Business

Dubai Chamber of Commerce, operating under the umbrella of Dubai Chambers, has unveiled several notable achievements during the first quarter of 2024, reflecting its commitment to advancing Dubai's economic development and enhancing the emirate's competitiveness on the global stage.

In a testament to Dubai's growing appeal among companies and investors, a total of 19,056 new companies joined as members of Dubai Chamber of Commerce during Q1 2024, marking a significant year-over-year growth of 17.6%. This surge underscores the attractiveness of Dubai's highly conducive business environment.

The chamber also recorded a robust growth in the value of members' exports and re-exports, which amounted to AED 73.5 billion, representing a year-over-year growth of 4.5%. Additionally, there was a notable increase of 7.3% in the number of exporting members, further emphasizing Dubai's strong trade ties with global markets.

During the three-month period, Dubai Chamber issued 191,013 certificates of origin, reflecting a year-over-year growth of around 7%. Moreover, 1,416 ATA Carnets were issued and received, with a combined value of AED 804.9 million, highlighting the chamber's facilitation of international trade.

Commenting on the chamber's performance, His Excellency Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, reiterated its commitment to achieving the goals outlined in the Dubai Economic Agenda (D33). Al Ghurair emphasized the chamber's role in accelerating international trade and foreign direct investment to double the size of Dubai's economy over the coming decade.

Aligned with strategic priorities, Dubai Chamber reviewed 33 laws and draft laws in cooperation with Business Groups during Q1 2024, with resulting recommendations achieving an adoption rate of 45%. Additionally, the chamber established four new Business Councils, representing specific countries' interests, and hosted the first quarterly roundtable meeting for Business Groups and Business Councils, focusing on enhancing the private sector's contribution to Dubai's investment environment.

Furthermore, the chamber received 33 mediation cases during Q1 2024, marking a notable year-over-year growth of 83.3%. With an impressive 84% success rate, cases were successfully resolved, amounting to a total value of AED 2.6 million.

In parallel, the Dubai Centre for Family Businesses, under Dubai Chambers, launched the 'Corporate Governance Guidelines for Family Businesses' toolkit, aimed at promoting sustainable growth and continuity among family-owned enterprises. The centre also announced collaborative efforts with prominent family businesses to host educational workshops as part of its 'Governance Series' initiative, focused on enhancing sustainability and competitiveness.

Dubai Chamber's strong performance underscores its pivotal role in supporting the growth and sustainability of Dubai's economy, in line with the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to strengthen the emirate's global competitiveness.

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