Final roundtable of 2016 highlights common challenges faced by Dubai’s business community
As part of its efforts to support and protect the interests of Dubai’s business community, the Dubai Chamber of Commerce and Industry recently hosted the 2nd roundtable meeting of 2016, which gathered representatives of various business councils and groups operating under its umbrella.
During the meeting which was attended by H.E. Abdulla Al Maeeni, Director General, ESMA, participants discussed some of the major challenges facing business in the emirate, most notably the acquisition of funds for the small and medium enterprises, and the means to curb rising costs of operating their businesses.
Several solutions and recommendations were outlined to address these obstacles. As a leading representative of the private sector, Dubai Chamber regularly seeks suggestions from the business community, which it channels to relevant government authorities.
In his welcome address, Atiq Juma Nasib, Senior Vice-President, Commercial Services Sector, Dubai Chamber, stressed the importance of strengthening existing partnerships between the public and private sectors, which he said is one of the pillars of Dubai’s economic success.
He stated that the roundtables hosted by the Chamber offer an important platform to facilitate dialogue between the public and private sectors, ultimately enhancing competitiveness of the wider economy.
Highlighting the value of Dubai Chamber members’ exports and re-exports during the first nine months of 2016, Nasib informed that this value amounted to AED 201.8 billion, while the members’ monthly exports and re-exports in February this year hit a record AED 24.3 billion.
He added that during the first nine months of this year over 11,900 new companies joined Dubai Chamber, growing its network of members to 193,000.
Nasib said: “Our recently launched results of the second Dubai Innovation Index, showed that Dubai has made significant improvements as it moved up to secure the 15th position amongst the world’s top 28 global innovative cities while increased public-private sector collaboration was one of the key factors that helped the emirate make remarkable progress.”
H.E. Abdulla Al Maeeni praised the effective role of Dubai Chamber in bringing the public and private sectors together, which he said acts as a link to connect the main economic sectors in the UAE to work together, develop their services as well as exchange knowledge.
He also stated that ESMA believes that a strong partnership with the private sector in developing and implementing standards for all successful trading activities are important for the economic progress of the emirate.
The Director General of ESMA also added that his organisation is working non-stop to support innovation and capacity building and knowledge through the development of legislation and regulations and their effective implementation while supporting communication and exchange of ideas between manufacturers, traders and government organisations.
On their part, the representatives of the business councils and groups lauded Dubai Chamber’s strong support to the private sector which extends to participating in trade delegations, high-profile events, workshops and seminars that help businesses explore trade and investment opportunities in new markets.
Initiated by Dubai Chamber in early 2009, these quarterly roundtable meetings with business councils and groups, provides an ideal setting for two-way communication where members are encouraged to network, and compare their progress throughout the course of the previous quarters. These gatherings also provide industry stakeholders a platform to put across any issues or challenges they are facing, which are promptly conveyed by the Chamber to the concerned government authorities for action.
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