The Dubai Chamber of Commerce and Industry’s announcement of the establishment of the Oman Business Council (OBC) for Dubai and Northern Emirates is seen as a positive step to boost economic cooperation and enhancement of trade and commerce between the business communities of Dubai and Oman.
With the establishment of this new Council, the total number of business councils operating under the umbrella of Dubai Chamber has reached 46 as the Oman Business Council in Dubai and Northern Emirates has 18 members from a wide sector of economic activities including investments, trading in petroleum and petrochemical products, engineering, construction, real estate developing, retail, F&B, Industry, general trading, IT and banking services.
Atiq Juma Nasib, Senior Vice President, Commercial Services Sector, Dubai Chamber, welcomed the formation of the new council which he said is a positive step in enhancing bilateral relations between the two countries, especially as this is the first Council from the GCC region which enjoys special trading ties with Dubai.
He reiterated Dubai Chamber’s commitment to providing all possible help and facilities to private sector companies in their endeavour to grow and contribute to creating a lucrative business environment in the emirate.
Nasib further stressed that the various business councils and groups directly support the trade sector, which is one of the leading drivers of the emirate’s economic engine as they also contribute to promoting the competitiveness of Dubai’s business community in the global business arena.
“This new Council will help business communities of the UAE and Oman to establish stronger trade ties while contributing to the economic development of Dubai as presently there are 362 Omani ownership and partnership companies operating in the emirate while the country occupies 17th rank on the list of the Dubai’s trading partners,” Nasib said.
He further added that the value of Dubai’s non-oil trade with Oman rose from Dh19.1 billion in 2013 to Dh 21.7 billion in 2014, and the establishment of the Oman Business Council will help take the bilateral relations between the UAE to a higher level in the long run.
On his part, Nabil Daud, Chairman, Oman Business Council, lauded Dubai Chamber’s efforts in helping the establishment of the Council. “This is a continuation of the Chamber's effective role in supporting the private sector and representatives of business councils while creating a fertile ground for businessmen and investors in Dubai and the Northern Emirates,” he said.
Daud further stressed that the Oman Business Council’s objective is to enhance the role of Omani companies in developing trade and economy in the region while providing support and consultation to individual businesses and companies as well as facilitating smooth exchange of experiences amongst important commercial sectors.
Currently, there are 46 country-specific Business Councils and 27 sector-oriented Business Groups totalling 73 operating under the umbrella of Dubai Chamber which reflects on the diversity of the emirate’s business environment.
Dubai Chamber is providing a number of facilities to all the business councils and groups by inviting them to participate in various events and meetings to strengthen trade relations. The Chamber also serves as a conduit between the public and private sectors represented by these councils and groups as it presents their recommendations and proposals to various government entities.