Dubai Chamber of Commerce’s goal of setting up more than 100 business groups has been surpassed.
Dubai Chamber of Commerce is looking forward to establishing business groups to holistically capture the dynamism of the Dubai Economy. These business groups reflect the diversity of the businesses in Dubai. In an attempt to consolidate the growth of business in the nation, the Dubai Chamber of Commerce established a total of 105 business groups in the current year with 29 of these business groups being launched just a month ago.
With this, the Commerce Chamber had passed its target to establish more than 100 business groups by the end of March 2023. The President of the Dubai Chambers, Mohammad Ali Rashed Lootah, recently confirmed his strategy to set up more business groups in the upcoming quarter to improve the business environment of Dubai.
The aim of this initiative is to strengthen the economy of Dubai so that it emerges as a global power. The Chamber is discharging its responsibility to lead the business communities with a revamped vision. This vision seeks to reaffirm Dubai’s position in the financial markets of the world. These business groups adequately represent the diverse business sectors and ensure development in accordance with the market trends.
It is only through these business groups that the interests of the communities are adequately represented before the government entities. The Chamber of Commerce acts as a mediator between the government and private businesses.
The Business Groups will exponentially increase the gross domestic product
The Chamber of Commerce has established a business group for every sector of the economy. These business groups will lead the entire market in a way that increases the return and diminishes the loss. These groups are headed by experts in the industry and dignitaries who channel the development in the most beneficial way.
A particular sector of the economy benefits under the aegis of the business groups that work in accordance with the guidelines and directives of the Dubai Chamber of Commerce. All of these efforts have strengthened the markets of Dubai and various Middle Eastern countries look upon Dubai’s model of development.
These business groups have fairly represented all the sectors across the length and breadth of the economy. The recent addition of 29 business groups highlights various areas of the economy such as media houses, cosmetics, professional, intellectual property and business services, call centers, postal services, ships, and electrical services.
Sectors like aviation, aerospace, spare parts, machinery, and rehabilitation centers now function under the guidance of these business groups. It has been because of these business groups that the sectors of the economy such as education, finance, and industrialization have been regularised and brought to par with the global standards of excellence.
The mushrooming growth of these business groups aids a two-way dialogue between the stakeholders of a sector and the government authorities. The stakeholders such as consumers, buyers, producers, suppliers, and distributors voice their concerns which are then discussed and deliberated upon in the business groups.
A concrete synopsis of the minutes of the meeting is developed and then communicated to the respective Government authorities. Once the issue is brought to the notice of the administration, they take a corrective measure that benefits the economy as a whole. Therefore, these business groups have truly benefited the business environment of Dubai.
The Government of Dubai currently aims to ease down the business formalities to encourage entrepreneurship. These business groups facilitate upcoming businesses with constant support. While the newly established businesses enjoy financial and administrative autonomy, they constantly are supported and guided by these business groups.
These groups organize seminars and webinars to educate the business communities about the latest changes in the market. It would be right to say that these groups encourage the parties to take a first-mover advantage.
They encourage innovation and boost the incorporation of high-tech solutions to cope with the new challenges in the market. These business groups have proved to be very beneficial for the overall growth and development of Dubai so far.
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They act as platforms for the discussion of policy matters. They devise strategies to flourish healthy competition which ultimately boosts the welfare of the consumers. A spokesperson of the Dubai Chamber of Commerce recently stated in an interview that these business groups have proved to be beneficial to an extent that was beyond the comprehension of the administration.
He further added that it is with the help of these groups that the underrepresented sectors of the economy receive adequate attention and resources from the Government.
Enormous participation of various sectors of the economy helps to increase the valuation of the market as a whole. Dubai has experienced sprawling growth ever since the conception of these business groups. The efficiency of such groups is always checked to meet global standards.