Dubai Chambers News: Summary of the International Partners Network (IPN) Inaugural Event
Friday, April 26, 2024
12:10:55 PM
A Summary of the International Partners Network (IPN) Inaugural Event
On Wednesday 8 March 2023, NBC's Chair Arnoud Govaert attended the inaugural International Partners Network (IPN) event at the Dubai Chambers headquarters.
Aiming to bridge the gap between Dubai Chambers and the international business community, the IPN gathered business leaders to discuss how both entities can work together to fully support trade and investment to their respective regions and markets.
According to the President and CEO of Dubai Chambers, His Excellency Mohammad Lootah, post-COVID Dubai Chambers – and Dubai itself – went through a lot of restructuring. For the Chambers, for example, a big move was to introduce business advocacy to include all business councils and business groups in every step of legislation reform in the city, either during the drafting of laws or inputting suggestions. More business groups have been created to ensure the Chambers is better connected with every sector.
The audience learned of Dubai Chambers’ efforts to reform and reengineer the legislation process. Previously, the Chambers had a committee that overlooked draft laws; however, now it includes specific business sectors involved from day one. Proposed new legislation will be taken to businesses across the sector, in order to hear feedback and maximise legislation and policy-making.
Dubai: Global Trading Hub
“Dubai has always been known as a global trading hub so we’d like to be one of the top three in the world,” HE Lootah explains, adding that it is critical to have concentrated strategies. “We were mandated to take the lead on the Dubai Global Initiative, which is an initiative that enables Dubai businesses to get access to 50 global offices under the management of Dubai Chambers. “The offices will function as the trade promotion offices to help businesses increase the trade into different countries,” he stated, explaining that this is a two-way process. Not only will Dubai businesses access new markets, but this can also attract investment and new businesses to Dubai, whether that is multinationals or SMEs. A new focus for 2023 is the opening of at least 12 offices in territories including Asia. In February, the Dubai International Chamber opened an office in Hong Kong, its third Asian office in the plan to eventually have five in the region. Four offices are also opening in Europe, the first offices in that territory for the Chambers. HE Lootah added that Dubai Chambers is “utilising the international office as a vehicle for Dubai-based businesses… Part of supporting our members is to ensure that they have the scalability when it comes to their business growth.”
“The Digital Chambers has specific targets; not only around helping businesses to move digital, [but] even to attract more tech talents to the city so we can give access to companies here to the best talent in the digital sphere globally.”
50 Representative Dubai Chambers offices in five continents
The roadmap into the future has placed Dubai Chambers on a clear path set forth by the leadership with a goal to double the size of the economy from AED 1.4 trillion to AED 3 trillion by 2030, while also aligning with the Dubai Global initiative launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, to establish 50 representative offices for Dubai in five continents.
Omar Khan, Executive Director of Dubai Global: “Dubai is hyper connected and we want to take it to the next level. With Dubai Chambers expanding to 50 offices around the globe is that next step. All of these offices will be licensed under the Dubai brand. They will live and breathe Dubai standards and leverage our connectivity.” Through business matching programmes and other collaborative initiatives, Dubai Chambers provides the unique opportunity to cooperate and create partnerships to enable mutual economic growth and expand trade opportunities between two countries.
According to the Dubai Chambers, the UAE is aiming to attract Foreign Direct Investment ( FDI) targeting the following sectors;
- Human Capital Development
- Health and Pharmaceuticals
- Advanced Technology and Artificial Intelligence
- Logistics and Warehousing
- Industrial Manufacturing
- Agriculture and Green Tech