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Dubai chambers of commerce establishes new country-specific business councils.

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Staff Writer, TLR

Published on July 14, 2023, 17:41:00

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Dubai Chambers Commerce declared intention establish new countryspecific

Dubai Chambers of Commerce has declared its intention to establish new country-specific business Councils in the city. Over 150 ambassadors, consul generals, and commercial attachés attended the Diplomatic Circle Dinner 2022 Abdul Aziz Al Ghurair, Chairman of Dubai Chambers, announced this news at the Bulgari Hotel & Resort in Dubai (DCTCM).

The concept would increase the Council's responsibilities to increase Dubai's non-oil exports. According to the Dubai Media Office, it would also open up new avenues for economic cooperation between the Emirate's commercial communities and global markets which plan to put in place a new comprehensive framework that will restructure and expand the role of business councils in Dubai to increase foreign trade and promote cross-border business opportunities for member companies.

In addition to helping Dubai extend its presence throughout Africa, Latin America, and the Middle East, the Councils will also focus on areas that are strategically significant to the city. These efforts will help Dubai draw more businesses and investments from these regions.

Elaborating on the country’s strategic plans to enhance the regulatory environment, it is planned to open new export markets, adopt advanced technologies and ensure an ideal ecosystem for talent and entrepreneurs. Approximately by 2030, UAE's GDP would have doubled from AED 1.4 trillion to AED 3 trillion, establishing it as a center for international trade and foreign investment. Under this plan, the already-established business Councils are to make use of the Dubai International Chamber's network of overseas offices to work more productively and give its members access to regional and international commercial possibilities. 

The panelists discussed a wide range of significant issues during the discussion, including the cost of doing business in Dubai, the importance of comprehensive economic partnership agreements in promoting trade, the current support provided to domestic and foreign businesses, as well as brand- new plans to streamline government services for businesses in the United Arab Emirates and abroad to improve ease of doing business.

Dubai Chambers will host a special session the following year to include members of business Councils as well as representatives from embassies, consulates, and foreign trade and commercial offices operating in the UAE. The Dubai Chamber of Commerce & Industry, or simply the Dubai Chamber, is a public non-profit organization founded in 1965 with the declared objective of supporting the Dubai business community and promoting Dubai as a worldwide economic hub.

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