Dubai Chambers discusses ecommerce and highlights the role of trade law in promoting the growth of the sector

Business

Dubai Chambers discusses ecommerce and highlights the role of trade law in promoting the growth of the sector

The session explored a range of topics including contracting mechanisms, logistics, insurance, digital identity, and data protection.

Dubai Chambers successfully hosted a workshop shedding light on Federal Decree Law No. 14/2023 on Trading by Modern Technological Means. The session aimed to underscore the law's significance and enhance awareness among the local business community regarding its pivotal role in fostering the growth of the ecommerce sector.

Conducted in collaboration with BSA Ahmad Bin Hezeem & Associates, the workshop drew participation from numerous private sector representatives. It tackled various aspects of the law's application, alongside discussing pertinent topics related to the ecommerce landscape, including contracting mechanisms, logistics regulations, insurance, digital identity, and data protection.

The workshop provided attendees with a deeper comprehension of the legal framework surrounding ecommerce transactions post-implementation of the new law. Embracing a forward-looking approach, it also provided comprehensive insights into digital identity and dispute resolution mechanisms, while exploring the law's interconnection with other relevant statutes.

This timely initiative follows a period of rapid development within the UAE's ecommerce sphere. Projections suggest that the value of ecommerce sales in the country is poised to witness a Compound Annual Growth Rate (CAGR) of 10% from 2023 to 2028, surpassing AED 42.1 billion by 2028.

According to the Dubai Quarterly Business Survey for Q1 2024, issued by Dubai Chambers and encompassing the viewpoints of 507 CEOs and managers of Dubai-based companies, ecommerce ranked third among the most significant areas targeted by participants intending to leverage digital technology in the first quarter of the year. Digital payment solutions led the list, followed by digital marketing in second place, and artificial intelligence (AI) securing the fourth spot.

Dubai Chambers, the driving force behind Dubai's economic advancement, plays a pivotal role in facilitating and enhancing the ease of doing business in the emirate, while providing value-added services. The organization remains steadfast in its commitment to bolstering the growth of local businesses, serving as a conduit between Dubai's vibrant business community and the government, and advocating for the emirate's business interests.