Dubai on Saturday announced a new structure for its business chambers aimed at leading the emirate’s “economic transformation” as it emerges from the impact of the global coronavirus pandemic.
In a series of tweets, ruler Sheikh Mohammed bin Rashid Al Maktoum, also Prime Minister and Vice President of the UAE, announced that Dubai will have three chambers to focus on commerce, the digital economy and international business.
“The three new chambers have historic responsibilities of boosting our international trade, advancing our digital economy, protecting the interests of entrepreneurs and business owners and supporting the Government of Dubai in establishing the world’s best economic ecosystem,” said Sheikh Mohammed.
He added: “We approved the new structure of the three Dubai chambers – Dubai Chamber of Commerce, Dubai Chamber of Digital Economy, and Dubai International Chamber. A new model to lead Dubai’s economic transformation and position the city as a global business hub.”
He also revealed that a board of directors of the overarching Dubai Chambers has been approved, which will oversee and coordinate the efforts of the three new entities “under a common vision”.
We approved the new structure of the 3 Dubai chambers: Dubai Chamber of Commerce, Dubai Chamber of Digital Economy, and Dubai International Chamber. A new model to lead Dubai's economic transformation and position the city as a global business hub.
— HH Sheikh Mohammed (@HHShkMohd) June 26, 2021
Under the new structure, Dubai Chambers will “propose mega initiatives to spearhead Dubai’s economy, ultimately creating a robust business environment”, the ruler also tweeted.
The move comes after Dubai’s economy proved its ability to recover quickly from the global repercussions of the Covid-19 pandemic by registering trade worth AED354.4 billion ($96.5 billion) in Q1, up 10 percent from AED323 billion in the corresponding period in 2020.
The figure was also a rise of 5 percent compared to Q1 2019 as the economy was able to adapt to drastic changes in the international trade environment.
Exports grew 25 percent to AED50.5 billion, representing a volume of 5 million tonnes, while imports accounted for AED204.8 billion, growing 9 percent. The value of re-exports reached AED99 billion, growing 5.5 percent.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and chairman of The Executive Council of Dubai said: “This remarkable growth will get us closer to the ambitious target of Dubai’s five-year strategy to raise the value of external trade to AED2 trillion and consolidate its position as a bridge connecting regional and international markets by constantly enhancing its infrastructure and logistics services.”
China maintained its position as Dubai’s largest trading partner in Q1 with AED44 billion worth of trade, up by 30 percent, while the figures also showed that gold topped the list of commodities in Dubai’s Q1 external trade at AED63 billion.
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