Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, approved leading government and industry names as members of the board and advisory council of the Dubai International Chamber, the newly formed body tasked with helping to boost the emirate’s foreign trade to Dh2 trillion ($545 billion) within five years.
The chamber's board will be chaired by Sultan bin Sulayem, group chairman of DP World. Its directors will include Dubai Tourism director general Helal Saeed AlMarri, HSBC's regional chief executive Stephen Moss, Baker McKenzie partner Habib Al Mulla, and management consultancy McKinsey's Middle East managing partner Gassan Al-Kibsi among others.
“The aim behind the chamber is to expand Dubai’s trading network and boost Dubai’s position at the centre of the global trade flow,” Sheikh Mohammed wrote on Twitter.
The 18-strong board will be supported by an identically sized advisory council that includes Emirates airline president Tim Clark, Al Shaya Group chairman Mohammed Alshaya, Boeing regional president Bernard Dunn, Edelman founder Richard Edelman and Consolidated Contractors Company chairman Saeed Khoury.
Dubai International Chamber is one of three new bodies – Dubai Chamber of Commerce, Dubai Chamber of Digital Economy and Dubai International Chamber – created as part of a restructuring of Dubai Chamber last month.
The newly formed international chamber will “develop plans to boost partnerships with global corporations, facilitate their operations and support promising ideas and projects, as part of the efforts to establish Dubai as a global trade hub and a favourite destination for talents”, Dubai Media Office said in a statement.
It will target “30 high-priority international markets” as part of a plan to strengthen the emirate's status as a favourite regional destination for global corporations, the statement said.
The chamber’s key tasks include developing incentive programmes for global firms, reviewing suggestions by investors and entrepreneurs and supporting multinational companies already based in Dubai, according to the statement.
The UAE economy is expected to grow by 2.4 per cent in 2021 while the size of its non-oil sector is set to expand by 4 per cent this year and in 2022, according to the Central Bank of the UAE.
“Dubai International Chamber represents a new model that aims to support our international partners who are part of Dubai’s economic development,” Sheikh Mohammed said. The new chamber members “will work towards achieving our plan to boost Dubai’s foreign trade to Dh2tn within the next five years”, he added.