Dubai Chamber embraces over 7000 new firms in H1 2013
In the first half of 2013, Dubai Chamber of Commerce and Industry recorded a consistent growth across all its operations, with its members’ exports and re-export activities increasing by 7%, compared to the same period in 2012.
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.
Hamad Buamim, director general, Dubai Chamber, said that the strong first half performance was due to recommendations from H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai, to stimulate Dubai’s business environment.
Also, 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
The director general of Dubai Chamber, 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.”
According to the figures, Dubai Chamber members’ exports and re-exports amounted to AED 145.2 billion between January and June 2013, compared to AED 136.2 billion during the same period in 2012. The monthly total of May 2013 was the highest of the period, reaching AED 25.4 billion, while January was the lowest with a value of AED 23.5 billion.
He further 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.
During the same period, Dubai Chamber issued a total of 418,000 certificates of origin (COs), compared to 372,000 in the first half of 2012, equal to a 12.2% increase. Again, May recorded the highest number of certificates issued (74,000), while February registered the lowest (63,000).
Between January and June, a total of 7,153 new members joined Dubai Chamber, registering a 5.5% rise on the same period in 2012 with 6,780 members. This increased the total number of Dubai Chamber members to over 145,000 by the end of June
54 ATA Carnets issued during
Dubai Chamber issued 54 ATA Carnets between January and June 2013, with an invoice value of AED 25.8 million, which is a growth rate of 145%, compared to 22 ATA Carnets worth AED 12.2 million issued during the same period last year. The upward trend clearly reflects the success of the temporary admission of goods system, which was launched in the UAE in April 2011. ATA Carnet is also helping to enhance Dubai’s position as a leading international destination for exhibitions and conferences.
Visiting delegations and overseas participation
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% compared to last year. Furthermore, Dubai Chamber also 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.
Studying draft laws
As part of its objectives to create business growth, Dubai Chamber studied, reviewed and followed up on 17 federal legislations. These include: the draft federal law concerning maritime law (2011), draft federal law amending law no. (24/1999) on environmental protection and development (2012), draft law concerning foreign investment (2012), draft federal law concerning arbitration (2013), draft regulations concerning insurance brokers registration and profession (2013) and draft law regulating partnership between the public and private sectors in the emirate of Dubai (2013), as well as ministerial decisions. The organsiation has sent its recommendations to the Government of legal affairs department (Dubai).
Settling trade disputes and supporting business
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. Meanwhile, the number of business councils and business groups operating under the umbrella of Dubai Chamber increased to reach 43 and 27 respectively.
Global expansion strategy
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 the first half of this year, Dubai Chamber organised trade missions to the commonwealth of Independent States, visiting Kazakhstan and Uzbekistan to discuss investment opportunities in several promising sectors. Each mission included more than 20 businessmen from various industry sectors.
Major successful events hosted
In May, Dubai Chamber organised the Africa Global Business Forum 2013 –which saw a 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 H.H. Sheikh Mohammed Bin Rashid Al Maktoum 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 H.H. Sheikh 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, 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 hosted the regional launch of the ICC Uniform Rules for Bank Payment Obligation (URBPO), which is regarded as electronic letters of credit and an alternative means of settlement in international trade. The new rules will not only support the emirate’s banking sector but will also go s