His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, has approved the board of directors and the advisory council of the newly-formed Dubai International Chamber.
As part of the efforts to establish Dubai as a global trade hub and a preferred destination for talents, the Dubai International Chamber, one of three new chambers, will develop plans to strengthen partnerships with global corporations, facilitate their operations, as well as support promising ideas and projects.
Further, the chamber will promote the opportunities that Dubai offers in facilitating the flow of international trade including its strategic logistics hub, advanced ports and airports and agile, pro-growth business environment.
Sheikh Mohammed said, “Dubai International Chamber represents a new model that aims to support our international partners who are part of Dubai’s economic development. The new chamber members will work towards achieving our plan to boost Dubai’s foreign trade to $544 billion (AED2 trillion) within the next five years.”
The multidisciplinary board of directors and the advisory council of the Dubai International Chamber, which brings together specialists from all over the world, represent Dubai’s leadership position as a global hub for innovation and entrepreneurship.
According to the reports, “The representation of diverse business sectors in the chamber’s advisory council ensures providing a vibrant and advanced business environment in Dubai, equipped with world-class infrastructure and agile legislations and facilities that support the launch of new sectors.”
The new model intends to build a strong entrepreneurship ecosystem in Dubai based on successful strategic collaborations, as well as speed up the recovery from COVID-19.
“The chamber seeks to strengthen partnerships with global corporations, investors, and entrepreneurs and boost Dubai’s status as a major trade hub as the emirate enters a new development phase. Through integrated plans, the chamber will target new international markets and support the expansion of national companies abroad. The chamber will play a central role in achieving Dubai’s five-year foreign trade plan, adopted earlier in March, to expand Dubai’s trading network to 200 additional cities around the world. With a network that currently extends to 400 cities, the plan seeks to position Dubai at the heart of the international trade flow.”
The main responsibilities of the chamber include developing an incentive program for international companies in alliances with the relevant organizations and reviewing the suggestions of investors and entrepreneurs via the board members. Furthermore, it will support Dubai-based multinational firms and facilitate international trade services, propose solutions for policymakers in global companies to support the local economy.
Related: UAE, Hungary strikes agreement to boost economic cooperation