Dubai Chamber meets with representatives of Dubai's business community

Strict access to credit for Small and Medium Enterprises (SMEs), diminishing financing options, government fines and fees, and other administrative issues were put forth for the Dubai Chamber to take-up with the relevant authorities.

Presiding over the meetings, HE Eng Hamad Buamim, Director General, Dubai Chamber, maintained that there is a marked improvement in the global business climate as suggested by the International Chambers of Commerce (ICC) indicator that registered an upward swing in the third quarter in line with the positive expectations of the world business community while major stock markets recorded an increase during the current economic year as did the oil prices which augurs well for the GCC countries.

"It is important to maintain an optimistic outlook as we note down an increasing number of positive indicators; Decreasing rents, lower expenses of businesses and cost of living, the recently introduced laws on abolishing the minimum capital requirement for LLC companies and the Central Bank's decision to reduce capital adequacy from 11% to 7%. All these developments will no doubt enhance Dubai's appeal as an attractive business destination,"

said Buamim.

Recent figures reveal that Dubai saw an increase of higher number of incoming passengers indicated by the 4% increase in the passenger traffic, 72% hotel occupancy, 17% increase in retail sales during the summer and 2% rise in air cargo from last year in direct comparison to the 20% decrease in the international air cargo while our study on the second quarter indicates that our members' exports have gone up by 6.5% which is a good sign for the time to come.

The fact that a number of major infrastructure projects such as the Dubai Metro are materialising stands as a sign of economic recovery: "The launch of Dubai Metro is a positive development for Dubai, reaffirming the city's commitment to excellence and its ongoing drive to deliver on its promises. It is definitely a message to the business community that Dubai means business. The launch of the Dubai Metro will bring a great deal of positive change to the city as it continues to evolve and develop in line with the vision of HH Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai," said Buamim.

Results of the monthly Business Leaders Panel Survey conducted by the Chamber over the last six months where revealed with participants from the business community citing certain limiting factors like keen price competition, decline in global demand, high rental costs, and limited access to credit.

The results of the survey also revealed that the participants expected the Government to facilitate and streamline administrative procedures and reduce the fees of some services such as issuing visas to workers and trade licenses, help facilitate access to finance for small and medium enterprises, and develop targeted programs to strengthen and improve confidence in the various economic sectors.

The Dubai Chamber also called upon business group and councils' representatives to attend the upcoming Business Suhoor gathering which will provide guests with the opportunity to interact with HE Sultan Al Mansouri, the UAE Minister of Finance who will be the keynote speaker at the event.

As part of its strategy to reinforce communication with all its stakeholders and to play a strategic role of bridging the gap between the private and public sectors, Dubai Chamber started organising the quarterly roundtable discussions with its Business Groups and Business Councils since the beginning of the year. The meetings look at the obstacles faced by the business sector in Dubai, and offer timely consultation on the challenges they face, and even come up with recommendations which are submitted to the relevant Government authorities to further study and explore the possibility of its application.