Dubai, UAE – Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has announced details of several notable achievements during the first half of 2024. The chamber’s continuing strong performance reflects the positive impact of its drive to advance Dubai’s economic development and achieve the ambitions of the Dubai Economic Agenda (D33).
A total of 34,075 new companies joined as members of Dubai Chamber of Commerce during H1 2024, representing year-over-year (YoY) growth of 5%. The figures reflect the dynamism of Dubai’s business environment and the emirate’s high levels of competitiveness in attracting foreign direct investment.
The value of members’ exports and re-exports during H1 2024 amounted to AED 145.9 billion, representing a YoY growth of 6.7%. A total of 372,720 certificates of origin were issued during the six-month period, representing YoY growth of around 5.2%. In addition, 2,433 ATA Carnets were issued and received, with a combined value of around AED 1.6 billion.
His Excellency Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, commented: “The chamber’s activity during the first half of the year reflects the emirate’s growing position as a global capital for business, trade, and investment in line with the goals of the Dubai Economic Agenda (D33), which seeks to promote the growth of foreign trade and enhance the competitiveness of the private sector.”
His Excellency added: “The vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, guides all of our efforts. The increasing number of new members joining the chamber and the growing exports and re-exports of members are the result of our various initiatives aimed at achieving our strategic priorities of enhancing Dubai’s favourable business environment, strengthening partnerships between the public and private sectors, attracting foreign direct investments, and supporting the international expansion of Dubai-based companies.”
Enhancing the efficiency of business advocacy
Dubai Chamber of Commerce reviewed 122 laws and draft laws in cooperation with Business Groups during H1 2024, with the resulting recommendations achieving an adoption rate of 54.9%. A total of 100 meetings were held with Business Groups and Business Councils.The chamber also facilitated around 29 meetings between the business groups and councils with the relevant government entities.
In addition, the chamber established six new Business Councils representing the interests of investors and stakeholders from Costa Rica, Greece, Poland, Mexico, Colombia and Kazakhstan.
During the first half of the year, the chamber hosted two quarterly roundtable meetings for Business Groups and Business Councils. Participants learned more about the chamber’s various programmes and initiatives aimed at supporting the sustainable success of private sector companies and driving further growth within Dubai’s dynamic business environment.
The chamber organised 20 legal events during H1 2024 to raise awareness about various topics shaping the legal landscape, which were attended by 1,500 participants.
The chamber received 79 mediation cases during H1 2024, representing YoY growth of 5.3% compared to the 75 cases received in the same period last year.
Supporting the growth of family businesses
The Dubai Centre for Family Businesses, which operates under the umbrella of Dubai Chambers, continued its efforts to support the sustainability, competitiveness, and continuity of family businesses by organising two awareness events as part of the ‘Governance Series.’ The sessions focused on the importance of governance and the role of women in enhancing the sustainability of family businesses. In addition, the centre organised training for the first batch of participants in the Next-Gen Family Businesses Training Programme, which is designed to empower the future managers of family businesses. Together, the three events attracted a combined total of 136 participants.
The centre also successfully concluded the first cycle of the Dubai Family Business Management Programme with the participation of 31 family business members, while nine advisors received certificates as part of the centre’s Family Business Advisory certificate programme.
During the first half of the year, the Dubai Centre for Family Businesses issued two informative toolkits. The Sample Article of Association for Family Businesses’ was issued to outline effective management and governance procedures, as well as corporate best practices, while the ‘Corporate Governance – Guidelines for Family Businesses’ explored effective governance structures, key governance frameworks, and regulatory guidelines for family businesses.
The centre also launched an online library during H1 2024 containing around 2,000 diverse educational resources, including videos, webinars, articles, podcasts, and research reports designed specifically for family businesses.