The first quarter data released by Dubai Chamber of Commerce and Industry recently clearly shows that Dubai’s economy is firmly back in the saddle and ready to make giant strides. The first quarterly report highlighting the 7.8% rise in the value of exports and re-exports by members in comparison to the first quarter of 2011, confirms the status of the trade sector including exports and re-exports as one of the frontrunners of Dubai’s economic growth.
The first quarterly report of 2012 reveals that the value of Dubai Chamber members’ exports and re-exports was AED 63.5 billion compared to AED 58.9 billion during the same period in 2011 while the monthly March exports and re-exports was AED 23 billion and February was lowest with a value of AED 17.6 billion.
During the same period, Dubai Chamber issued a total of 177,502 Certificates of Origin, which is an increase of 5.3%, compared to the 168,558 Certificates of Origin issued during the first three months of 2012. January was the month with the highest number of certificates issued numbering 60,558, while February was the month with the least totalling 57,330.
Between January and March, a total of 3,449 new members joined Dubai Chamber which increased the total number of Dubai Chamber members to over 131,900.
The quarterly data also shows that during the first three months Dubai Chamber received 35 international delegations comprising of 358 delegates. These groups came from Saudi Arabia, Japan, Germany, Sudan, Chile, Jordan, Egypt, Hungary, Turkey, Hong Kong, US, Tajikistan, Tunisia, China, Latvia, Portugal, Lebanon, UK, Australia, Ghana, Russia, Lithuania, Uruguay, Malaysia, Uganda, Norway, Iran and France.
Dubai Chamber participated in 16 events around the world, particularly in countries like Canada, US, Libya, Ethiopia, France, Tanzania, UK, Belgium and Oman to promote Dubai while also took an outbound delegation to the Consumer Electronics Show 2012 in Las Vegas.
HE Hamad Buamim, Director General, Dubai Chamber, said the first quarter results are quite encouraging and points at the continued strength of Dubai’s economy while enhancing the Emirate’s position as a thriving investment destination.
Elevated by the outcome of the first quarter, Buamim lauded the role of the trade sector, which he said is responsible for the overall health of Dubai’s economy, which is supported by its strategic location, advanced infrastructural and financial facilities, unconditional government support and a competitive and safe business environment.
The Director General of Dubai Chamber stressed the organisation’s efforts in exploring new and emerging markets for its members as he informed that the Chamber is all set to send out trade missions to the world’s promising markets including Surat in India and Ethiopia, to enhance the competitiveness of Dubai businesses.
Buamim also stressed on Dubai Chamber’s mission of representing, supporting and protecting the interests of the business community by highlighting the value-added services and facilities offered by the Chamber, which he said directly help in enhancing the business environment as well as the confidence of foreign investors.
In the first quarter of the year, Dubai Chamber received two high-profile delegations. The first was headed by HE Abdulla Gul, the Turkish President at the head of the UAE-Turkish Business Forum. The second delegation was headed by HE Valdis Dombrovskis, Prime Minister of Latvia, during the first UAE-Latvia Business Forum organised by Dubai Chamber.
With the joining of the Somali Business Council, the number of business councils reached 41 while taking the total of business councils and business groups operating under the umbrella of Dubai Chamber to 66.
Dubai Chamber maintained its lead in the excellence programme by offering innovative services to its customers thus winning the Best Result in Customer Satisfaction Award for the third year in a row at the prestigious Dubai Government Excellence Programme.
As part of its latest initiative to facilitate the growth of entrepreneurship, Dubai Chamber signed a Memorandum of Understanding with the National Bank of Abu Dhabi (NBAD) for providing financial services facilities of up to USD 100 million to SMEs in the Emirate. Under the MoU, the bank also offers assistance in managing and utilisation of finances, as well as business progress reviews to the representatives of SMEs.
Dubai Chamber also organised quarterly meetings for its business councils and business groups to discuss issues facing the business community and to recommend the same to the concerned government authorities while it also held a Talk Business at Breakfast networking event which brought together representatives of the private sector and HE Dr. Mohammed Al Zarooni, Director General of Dubai Airport Free Zone.
Also, as part of its initiative of the Diplomatic Circle Dinner launched last year to interact, exchange notes and discuss new business opportunities for the diplomatic corps, Dubai Chamber hosted the first dinner of the year which was attended by HE Reem Al Hashimy, UAE Minister of State and Managing Director of Dubai Expo 2020 Executive Bid Committee.
Rushika Bhatia Editor
Rushika Bhatia is one of the region’s leading commentators on business and current affairs issues. She is the Editor of CPI Media Group’s flagship title – SME Advisor magazine. In addition, she leads CPI Media Group’s infographics division – with special emphasis on data, research and statistics. Rushika has a Bachelor’s Degree from Indiana University, USA and is also CIMA qualified.