Dubai Chambers unveils plans to expand role of business councils

Dubai Chambers has revealed plans to establish new country-specific business councils operating in the emirate.

The plan would expand the roles of the councils to boost Dubai’s non-oil foreign trade. It would also create new channels of economic cooperation between business communities in the emirate and worldwide markets, Dubai Media Office reported.

.@DubaiChambers 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 tradehttps://t.co/iNyB7srRca pic.twitter.com/8IVlP7TKIq

— Dubai Media Office (@DXBMediaOffice) November 27, 2022

“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,” said Abdul Aziz Al Ghurair, chairman of Dubai Chambers.

“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,” he added.

He encouraged existing business councils to leverage Dubai International Chamber’s network of international offices, operate more effectively and provide their members access to local and global growth opportunities.

Dubai Chambers would organise a special forum next year to engage members of business councils, as well as representatives from embassies, consulates and foreign trade and commercial offices operating in the UAE.

Juma Mohammed Al Kait, Assistant Undersecretary for International Trade Sector – UAE Ministry of Economy, meanwhile added, that the UAE is building a modern economy as a global hub for trade and foreign investment in line with the government target of doubling the economy size from Dhs1.4tn to Dhs3tn by 2030.

“The UAE is ready – more than ever – to do business with the world and form mutually beneficial partnerships that promise brighter, better future for all,” noted Al Kait. The country is also attracting a new generation of foreign direct investment to accelerate our industrial innovation ambitions, he added.

“We are welcoming all forms of capital – technological and financial,” said Al Kait said, identifying healthcare, education, agritech, food production, fintech, financial services and advanced technologies as key target sectors for FDI.