Dubai International Chamber board discusses plans to boost foreign trade

The Board of Directors of the newly formed Dubai International Chamber (DIC), one of the three chambers under the umbrella of the newly formed Dubai Chambers, held its first meeting earlier on Thursday at the Dubai Chamber headquarters where board members discussed priorities and new plans to boost Dubai’s trade with global markets.

The meeting was chaired by Sultan Bin Sulayem, Chairman of the Board of Directors of Dubai International Chamber, in the presence of board members Helal Saeed Al Marri; Stephen Moss; Gassan Al Kibsi; Mark Willis; Nader Haffar; Dr Habib Mulla; Nabil Habayeb; Sanjiv Kakkar; Elissar Farah Antonios; Julia Onslow-Cole; Rani R. Raad; Rola Abu Minh; May Nasrallah Merville; Shukri Eid; and Ahmed Alkhallafi. The meeting was also attended by Hamad Buamim, President & CEO, of Dubai Chamber.

The board discussed ways to leverage the Chamber’s international network to tap into the 30 priority markets, which have been identified as high potential markets that can accelerate the growth of Dubai’s foreign trade. Member companies of Dubai International Chamber will work towards achieving target of boosting Dubai’s foreign trade to Dhs2 trillion within the next five years, consolidating Dubai’s position as global trade hub HE Sultan bin Sulayem, stated that trade is the cornerstone of Dubai’s economy and essential for its diversification and stated that the new board will focus its efforts on implementing as new strategy announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, which aims to boost Dubai’s foreign trade to Dhs2 trillion within the next five years and cement the emirate’s position as global trade hub.

“Through integrated plans, the chamber will target new international markets and support the expansion of national companies abroad. The chamber will also support and integrate global investors, entrepreneurs and talent into Dubai’s flourishing business community within a comprehensive framework that ensures providing an agile pro-business environment,” said Bin Sulayem.

“I am confident that the Dubai International Chamber will not only achieve its new targets but take Dubai’s trade ties with promising markets to the next level. The Chamber is already in strong position to achieve its objectives as it can leverage Dubai Chambers’ resources and vast network of international representative offices across Africa, Eurasia and Latin America,” he added.

Dubai International Chamber was established to strengthen partnerships with global corporations, investors and entrepreneurs and boost Dubai’s status as a major trade hub. Adopting a more specialised approach to driving Dubai’s foreign trade, the chamber will promote the opportunities that the emirate offers in facilitating trade flows.

The Chamber was established under the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, as part of a recent government restructuring that aims to drive a comprehensive economic development in Dubai.

WLP welcomes Nigeria: Nigeria has joined the World Logistics Passport (WLP) as a Hub, with the Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) as the coordinating partner.

Nigeria is the largest economy in Africa, with a vibrant and diverse industrial base and rapidly expanding regional and global trade interests. In 2019, product exports totalled $63.8 billion with trade accounting for 25 per cent of GDP2.

With access to the WLP network, Nigerian traders will have the opportunity to enhance the connectivity and efficiency of their cargo operations. This in turn will open up trade routes - allowing for faster, cheaper access to new markets particularly in Asia, Latin America and across Africa.

Sultan Ahmed Bin Sulayem, Group Chairman and CEO of DP World, said, “We view West Africa as a long-term growth market, with Nigeria spearheading growth in the region. The WLP helps deliver economic growth and create jobs by boosting trade, principally by making a country’s products more competitive through more efficient supply chains. For Nigerian traders, this means discovering new opportunities through our network across the African continent and beyond.” Nigeria has joined the WLP alongside other African nations including South Africa, Senegal, Morocco, Kenya, Ethiopia, Botswana, Zimbabwe, Mozambique, Burkina Faso and Guinea.

Rotimi Amaechi, Minister of Transportation in Nigeria, commented, “Joining the WLP is about bolstering global trade opportunities for Nigerian businesses and accelerating Nigeria’s already fast-paced growth. The WLP will help deliver this by providing benefits to businesses such as priority handling and faster clearance - helping to reduce supply chain costs and increase trade volumes.” The continued expansion of the WLP across Africa will help to deliver on the vision of the African Continental Free Trade Agreement by reducing end-to-end costs across the logistics chain in Africa, boosting intra-regional trade, and opening up competitive access to new international markets for African companies.