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28 March 2024

Dubai Chamber registers 8,800 new companies in H1 2015

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By Staff

In the first half of 2014, the Dubai Chamber of Commerce and Industry has registered a substantial growth in its membership base, which the non-profit business facilitator accredits to Dubai’s rising profile as a sound business destination and its attractiveness to global investors.

Between January and June, a total of 8,830 new companies joined Dubai Chamber which can be attributed to a record number of 335 international delegation visits to the Chamber.

This brought the total number of members to over 177,000.

These numbers, according to a recent report on the Chamber’s half-year activities, strengthened the organisation’s position as one of the largest chambers of commerce in the Middle East and North Africa (Mena) region

Also, as part of its global expansion strategy in emerging markets of the world, Dubai Chamber opened its fourth international representative office in the city of Accra in Ghana and is preparing to open another two in Mozambique and Brazil soon, with the aim to open new market opportunities for its members.

Hamad Buamim, President and CEO, Dubai Chamber, said that when these international delegations come to Dubai, the Chamber highlights the advantages of doing business in Dubai and the attractive investment climate it offers. This is a crucial reason for the 8,800 new members in H1 2015.

“This rising trend in the Emirate’s international profile as a leading centre of trade and finance and the global investors’ confidence in Dubai’s lucrative economic sectors, which are led by trade, logistics, tourism and finance, are behind the foreign companies’ desire to set up base in Dubai and expand their global business activities through the Emirate,” explained Buamim.

According to H.E. Buamim, the Chamber members’ half-yearly exports and re-exports reached Dh151 billion, which reflect the robustness of the Emirate’s business activities and the Chamber members’ eagerness to expand and explore new markets as the membership has reached 177,000 with the members coming from 189 countries. The rise in the new membership is expected to reach 15,000 by the end of the year, he added.

Steady growth in the export sector

Dubai Chamber’s half year data shows that its members’ exports and re-exports between January and June 2015 were worth Dh151 billion compared to Dh149 billion during the same period in 2014.

Meanwhile, the monthly total of March 2015 was the highest with Dh28.1 billion with January registering the lowest with a value of Dh22.6 billion.

During the same period, Dubai Chamber issued a total of 470,000 certificates of origin (COOs), compared to 445,000 COOs issued in the first half of 2014, leading to a 5.4 per cent increase. March saw the highest number of COOs issued at 85,000 with January being the slowest month at 69,000.

 Visiting delegations and overseas participation

Dubai Chamber’s half year figures also show that during this time the organisation received 355 international delegations, comprised of 1,200 delegates, including government officials and businessmen, showing a 228 per cent growth in the number of visiting delegations and a 109 per cent growth in the number of delegates compared to the same period in 2014.

At the same time, Dubai Chamber participated in 36 events around the world, in 27 cities in 24 countries, including the US, UK, France, Italy, Argentina, Belgium, Brazil, Czech Republic, Russia, Rwanda and Uganda and others, with the objective of promoting Dubai as an international business hub and a profitable destination for foreign investment.

 Establishment of new business councils

Dubai Chamber established 4 new business councils in H1 2015, which are The Algerian Business Council, The Czech Republic Council, The Oman Business Council and the Tejar Dubai Youth Council. This brings the total number of business councils to 46 and business groups to 27. Dubai Chamber has the highest number of business councils and groups, at 73, in the MENA region.

Dubai Chamber, while working towards moving to smart services, served 182,000 customers registering a growth of 14 per cent in the number of clients served compared to the same period last year, with a minimum waiting time of 15 minutes for 78.5 per cent customers while the processing time took only 6 minutes for 72.7 per cent customers.

Dubai Chamber issued 125 ATA Carnets between January and June 2015, compared to 94 ATA Carnets issued during H1 2014 thus registering a growth rate of 33 per cent. The upwards trend clearly reflects the success of the temporary admission of goods system, which was launched in the UAE in April 2011 and is being promoted in the region by the Chamber. The ATA Carnet is also helping to enhance Dubai’s position as a leading international destination for exhibitions and conferences.

 Settling trade disputes and supporting business

In light of the rising importance of settling commercial disputes amicably in the Emirate, Dubai Chamber received a total of 399 arbitration and mediation cases in the first half of the year.

The organisation’s initiative Dubai International Arbitration Centre (DIAC), received 98 arbitration cases in comparison to the 90 cases received during the same period last year, while Dubai Chamber’s Legal Services department received 301 mediation cases, out of which 60 were settled with a total value of Dh4.4 million during the same period.

In the first half of the year, Dubai Chamber launched its Innovation Strategy consisting of an innovation index to measure innovation and an innovation lab for the production of creative ideas to promote competitiveness in the business community. The Chamber plans to invest Dh100 million during the next three years in innovative projects and initiatives such as the Dubai Innovation Index and the Dubai Chamber Innovation Lab as well as smart applications that enhance customer experience while strengthening Dubai’s position as one of the leading global business destinations.

This investment is part of Dubai Chamber’s strategy to invest Dh500 million over the next three years to serve the business community and to enhance its global competitiveness. The Dubai Innovation Index (DII) will help identify the driving factors of innovation to encourage companies to adopt effective approaches to innovation, enabling them to measure the results on the basis of business development in particular and Dubai economy in general.