DCC to increase business groups that represent economic sectors

Dubai Chamber of Commerce (DCC), one of the three chambers operating under Dubai Chambers has announced the launch of a new Fintech & Payments Business Group aimed at bringing together companies of all sizes within the fintech and payments sector to encourage collegial dialogue, advocate policy change and promote the emirate as a highly competitive global commercial centre.

The launch of the new business group is part of the chamber’s plans to increase the number of business groups that represent economic sectors and activities in Dubai, ensuring all industries and economic activities are represented to boost their competitiveness and drive Dubai’s sustainable development.

The new Fintech and Payments Business Group will be instrumental in supporting Dubai companies and providing members with key insights and analysis on trends across the fintech ecosystem to leverage policy and regulatory change recommendations and benefit from new financial technology advancements.

Commenting on the launch of the business group, Maha AlGargawi, Executive Director of Business Advocacy at Dubai Chambers, said: “Business groups are in important component in creating a supportive, enabling and world-class business environment in Dubai. Through continued transparent discussions, the business group will be able to support essential policy changes that will facilitate and improve the ease of doing business in Dubai and cement the emirate’s position as a dynamic and global business hub.

“The new FinTech and Payments Business Group is a great addition to our network of business groups, and we believe it will play a pivotal role in supporting members and the emirate’s private sector to drive FinTech growth and serve as a platform to leverage the vast opportunities in this vital sector.”

The Fintech and Payments Business Group will focus on ways to adopt the highest standards in providing businesses financial services and payment solutions.

Business groups are reliable advocates for their respective sectors and play a crucial role in recommending policy changes to improve a sector’s competitiveness and attractiveness while promoting international best practices and supporting economic growth. Dubai Chamber of Commerce plans to increase the number of economic sectors and activities represented by business groups to 100 by March 2023.

Established in 1965, Dubai Chamber of Commerce continues to represent, support and protect the interests of the business community in Dubai, create a stimulating business environment and promote the emirate as a global business hub.

Meanwhile Dubai Trade and Dubai Chamber of Commerce (DCC), one of three chambers operating under Dubai Chambers, have simplified trade services for exporters and re-exporters in the country by collaborating together to provide membership and Certificates of Origin (COO) services through the Dubai Trade portal.

A COO determines the origin of exported or re-exported goods and helps estimate customs tariffs, as it contains the basic data on trade shipments.

Dubai Trade’s single window will enable exporters in Dubai to instantly request, pay and generate the COO via its single window.

This is a major milestone in the platform’s offerings and in its efforts to facilitate seamless cross-border trade and will enable exporters to complete their end-to-end export journey of trade from cargo handling to customs clearance.

The integration of the COO on Dubai Trade platform is part of their agreement, signed in March, to cement Dubai’s position as a leading global business hub and streamline the trade process for more than 180,000 customers.

It provides transparency in business transactions, facilitating access for Emirati products to global markets, and enhancing foreign trade.

Saif Al Hattawi, Executive Director of Digital and Commercial Services at Dubai Chamber of Commerce said: “Dubai Chamber of Commerce is constantly working to strengthen Dubai’s position as a global gateway for trade that supports business growth and enables local companies to access business opportunities in target markets. Certificates of Origin are crucial to facilitating and driving international trade.

Through our cooperation with Dubai Trade, we are improving ease of doing business and removing barriers to trade with the aim of boosting Dubai’s foreign trade to Dhs 2 trillion in line with Dubai’s Foreign Trade Plan and enhancing the competitiveness of the Emirates’ commercial and logistics sectors.”

Mohamed Ahmed AbuHamra, Acting Chief Operating Officer, Dubai Trade said: “We are committed to facilitating trade and positioning Dubai as the leading trade and logistics hub and adding value to the trading community. Our goal has always been to ensure ease of doing business in Dubai and drive the country’s digital transformation efforts.