Dubai addresses practical, legal aspects of trade

Dubai Chamber of Commerce and Industry (DCCI), in co-operation with Taylor Wessing (Dubai Branch), recently organised a webinar, which shed light on some of the most common legal issues that businesses are facing during COVID-19.

The webinar, attended by 278 participants representing local and international businesses, offered practical and legal guidance on ensuring business continuity, minimising risks and addressing new challenges created by the COVID-19.

The speakers shared their insights on the growing use of electronic signatures, the process of attesting documents, effective ways to manage company affairs remotely, force majeure and its impact on businesses and commercial relationships and considerations related to terminating contracts and managing disputes.

Jehad Kazim, Director of Legal Services Department at Dubai Chamber, noted that business landscape has changed drastically following the COVID-19 outbreak, forcing companies to quickly adapt and take action to mitigate and minimise risks. The webinar, she explained, provided an ideal opportunity for business owners and managers to pose their questions directly to legal experts and benefit from valuable knowledge that can help them safeguard their businesses against existing and future risks.

Dubai Chamber regularly organises webinars, training seminars and workshops to raise awareness about key business trends and laws impacting the emirate’s private sector. These events fall in line with its strategic objectives of creating a favourable business environment and supporting business growth in the emirate.

Last week the Dubai Chamber of Commerce and Industry (DCCI) has announced that it has signed a Memorandum of Understanding (MoU) with the Family Business Council - Gulf (FBCG) that will see the two entities cooperate on a research agenda that meets the changing needs of the family business in Dubai.

Earlier today, officials from the Dubai Chamber and the FBCG met virtually to discuss the main objectives of the strategic agreement, which also include co-organising events and collaborating on research and strategic matters related to family businesses in the emirate. The agreement comes just weeks after a law was issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, providing a framework for setting up and managing family businesses in Dubai. The new regulation ensures sustainable growth of family businesses in the emirate and facilitates their contribution to economic and social development.

The virtual meeting was attended by Majid Saif Al Ghurair, Chairman of DCCI; Hamad Buamim, President and CEO of DCCI; Omar Alghanim, Chairman of FBCG, and Omar Al Futtaim, Vice Chairman of FBCG.

Al Ghurair revealed that the Dubai Chamber has been working closely with family-owned companies in Dubai in recent months to address new challenges created by COVID-19, ensure business continuity and provide businesses in this sector the support and resources they need.

The Dubai Chamber Chairman emphasised the vital contribution of family businesses to Dubai’s economy and said the strategic agreement would provide clarity and valuable insights on key trends and issues impacting family business in the emirate that would help companies make informed business decisions and plan for the post-COVID-19 recovery.

“This strategic agreement with the Dubai Chamber demonstrates forward-thinking leadership. With a sharp focus on continuity across generations and a passion for innovation, we can further strengthen our family businesses. This agreement will deepen our commitment to research and lay the groundwork for many more partnerships - all to ensure that the Gulf economy thrives,” Alghanim said.

The DCCI has reinforced its role as the representative of the business community in the midst of current global challenges by strengthening its partnerships with its partners, including the Ministry of Economy and other government authorities.

The most recent of these efforts was the meeting between its members, who are major fruit and vegetable traders, with the Ministry of Economy, to address important issues related to food security, the continued flow of commodities, and to maintain the strategic stockpile of basic food items for more than six months.

The attendees discussed the formation of an emergency committee that includes representatives from the Ministry of Economy, Dubai Chamber and stakeholders from the entire supply chain. Their task will be to monitor developments and immediately address issues. This will have positive repercussions on the smooth flow of cross-border commercial traffic.

WAM