Complex Made Simple

Dubai Chamber reviews the emirate’s economic landscape with diplomatic corps

Achievements and future directions in the Chamber’s 50th year highlighted during the annual Diplomatic Circle Dinner hosted by the Chamber.

As part of its 50th anniversary celebrations and to introduce its partners and members to its future plans as well as to inform them about the economic landscape of the emirate, the Dubai Chamber of Commerce and Industry organised Diplomatic Circle Dinner for ambassadors and members of the Arab and international diplomatic corps in the UAE as well as media representatives on Sunday, March 22, at Four Seasons Hotel in Dubai.

The meeting also came in line with the Chamber’s strategy to highlight its past achievements and future directions based on half-a-century of successes while promoting Dubai as a preferred destination for business as well as to open new doors for constructive cooperation with global businesses.

The dinner meeting was attended by over 100 diplomats, in the presence of H.E. Abdul Rahman Saif Al Ghurair, Chairman, Board members,and H.E. Hamad Buamim, President and CEO, Dubai Chamber.

In his welcome address, H.E. Buamim stressed that the year2014 showed exceptional results for Dubai Chamber in particular and Dubai in general, adding that the meeting came in line with the Chamber’s strategy to strengthen relations with diplomatic corps while establishing economic partnerships between their respective countries’ companies and those operating in Dubai.

Pointing at the economic landscape of Dubai, H.E. Buamim stated that the drivers of the emirate’s economic growth including trade, tourism, logistics and financial services performed extremely well achieving outstanding growth rates which reflected on Dubai’s position as an attractive investment destination and a global hub for trade and finance.

Shedding light on the tourism sector, he pointed out that the number of tourists visiting Dubai increased by up to 70% over the past five years up from 7 to 12 million which supports the emirate’s target of receiving 20 million tourists by 2020.

He also said that these numbers not only affirm that Dubai International Airport is the world’s busiest international hub for passenger traffic but also reflects on the vision of the leaders of Dubai and their commitment to developing infrastructure in line with global growth and requirements.

Dubai Chamber’s strategy aims to define its achievements and its future directions, built on 50 years of success, to strengthen Dubai’s position as a preferred destination for business based on knowledge and innovation as the economic indicators expect the DGP growth of 4-5% to continue during this year, he said.

Highlighting Dubai Chamber’s efforts over the past five decades, H.E. Buamim said the Chamber was successful in offering investment opportunities in Dubai and promoting the emirate as a global business destination by taking advantage of the ideal business environment and infrastructure in Dubai.

He stressed that Dubai Chamber’s strategy is in line with Dubai Plan 2021 launched by H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, in line with the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai to elevate the status of Dubai as a global destination for business.

H.E. Buamim also informed about the Chamber’s participation in global events held in more than 100 countries and 125 cities around the world during the past three years, while focusing mostly on promoting Dubai and its competitive business environment in foreign markets, adding that the Chamber has received during the past three years 857 delegations comprising of 4,000 government and business delegates from 141 countries interested in setting up base in Dubai.

The President and CEO of Dubai Chamber also said that in the next phase of its growth, the Chamber is looking to expand into Africa, CIS and Latin America as well as to focus on Islamic economy as the Chamber organises the Global Islamic Economy Summit 2015 following its hosting of the 10th round of World Islamic Economic Forum in 2014, and has plans to participate in 21 outbound delegation visits during the year 2015.

H.E Buamim thanked the diplomatic community for their continuous support in highlighting the best Dubai has to offer to overseas investors while promoting bilateral trade between their countries and the emirate in the long run. He also urged them to benefit from Dubai’s strategic location and to highlight and promote the various Foreign Direct Investment opportunities offered by the emirate and encourage investors from their countries to set up businesses here to expand into the regional markets.