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Thu 28 Jul 2016 10:49 AM

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Dubai Chamber of Commerce adds 8,000 companies

Growth shows the emirate is ‘reducing the effects of the global economic slowdown’, says report

Dubai Chamber of Commerce adds 8,000 companies

More than 8,000 new companies joined the Dubai Chamber of Commerce and Industry in the first half of 2016, according to a report on its half-year activities.

It brings the non-profit organisation’s total membership to 193,000, representing a 4.3 percent growth, according to state news agency WAM.

Total exports and re-exports of chamber members reached about $37.6 billion (AED138 billion), with Saudi Arabia ranking as the top destination for members’ exports and re-exports in the region, at a value of almost $12 billion (AED44 billion).

The chamber registered a two percent growth in issuing certificates of origin (COOs) in the first half of 2016, totalling more than 478,000, compared with 469,000 issued during the same period in 2015.

It shows that Dubai’s economy is resilient against the adversities of global economic challenges, according to Hamad Buamim, the chamber’s president and CEO.

"The emirate’s capability in reducing the effects of the global economic slowdown comes from its competence based on the economic diversity and the UAE's strategy to move away from oil resources, which actually complements the vision of the country’s wise leadership in creating a competitive economic order,” said Buamim.

The chamber also issued 125 ATA Carnets for the temporary import of goods during the first half of 2016.

The Dubai Association Centre (DAC) granted 23 licences for the establishment of global professional associations in the emirate, according to the report.

The centre was established in 2014 under an agreement between the Dubai Chamber of Commerce and Industry, Dubai Business Events, part of the Dubai Corporation for Tourism and Commerce Marketing) and the Dubai World Trade Centre. It provides a formal environment for international non-profit, scientific and professional associations to conduct business.

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