valued at AED 286 billion in 2015 with Saudi Arabia emerging as the top-most destination for the members’ exports and re-exports amounting to AED 105.7 billion, or 37% of the total in 2015, while the Chamber registered a 5% growth in the number of Certificates of Origin issued during the past year, totalling 930,000 compared to 887,000 COs issued in 2014.
H.E. Hamad Buamim, President and CEO, Dubai Chamber revealed today that Dubai's economy emerged resilient during the year 2015 despite the global challenges created by the drop in oil prices, the economic uncertainties in Europe, China and Russia and weak global demand for commodities, mainly due to the emirate’s diversified economy which greatly minimised the impact of the global slowdown’s negative effects on its various economic sectors.
H.E. Buamim further stressed that Dubai’s economy achieved positive results in the area of aviation, air cargo and tourism which have grown over the past year, while trading activities remained stable despite the challenges. This was possible due to the wise vision and guidance of H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai, who fully supports the emirate’s conducive global business environment.
The President and CEO of Dubai Chamber cited the recent announcement of H.H. Sheikh Mohammed calling for a ministerial retreat for federal and local UAE officials and economists to discuss the post-oil future of the UAE's economy at workshops and brainstorming sessions designed to boost the economy of the UAE and shift it away from oil, as well as discuss future scenarios and the up and coming sectors.
He said that the UAE has already diversified its economy by strengthening the non-oil sectors with a continued focus on trade, tourism, logistics and hospitality as well as to innovate new sectors which can serve as the pillars of the future growth of the economy while pursuing innovative solutions to move forward in the process of growth and development of the emirate.
“This year, Dubai Chamber, will continue its efforts to support the economic vision of the government and do its bit to promote the interests of the business community by exploring new markets, and identifying opportunities for trade and investment.
“We will also be continuing with our Global Business Forum series on Africa and Central Asia while focusing on two new regions – the CIS and Latin America. As through these events we provide a platform to businesses and the government from both sides to have a dialogue on areas of mutual cooperation, which is the first step towards building trade and investment linkages while we also support the Dubai Clean Energy Strategy 2050, as part of our efforts to develop the ‘green economy’ and reduce dependence on fossil fuels,” added H.E. Buamim.
He also said that as part of its strategic objectives to support the development of business and promote Dubai as an international business hub, the Chamber is committed to provide all the support and facilities to the private sector by launching initiatives that will enhance Dubai businesses’ competitiveness including the Dubai Innovation Index (DII), which is in line with the Dubai Plan 2021 aiming at making the emirate the first place in the ease of doing business and a favourite destination for investment.
Informing about the growth in issuance of ATA Carnets by the Chamber, H.E. Buamim informed that the organisation registered a 41.6% rise in the issuance of permission for temporary import of goods as it issued 194 ATA Carnets last year which demonstrated Dubai’s leadership in facilitating global trade, and supporting the conferences and exhibitions industry in the emirate.
He also informed that as part of its participation in overseas events, Dubai Chamber last year participated in 66 events in 38 cities in 30 countries while the Chamber received 673 delegations from 69 countries and had meetings with 1,600 Government officials and business delegates with a 57% increase in the number of visiting delegations compared to the year 2014.
Settling of trade disputes
Playing its leading role of settling commercial disputes amicably in the emirate, the Dubai International Arbitration Centre (DIAC) a Dubai Chamber initiative, received 183 arbitration cases in comparison to the 174 cases received during the same period in 2014 while Dubai Chamber’s Legal Services department received 555 mediation cases, which together amounted to 738 cases received by the Chamber.
Studying draft laws
As part of its commitment to support business growth, Dubai Chamber studied, reviewed and followed up on 42 federal and local legislations and draft laws, with a growth of 100% in the number of laws and regulations that were reviewed, sending its recommendations to the “Supreme Legislation Committee in the emirate of Dubai” and to the concerned authorities, notably the Revised draft federal law concerning Arbitration (2014); Revised draft federal law on Financial Restructuring and Bankruptcy (2015); Draft Cabinet decision concerning the By-Law of draft federal law on Food Safety (2015); and Revised draft law concerning Partnership between Public and Private Sectors in the emirate of Dubai (2015).
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