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Dubai Chamber of Commerce and Industry has actually signed a memorandum of understanding (MoU) with Hamburg Chamber of Commerce to enhance cooperation and promote strategic partnerships to increase trade exchange which valued at 6.3 billion euros in between Hamburg and the UAE in 2015.

The MoU was signed during the 5th Dubai Hamburg Business Forum arranged in Dubai by Dubai Chamber of Commerce and Industry on March 22, 2016, in the presence of H.E. Majid Al Ghurair, Chairman of Dubai Chamber; H.E. Hamad Buamim, President & CEO of Dubai Chamber; and H.E. Fritz Horst Melsheimer, President of Hamburg Chamber of Commerce.

The MoU revealed the dedication of both the organizations to promote the Dubai Hamburg Business Forum and actively collaborate to fulfil its goals in the coming years. Under the MoU, both organizations accepted enhance the exchange of students and faculty between University of Dubai-- operating under the umbrella of the Dubai Chamber of Commerce & Industry-- and Hamburg School of Business Administration (HSBA) in the years to come. In addition, HSBA plans to execute a one-week study journey to Dubai within the scope of its EMBA programme and with the purpose to connect with Dubai-based business and potentially students and faculty from the University of Dubai.

The MoU will enable Dubai Chamber and Hamburg Chamber of Commerce to grant each other support in terms of recommending persons of appropriate experience and integrity to be thought about for appointment as arbitrators. The signatories will mutually help their partners in acquiring information, publications and encourage on national arbitration laws.

In view of the increasing company relations between Hamburg and Dubai in the healthcare sector in the last couple of years, the MoU will facilitate future joint efforts and cooperation in the health care sector in between both regions. Under the MoU, Dubai Chamber and Hamburg Chamber of Commerce accepted arrange a yearly meeting in between business represented by the two institutions.

The two Chambers committed to additional heighten the cooperation in the maritime sector. Under the MoU, Dubai Chamber consented to continue Dubai's existence throughout SMM Hamburg, the prominent global maritime trade fair.

The two Chambers likewise agreed to enhance cooperation and joint endeavors between member companies on Dubai Expo 2020. Hamburg Chamber of Commerce, in cooperation with the regional cluster organization Logistics Initiative Hamburg, will promote Hamburg business' experience particularly in the field of sustainable logistical structures and processes within the framework of the Expo 2020.

In his opening address on the occasion, H.E. Majid Al Ghurair commended the relationship between Dubai Chamber and Hamburg Chamber of Commerce, stating that the collaboration between the two entities has grown stronger given that it began 9 years back.

H.E. Majid Al Ghurair urged brand-new industries to develop, existing ones to alter and adjust mind sets to effectively utilize the enormous business opportunities and possible for growth provided by Internet of Things.

"Dubai aims to spearhead local development by changing itself into a Smart City, which is thought about as a continuing step in the development of e-Government under the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister, and Ruler of Dubai, to progress Dubai as the world's Smartest City by 2017 and the happiest city on earth," H.E. Al Ghurair said.

"Over the last 14 years, the Dubai federal government has actually managed to establish a digital platform which efficiently supplies e-services to companies and the federal government departments, and which has actually served as a springboard for Dubai to lead the Smart City initiative," H.E. Al Ghurair included.

H.E. Al Ghurair pointed out: "Online connectivity has actually produced change, and might even more affect the sectors that were traditionally determined as offering maximum business chances for companies from Dubai and Hamburg.".

Speaking on the occasion, H.E. Hamad Buamim said innovation is a key driver of the Dubai economy, influenced by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to promote innovation in all sectors. H.E. Buamim stressed the significance of development pointing to His Highness Sheikh Mohammed's observation that Innovation today is not an option but a necessity..

He stated it is very important to take advantage of new innovation making individuals's life easier because of international reports that show that the world will have 26 billion internet-connected gadgets by 2020.

H.E. Buamim mentioned that as a major innovation hub, Dubai is spearheading development and connectivity in every area of activity to make people's life much easier.

"Over the last 14 years, the Dubai federal government has handled to develop a digital platform which effectively provides e-services to people, businesses and government departments, offering a springboard for Dubai to lead its Smart City effort," H.E. Buamim stated.

"Over the next 5 to 10 years, Dubai is expected to be one of the most smartest cities in the world. Dubai is set to achieve a new transformation of incorporating government services with the 'Internet of Things', thus making government services easily accessible to every resident in the city," H.E. Buamim included.

H.E. Buamim determined Logistics, Energy, Urban Living, and Healthcare as 4 smart sectors in Dubai that are being changed by Internet of Things, opening wide horizons for new kinds of smart services to improve way of lives and strengthen sustainability and energy conserving practices.

H.E. Buamim explained that Dubai's smart initiatives in key sectors offer various prospective business chances to promote cooperation between Dubai and Hamburg, and Internet of Things could help expand these prospects to include more areas such as education, smart homes, manufacturing, and retail.

Dealing with the Forum, H.E. Fritz Horst Melsheimer, President of Hamburg Chamber of Commerce, stated that the fast pace of digitalisation of the economy needs companies to embrace and shape this process to guarantee their competitiveness in the altering scenario.

"We are extremely keen on learning more about the processes the business and our cities have gone through in order to maximise the benefits of digitalisation - in addition to how they manage the obstacles of the Internet of Things in locations like IT security," H.E. Melsheimer said.

Expressing eager interest in getting actively involved in Expo 2020 in Dubai, H.E. Melsheimer stated: "Expo 2020 provides the best opportunity for Dubai to showcase its quality as a global infrastructure, high tech and innovation hub, and one of the most popular traveler destinations across the globe.".

During his speech, Prof. Dr. Hans-Jrg Schmidt-Trenz, Chief Executive Officer, Hamburg Chamber of Commerce, stated that there are 340 Hamburg-based companies with business activities in UAE, where as the UAE is ranked the 5th biggest trading partner for Hamburg in 2015.

During a session on the subject, 'Overview of Expo 2020', Najeeb Mohammed Al-Ali, Senior Vice President - Project Management Office, Expo 2020, connected the Great Expos of the past with the UAE's vision for the future. The session checked out the theme and subthemes of Expo 2020, and its aspirations for operational excellence. It likewise looked at engagement efforts in addition to readily available opportunities to collaborate with Expo.

A panel discussion on Smart Energy was taken part by H.E. Ahmad Bin Shafar, CEO of Empower, UAE; Marwan Abdulaziz Janahi, Executive Director of Dubai Science Park; Prof. Dr.-Ing. Rdiger Siechau, Managing Director, Stadtreinigung Hamburg, Germany; and Klaus Schweininger, Head of Finance at TRIMET Aluminium SE, Germany. The session went over highlighted engagement opportunities for business in Dubai and Hamburg in accomplishing sustainable and diversified energy supply in the background of Dubai's Integrated Energy Strategy 2030 and Hamburg's 'New 4.0' Industry initiative.

The 5th Dubai Hamburg Business Forum was held under the theme, The Internet of Things Innovation to Connect, including a series of interactive sessions highlighting the importance of the digitization of economies, and the success achieved by Dubai in using smart platforms to offer effective services for businesses.

The Forum required a shift in top priorities to take advantage of the enormous business opportunities provided by Internet of Things as the occasion combined leading organisations from Dubai and Germany to check out brand-new horizons for fruitful cooperation between business communities of Dubai and Hamburg.

Since its launch in 2007, the Dubai Hamburg Business Forum has actually ended up being a perfect platform for joint cooperation and partnership for the business communities of Dubai and Hamburg and has actually caused a number of effective financial cooperation in numerous sectors by investors of both the strategic cities.

The Hamburg Metropolitan Region is one of Germany's strongest financial areas and a main trading hub for Northern Europe. The port of Hamburg is one of the worlds largest container ports and is an important growth engine for the region. It takes the leading role in Germany in such industries as aviation, logistics, IT, renewable energies and media, while also playing a major global role. Hamburg is the third biggest site for the air travel industry worldwide, with significant players Airbus and Lufthansa Technik operating large facilities, and more than 30,000 workers in the market.

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