Dubai Chamber of Commerce launches 4 new business groups

Dubai Chamber of Commerce has announced new business groups for four economic sectors: agribusiness, furniture and home furnishing, flower traders, and tyre traders.

The chamber, which operates under Dubai Chambers, plans to increase the number of sector-specific business support groups to 100 by March 2023.

Read: Sheikh Mohammed issues decrees regulating Dubai Chambers

#Dubai Chamber of Commerce announces new sector-specific business groups for 4 economic sectors: Agribusiness, Furniture, & Home Furnishing, Flower Traders, & Tyre Traders. The Chamber plans to have 100 sector-specific groups by March 2023.https://t.co/Z49F0K93UI pic.twitter.com/B1wecTMUXF

— Dubai Media Office (@DXBMediaOffice) January 23, 2023

“This latest raft of business groups is designed to encourage greater cooperation, mutual knowledge sharing and greater understanding of the synergies that exist between competitors in each sector, in terms of domestic, regional and international trading opportunities,” said Mohammad Ali Rashed Lootah, president and CEO of Dubai Chambers.

The groups will deliver a forum to facilitate mutual dialogue between government entities and group stakeholders. It will also apprise group members on relevant policy matters related to industry, domestic and international trade and investment, Dubai Media Office reported.

“Business Group members will also have a platform to exchange information and experiences and to communicate and interact with public and private entities on policy matters related to the group’s respective sectors, by means of meetings, gatherings, seminars, conferences, receptions, and other fora of exchange,” he explained.

Agribusiness
The UAE imports around 85 per cent of the food it consumes. Between 2017 and 2022, sales of fresh vegetables grew by 17 per cent, pulses by 21.4 per cent, meat by 21.4 per cent and other fresh food by 16.1 per cent, according to Euromonitor. 

With Dubai striving to increase food security and pare its reliance on imports, the agribusiness sector is a vital element. The emirate is already home to the world’s largest vertical farm and is set to become the world’s biggest ‘agritourism’ destination by 2030, with the opening of the farming and tourism zone.

Read: Emirates Flight Catering opens world’s largest vertical farm in Dubai

Furniture and Home Furnishing
A release of pent-up demand for home furnishing was witnessed in 2021, with sales exceeding pre-pandemic levels. Growth was recorded in new e-commerce channels in the home furnishing sector as well. According to Euromonitor International data,

Categories that witnessed substantial sales growth between 2016 and 2021 include mattresses (31.3 per cent growth in sales volume), sofa beds (27.2 per cent growth), curtains (28.1 per cent) and light sources (35.9 per cent).

Flower Traders
Dubai’s flower total trade value was Dhs1.5bn between 2011 and 2021, according to Dubai Customs.

Dubai Flower Centre, a dedicated free zone within Dubai International Airport for the import and export of flowers, brings cost benefits to international shippers, connecting more than 15 producing countries with Asian, African and Middle Eastern markets.

Tyre Traders
Dubai’s tyre total trade value was Dhs65.2bn between 2011 and 2021, as per Dubai Customs.

Dubai Chambers appointed Mohammad Ali bin Rashed Lootah as its new president and CEO, last year.

Read: Dubai Chambers appoints new president and CEO

His appointment comes after Hamad Buamim, the chamber’s president and CEO for 16 years, stepped down in August 2022.

Read: Hamad Buamim to step down as president and CEO of Dubai Chambers