Business

Dubai Chamber of Commerce and Industry has achieved 18 per cent increase in new members during the last year with the addition of 16,198 new companies in 2014 compared to 13,692 in 2013, according to its annual report figures released today during a media briefing at Park Hyatt Hotel in Dubai.

Overall membership grew 10.6 per cent in 2014 to 169,198 companies from 152,962 in 2013. The Chambers membership has gone up over 125 per cent in the past 10 years, the report added.

The growth in the number of new companies is reflected in the increasing contribution of the Chamber to Dubai non-oil trade with the annual figures showing exports and re-exports by Chamber members stood at AED 290 billion in 2014, the highest in the last five years. In comparison this figure was AED 285 billion in 2013. The growing trade figures is significant considering that trade is the biggest contributor to Dubais GDP, having accounted for 30 per cent share in 2013.

Further highlighting the increasing economic activity in the emirate, the report showed 8 per cent increase in Certificates of Origin, from 823,792 issued in 2013 to 887,078 in 2014.

H.E. Hamad Buamim, President & CEO, Dubai Chamber, said: The year gone by has been a period of outstanding growth for Dubai and the UAE in general. Today Dubai is known among the top 10 most influential cities in the world. With its attractive business atmosphere, the UAE is ranked 12th in Global Competitiveness. It is the top Middle East country for doing business and ranks 22nd globally in Ease of Doing Business.

H.E. Buamim said: The exceptional performance of Dubai Chamber during the year amplified the alignment of its strategic approach to Dubai`s projects, development plans, and innovative initiatives such as Dubai Plan 2021, Happiness Meter, Dubai Tram, and Mohamed Bin Rashid City, that come under the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

H.E. Buamim added: With the UAE marking 2015 as the Year of Innovation, Dubai Chamber will focus on innovation as the main pillar of development as we celebrate the 50th anniversary of the Chamber this year.

Highlighting Dubais remarkable economic performance, H.E. Buamim said most of the key sectors recorded impressive growth. The growth in tourism and hospitality sector is reflected in the 6.7 per cent increase in Dubai hotel guest nights year-on-year during H1 of 2014. During the same period, Dubai hotel apartment guest nights increased 4.1 per cent while revenue for hotels and hotel apartments increased 10.9 per cent, taking the total to AED12.74 billion.

Meanwhile, the year saw 39,566 real estate transactions valued at AED106 billion, H.E. Buamim added.

Dubai Chamber is committed to creating a favourable business environment, supporting the development of business, and promoting Dubai as an international business hub. In this direction, the Chamber will continue to launch new programmes and initiatives that will strengthen the economic position of Dubai, H.E. Buamim stressed.

The Chamber participated in outbound delegations to 37 different countries and 47 cities in 2014. The delegations also attended 73 events during the year. The period also witnessed 427 inbound delegations with 2,000 visitors, according to the report.

Mediation and Arbitration
Continuing to play an active role in mediation, the Chamber received 389 cases in 2014. It also received 174 arbitration cases during the year. The Chamber also organized 8 legal events, including workshops and seminars.

Continuing its efforts to support business growth, Dubai Chamber studied, reviewed and followed up on number of federal legislations. These include Draft federal law on Financial Restructuring and Bankruptcy; Draft federal law amending Federal Law No. (4/2004) regarding Criminalization of Money Laundering; Draft federal law on the Establishment of Federal Authority Against Corruption; Draft law on Regulating Petroleum Products; Draft federal law amending some provisions of Federal Law No. (23/1999) concerning Exploitation, Protection and Development of Living Aquatic Resources Law.

Other achievements
The report showed that Dubai Chamber served about 315,000 customers in 2014. Highlighting the efficiency achieved in customer service, the report said 73 per cent of customers were served in 6 minutes while 65.5 per cent of customers had to wait only 15 minutes.

The Chambers Mohammed Bin Rashid Al Maktoum Business Performance Award became the first and only international Business Performance Program in the Middle East. During the year, the 8th cycle of the Mohammed Bin Rashid Al Maktoum Business Award 2014 expanded its scope to embrace Gulf Cooperation Council (GCC) businesses. The idea behind the expansion is to cultivate a world-class business culture in the region and enhance cooperation ties with GCC chambers.

The Dubai Chamber`s Centre for Responsible Business (CRB), marked its 10th anniversary this year. Being a pioneering centre for CSR in the UAE, and its oldest, the Centre for Responsible Business has been a key driver in changing attitudes and practices of CSR and sustainability within the business community. The CRB works in raising awareness and assisting CSR implementation in the areas of business ethics, community involvement strategies, sustainability reporting, supply chain and logistics, sustainable consumption and well-being in the workplace.

Dubai Chambers Dubai Business Women Council continued to mobilize and encourage women to participate in the economic sector through events and partnerships. The year was also a period of remarkable growth for University of Dubai, another initiative of the Dubai Chamber. Among the notable achievements during the year, the university witnessed the ground-breaking for its new premises located at Dubai Academic City and became one of the 85 business schools which have extended their AACSB accreditation in business.

Dubai Chamber, in partnership with Dubai World Trade Centre and Dubai Tourism and Commerce Marketing, launched Dubai Association Centre in February. A first-of-its-kind in the region, DAC offers non-profit professional associations a base in Dubai and a gateway to high-growth GCC markets. Since its launch DAC has issued 5 licenses to the International Association of Public Transport; Gulf Heart Association; Institution of Fire Engineers; Arab society for Pediatric, Endocrinology and Diabetes; and Group Speciale Mobile Association.

The Chamber completed the implementation of Smart Integrated Applications during the year with the launch of Mobile Services and the Africa App Your Gateway to Africa.

The Chamber played a key role in Economic Research and Sustainable Business Development Sector in 2014. Notable achievements of its economic research department include preparation of 17 business intelligence reports, and 11 market, sector and economic trends reports. The department also published 48 economic bulletin articles and 24 trade and investment briefs. It provided 75 research input support to Dubai Chamber internal departments, government agencies as well as foreign embassies and consulates during the period.

Dubai Chambers Tejar Dubai entrepreneurship development programme witnessed heightened activity in 2014 with the recruitment of more than 500 candidates. During the year, 61 projects were assessed under the programme while 170 one-to-one consulting sessions were organized with Tejar Dubai candidates. As many as 15 training sessions, with an average of 45 attendees for each session, were organized while 21 Projects were selected. Nine projects have been submitted for funding and five projects have been launched.

Employment of UAE nationals received a big boost in 2014 with 73 per cent Emiratization in 2014. With this the total Emiratization in the Chamber has gone up to 53 per cent.

Maintaining its focus on Islamic economy as an important strategic platform for business growth in Dubai, Dubai Chamber in partnership with World Islamic Economic Forum (WIEF) Foundation organized in 2014 the 10th edition of WIEF in Dubai. The event, organized in Dubai for the first time, highlighted Dubais pursuit to play a key role in shaping the global Islamic economy, and witnessed the participation of 8 global leaders and 3,215 delegates from 108 countries.

The 2nd Africa Global Business Forum (AGBF), organized under the theme New Realities New Connections, explored the future of trade and investment connections between African markets and the rest of the world, outlining the hubs and networks that will shape the global economy over the next few decades. The attendees of the 2nd forum were able to hear case studies on operating in Africa from Samsung and Blackstone as well as discuss plans on building a large African free-trade zone with the heads of the African Union and Economic Blocs.

The Dubai Chamber of Commerce and Industry added in 2014 another prestigious award to its list of achievements by winning the Best Sustainable Project of the Year Award at the Climate Control Awards 2014. The award was presented in recognition of the non-profit organisations commitment to green building and the pioneering sustainability initiatives it has implemented at its head office. The Chamber also received a gold medal award in Wise Leadership category at the Tatweej Excellence Awards Academys 7th award ceremony.

In 2015, Dubai Chamber celebrates its 50th anniversary focusing on Dubais overall developments achieved under the direction of the wise leadership of the emirate.

The Chambers 50th anniversary celebrations come as a major milestone reflecting the massive growth achieved by Dubais business community. It highlights innovation as the cornerstone of Dubai Plan 2021 to stimulate further efforts towards sustainable economic development based on knowledge and innovation.

The Chamber will celebrate the 50th anniversary with the participation of its members, organizing a series of events, activities as well as economic, cultural and community seminars and workshops.

Top figures of 2014

Value of members trade: AED 290 billion
Certificates of Origin issued: 887,078
New members enrolled: 16,198
ATA Carnets issued: 137
Arbitration cases received: 174
Mediation cases received: 389

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