Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has issued several decrees approving a new legal framework for Dubai Chambers and their boards of directors.
The new legislation is intended to help trade bodies to achieve their strategic objectives, support the business community in the emirate and reinforce Dubai’s position as a global economic hub, state news agency Wam said on Monday.
The laws include a decree establishing Dubai Chambers as a new entity that will replace Dubai Chamber of Commerce and Industry and appoints Juma Al Majid as its honorary chairman.
Another decree establishes the board of Dubai Chambers, appointing Abdul Aziz Al Ghurair as its chairman.
Three specialist chambers will “cater to new requirements resulting from the emergence of new economic sectors”, the statement said.
It said the move would help create the “fundamental structural changes necessary for Dubai Chambers to operate effectively in an evolving environment, going beyond traditional models”.
Other decrees establish separate boards for Dubai Chamber of Trade, to be led by Mr Al Ghurair; Dubai Chamber of International Trade with Sultan bin Sulayem as its chairman; and the board for Dubai Chamber of Digital Economy with Omar Al Olama as its chairman.
Under Mr Al Olama’s chairmanship, the board of Dubai Chamber of Digital Economy will include Ahmad bin Byat, Hamad Al Mansoori, Khalid Al Tayer, Rashid Al Ghurair; Fadi Ghandour, Mona Ataya, Hend Siddiqui, Rashid Al Abbar, Mansoor bin Habtoor, Ronaldo Mashhour, Muddathir Shaikha, Elissa Freiha and Dany Farha.
The new legal framework will give Dubai Chambers more powers and enable them to create more roles, increasing their effectiveness and strengthening their role in developing sectors such as digital economy and international trade.
The board of Dubai Chambers will be led by Mr Al Ghurair. It includes Faisal Belhoul, Khalid Al Majid Al Muhairi, Omar Al Olama, Omar Al Futtaim, Sultan bin Sulayem; Helal Al Marri, Buti Al Ghandi, Raja Al Gurg, Amina Al Rostamani, Tariq Khansaheb; Raji Chalhoub and Ghassan Al Kibsi.
Dubai Chamber of Trade members include Faisal Belhoul, Khalid Al Majid Al Muhairi, Omar Al Futtaim, Majid Al Shamsi, Mohammed Hussain, Buti Al Ghand; Tariq Khansaheb; Raja Al Gurg, Amina Al Rostamani, Hind bin Kharbash, Raji Chalhoub, Shehab Gargash, Saeed Al Ghurair and Hisham Al Shirawi.
The legislation will enhance Dubai Chambers’ ability to “contribute to the emirate’s strategic economic objectives” and keep pace with changes in the digital economy and international trade, Mr Al Ghurair said.
Dubai has been streamlining its trade and free zones to broaden its economic horizons, boost trade and develop new sectors of the economy.
Last month, Sheikh Ahmed bin Saeed, chairman of Dubai Integrated Economic Zones Authority, approved the organisation’s new structure, which is intended to enhance free zone integration.
The emirate’s economy is forecast to expand 3.1 per cent in 2021, helped by effective policy measures that minimised the impact of Covid-19. Its hosting of the six-month Expo 2020 Dubai also spurred economic activity last year and laid foundations for even faster growth momentum this year, according to data released by the Department of Economic Development in September.
The emirate’s gross domestic product is expected to expand by 3.4 per cent this year.
Sheikh Mohammed has appointed Mr bin Sulayem to lead the Dubai Chamber of International Trade board.
Its members include Helal Al Marri, Habib Mulla, Ahmed Al Khalafi, Nabil Habaye; Ghassan Al Kibsi, Mohammed Al Haffar, Rani Raad, Stephen Moss, Mark Willis, Remi Agil, Sanjiv Bhavani, Elissar Antonios, Julia Thomas, May Nasrallah-Merville, Rola Abu Manneh, Anuj Ranjan and Shukri Ali Shukri Eid.
The chamber will “meet the aspirations of the emirate’s business community, realise Dubai’s strategic vision, support the interests of companies, [its] businessmen and investors”, Mr bin Sulayem said.
The decrees reflect Dubai’s “clear strategic economic vision and the emirate’s keenness to keep pace with developments in the digital economy”, Mr Al Olama said.
The new legislation will create a “supportive legislative framework and an attractive environment for specialised entities and the development of advanced logistical capabilities”, he said.
The framework is aimed at boosting all traditional and emerging business sectors in the emirate and underpins Dubai’s commitment to supporting “national and family corporations by providing a fertile ground for their growth and development into competitive global companies”, the statement said.
“The decrees also seek to develop new generations of trained and qualified businessmen and entrepreneurs who can support the national economy in expanding its global horizons and contribute to achieving Dubai’s ambitious economic vision,” it said.
Businesses and foreign investors will also have opportunities to contribute to the development of trade policies, regulations and legislation under the new framework, strengthening the public-private partnership that has underpinned Dubai’s growth.
“Acknowledging the vital role played by SMEs and entrepreneurs in the national economy, the decrees also seek to provide them tools to develop their business and opportunities to tap local and global markets,” the statement said.