Dubai Chamber and DP World sign MoU on Digital Silk Road initiative

Business Bureau, Gulf Today

Dubai Chamber of Commerce and Industry has announced that it has signed a memorandum of understanding (MoU) with DP World UAE Region to collaborate on the Digital Silk Road, a Dubai 10X initiative which is expected to be launched by 2020.

 The Digital Silk Road is a smart digital platform which utilises blockchain technology to increase the transparency and efficiency of supply chains through a comprehensive automation process.

 The platform aims to reshape the global trading system and eliminate trade barriers such as high costs, lack of transparency, diversification of legislation and lack of security in business transactions.

 The MoU was recently signed by Hamad Buamim, President & CEO of Dubai Chamber of Commerce and Industry, and Mohammed Al Muallem, CEO and Managing Director, DP World - UAE Region in the presence of officials and directors from both organisations.

 Commenting on the announcement, H.E. Hamad Buamim, President & CEO of Dubai Chamber said the Digital Silk Road aims to transform the way Dubai trades with the world and noted that the digital platform will offer several competitive advantages and benefits to companies in Dubai, including lower trade costs, faster delivery of goods, seamless trade processes, and enhanced security and transparency.

 “Investing in smart services and solutions is a top priority for Dubai Chamber, and we look forward to working with our partners to develop a game-changing digital platform that will drastically improve and simplify trade processes and procedures. The project falls in line with our efforts to support the objectives of the Dubai Plan 2021, while it also complements our current initiatives that aim to reduce business costs and enhance economic competitiveness,” added Buamim.

 Mohammed Al Muallem, CEO and Managing Director, DP World - UAE Region, said: “DP World takes pride in collaborating with the Dubai Chamber of Commerce to develop Digital Silk Road, part of the Dubai 10X initiative launched by Sheikh Hamdan bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of Dubai Executive Council and Chairman of the Board of Trustees of Dubai Future Foundation. Dubai 10X aims to leverage Dubai’s strategic geographic location and its region-leading logistics infrastructure to position the city as a global hub of innovation and setting the bar for cities across the world.” Under the terms of the agreement, Dubai Chamber and DP World will form a joint team which will be tasked with implementing the project. Other objectives of the MoU include: facilitating global trade, positioning Dubai as one of the best countries in the world for ease of doing business, and setting procedures and plans to ensure a favourable business environment in the emirate.

 Dubai Customs will serve as a key partner for the project and support the development of the platform’s integrated system for trade procedures. Once operational, the platform will enable users to track trade transactions, reduce transaction time and enable digital authentication in an encrypted and secure manner.

Established in 1965, the Dubai Chamber of Commerce & Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business, and by promoting Dubai as an international business hub.

 About DP World: DP World is a leading enabler of global trade and an integral part of the supply chain.

 We operate multiple yet related businesses – from marine and inland terminals, maritime services, logistics and ancillary services, to technology-driven trade solutions.

 Our portfolio of 78 operating marine and inland terminals is supported by more than 50 related businesses in over 40 countries across six continents, with a significant presence in both high-growth and mature markets. We aim to be essential to the bright future of global trade, ensuring that everything we do contributes positively and sustainably to both the economy and society.

Our dedicated team of more than 46,000 employees from 120 countries cultivates long-standing relationships with governments, shipping lines, importers and exporters, communities, and many other important constituents of the global supply chain, providing quality value-added services today and tomorrow.

 Container handling is the company’s core business and generates more than 50% of its revenue. In 2018, DP World handled 71.4 million TEU (twenty-foot equivalent units) across our portfolio. With its committed pipeline of developments and expansions, the current gross capacity of 91.2 million TEU is expected to rise in line with market demand.