Dubai Economy shows resilience

In spite of the plunge of oil prices, instability in China, Russia and across Europe as well as decreased international demand for commodities, Dubai remained resilient in 2015.

Based on Dubai Chamber of Commerce and Industry, Dubai remained resilient due to its diversified economy. Dubai’s diversified economy minimised the degree of impact of the negative effects international slowdowns inflicted on various sectors of the economy.

During the previous year more than 1300 new members were initiated each month by the Dubai Chamber of Commerce and Industry. Dubai encouraged international investors with more than 16 thousand companies becoming members of Dubai Chamber of Commerce and Industry last year. In all, 185 thousand companies have joined the membership of the Dubai Chamber.

Dubai Chamber of Commerce and Industry marked a 9.5% increase in membership, establishing the organisation as one of the largest-sized chambers of commerce throughout the world.

The member companies of Chamber of Commerce and Industry contribution is shown in their yearly export and re-exports numbers. In 2015 the total amount of exports and re-exports amounted to Dh286 billion of which 37% (Dh105.7 billion) were shipped to Saudi Arabia.

Dubai Chamber of Commerce and Industry also recorded a 5% increase in amount of Certificates of Origin issued in 2015 that amounted to 930,000, in contrast to 887,000 Certificates of Origin issued in 2014.

In general the United Arab Emirates (UAE) has successfully moved past its dependency on oil by diversifying its economy. The UAE has focused on strengthening other sectors such as tourism, hospitality, logistics and trade. The UAE has also focused on new innovative sectors, which will be the foundation of the country’s future progress and growth.

During 2016, Dubai Chamber of Commerce and Industry intends to continue supporting the state’s vision and enhance as well as explore the business community’s interests. The Chamber of Commerce and Industry explores and evaluates new markets and identifies business opportunities for investment and trade. The organisation will also continue with its Global Business Forum on Central Asia as well as Africa.

Dubai Chamber is committed in enhancing the development of business as well as establishing the UAE as an international business centre. Therefore, the organisation has launched initiatives to promote Dubai’s business competitiveness such as the Dubai Innovation Index, which is in accordance to the Dubai Plan 2021. The Dubai Plan 2021 aims to establish the emirate as a top business and investment destination.

  

The Chamber of Commerce and Industry also recorded an impressive 41.6% increase in issuance of ATA Carnets.

Furthermore, during 2015 took part in 66 events in 38 different cities across 30 countries, while receiving more than 670 delegations from almost 70 countries.

Trade Dispute Settlements

In 2015 the Dubai International Arbitration Centre handled a total number of 183 cases in contrast to 174 cases the organisation handled in 2014. The department of Dubai Chamber’s Legal Services handled 555 cases in all in 2015.

Evaluating Draft Laws & Legislations

Dubai Chamber reviewed and evaluated 42 local laws and drafts. In all, the Dubai Chamber review of laws rate increased by 100%. All recommendations were passed on to the emirate’s Supreme Legislation Committee and other related authorities.

Efficient Customer Service

During 2015 Dubai Chamber assisted 330 thousand customers, 15 thousand more than it served in 2014. Out of the 330 thousand customers, 66% of the requested transactions were handled in less than 6 minutes, which highlights the continuous efforts of the organisation to attract foreign investments as well as promote Dubai as a top international destination for finance and trade.