Rising cost of operations worry Dubai SMEs

Lack of funds and rising operating costs are the two major worries of the small and medium enterprises in Dubai to grow their businesses.

This was revealed during the third quarterly roundtable meeting between the Dubai Chamber of Commerce and Industry and representatives of the business councils and groups operating under its umbrella.

During the meeting, the participants spoke about some of the major challenges facing their businesses, most notably the acquisition of funds for the small and medium enterprises, and the rising costs of operating their businesses, the Chamber said in a statement.

Members also suggested inviting representatives of the commercial offices of different countries operating in the emirate to the meetings to discuss joint cooperation with the business groups and councils as the Chamber agreed to the proposal.

It said the objective behind these quarterly meetings is to reinforce two-way communication with all the Chamber’s stakeholders as well as to discuss challenges, exchange views on the latest economic developments while also finding solutions to the obstacles that limit their business activities, and to make recommendations to relevant government authorities.

Atiq Juma Nasib, Senior Vice-President, Commercial Services Sector, Dubai Chamber, stressed on the importance of strengthening the existing partnership between the public and private sectors, which he said is one of the pillars of Dubai’s economic success.

He further stressed that the Dubai Government on its part provides all the support and services to the business community in accordance with the highest international standards in order to enhance their competitiveness and to consolidate this partnership, which goes on to attract investments besides boosting the confidence of global investors in Dubai’s lucrative investment options.

Member trade surges in 9 months

Informing about Dubai Chamber members’ exports and re-exports during the first nine months of this year, Nasib added that these amounted to Dh219.5 billion showing a growth rate of 2.2 per cent compared to the same period last year, which he said is a clear indication of the continued growth of the trade sector and the opportunities it offers to the business community.

Nasib also informed about the certificates of origin issued by the Chamber during the first nine months of the current year which he said totalled 662,373 certificates with a growth rate of 6.2 per cent compared to 623,830 certificates issued during the first nine months of 2013. He added that this trend reaffirms the leading position of Dubai as an ideal destination for trade and finance.

He also appreciated the contribution of the various business councils and business groups to the economic growth of Dubai and their commitment to promote Dubai as an international business hub.

On their part, the representatives of the business councils and business groups lauded Dubai Chamber’s support to the private sector by providing them better business opportunities as also by reaching out to new markets and encouraging an open forum to discuss issues which ultimately helps in enhancing the competitiveness of Dubai businesses.

These quarterly roundtable meetings with the business groups and councils initiated by Dubai Chamber in early 2009 leads to enhanced two-way communication while encouraging its members to network, catch up and compare their progress throughout the course of the previous quarters. These gatherings also provide the Chamber’s stakeholders a platform to put across any issues or challenges faced by their sectors which are promptly conveyed to the concerned government authorities for action.

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