Dubai to develop programme to attract SMEs, startups to emirate

Dubai International Chamber, one of three chambers operating under Dubai Chambers, recently hosted its first Chamberthon competition designed to engage business leaders in Dubai to develop a new programme to attract startups and SMEs from international markets to the emirate.

The hackathon-style event, hosted in Dubai, brought together a select group of participants, representing various companies, to understand the needs of the business community, top challenges related to setting up in the emirate and high-potential market opportunities.

During the event, participants outlined several areas where startups and young businesses in Dubai require the most support and suggested new ways that International Chamber’s network of representative offices can help businesses in Dubai expand their business beyond borders and assist foreign companies with their entry into the emirate.

“This unique competition supports Dubai International Chamber’s strategic plans to enhance and expand the level of support offered to member and foreign companies, while it also endeavours to boost Dubai’s economic competitiveness and value proposition to companies, investors and talent from around the world,” said Hassan Al Hashemi, Vice President of International Relations, Dubai Chambers. “Given the vital role that startups and SMEs play in fostering innovation and driving economic growth in Dubai, it is only natural that we involve them in our plans to enhance the business environment and strengthen the emirate’s position as a global business hub,” he said.

The Chamberthon and forthcoming programme would amplify efforts toward achieving the Chamber’s new targets of attracting 100 SMEs and 300 startups to Dubai, in three years and two years, respectively, he added.

Dubai International Chamber one of three chambers operating under the umbrella of Dubai Chambers, was established to promote Dubai as a global business hub, attract multinational companies and expand the emirate’s trade ties with promising markets.

Dubai Chambers has unveiled new plans to establish new country-specific business councils operating in Dubai and expand their roles to support ongoing efforts to boost Dubai’s non-oil foreign trade and create new channels of economic cooperation between business communities in the emirate and promising markets around the world. The announcement was made by Abdul Aziz Al Ghurair, Chairman of Dubai Chambers, who addressed more than 150 ambassadors, consul generals and commercial attachés at the Diplomatic Circle Dinner 2022.

The event was held at the Bulgari Hotel & Resort in Dubai in the presence of Juma Mohammed Al Kait, Assistant Undersecretary for International Trade Sector - UAE Ministry of Economy; Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers; and Issam Kazim, CEO of Dubai Corporation for Tourism and Commerce Marketing (DCTCM).

 Al Ghurair called on ambassadors and members of the diplomatic community in the UAE to offer their support in establishing several new business councils that would provide the right platforms for businesses in the UAE and abroad to connect, collaborate and build mutually beneficial partnerships.

“We are putting a new comprehensive framework into place that will restructure and expand the role of business councils in Dubai to boost its foreign trade and promote cross-border business opportunities for member companies. These councils will cover markets of strategic importance to Dubai and support us as we further expand our presence across Africa, Latin America and the Middle East and attract more companies and investment from these regions,” said Al Ghurair.

 Al Ghurair encouraged existing business councils to leverage Dubai International Chamber’s vast network of international offices to their benefit, operate more effectively and provide their members access to attractive growth opportunities in the UAE and abroad.

He revealed that Dubai Chambers would organise a special forum in 2023 to engage members of business councils, as well as representatives from embassies, consulates and foreign trade and commercial offices operating in the UAE and invited participants to attend the event.

He informed participants about important economic developments and several new initiatives and functions introduced by Dubai Chambers aligned with its new strategic priorities that aim to enhance the business environment and economic competitiveness in Dubai.

In addition, he thanked members of the diplomatic community for their vital support in assisting Dubai Chambers’ events, trade delegations and other activities in 2022, including its participation at Expo 2020 Dubai, which he says significantly contributed to the organisation’s success and achievements.