Challenges facing Dubai businesses discussed

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Some of the major challenges facing businesses in the Dubai emirate, most notably the acquisition of funds for the small and medium enterprises (SMEs) and the means to curb rising costs of operating their businesses, were discussed at a meeting held recently. Several recommendations were outlined to address these obstacles.

The 2nd roundtable meeting of 2016 was hosted by the Dubai Chamber of Commerce and Industry (DCC&I) in its efforts to support and protect the interests of Dubai’s business community. It was attended by the representatives of various business councils and groups operating under its umbrella, the Emirates News Agency WAM reported.

The meeting was also attended by Abdullah Al Maeeni, Director-General of Emirates Authority for Standardisation and Metrology (ESMA).

As a leading representative of the private sector, Dubai Chamber regularly seeks suggestions from the business community, which it channels to relevant government authorities.

In his welcome address, Atiq Juma Nasib, Senior Vice-President, Commercial Services Sector of Dubai Chamber, stressed the importance of strengthening existing partnerships between the public and private sectors, which he said is one of the pillars of Dubai’s economic success.

Important platform

The round tables hosted by the DCC & I offer an important platform to facilitate dialogue between the public and private sectors, ultimately enhancing competitiveness of the wider economy, he said. He revealed that the total value of the exports and re-exports by DCC & I members, during the first nine months of 2016, amounted to Dh201.8 billion, while the members’ monthly exports and re-exports in February this year hit a record Dh24.3 billion.

During the first nine months of this year, more than 11,900 new companies joined Dubai Chamber, increasing its membership to 193,000, he added.

“The results of our recently-launched second Dubai Innovation Index showed that Dubai has made significant improvements as it moved up to secure the 15th position among the world’s top 28 global innovative cities while increased public-private sector collaboration was one of the key factors that helped the emirate make remarkable progress,” Mr Nasib said.

Mr Al Maeeni praised the effective role of the Dubai Chamber in bringing the public and private sectors together which he said acted as a link to connect the main economic sectors in the UAE to work together and to develop their services as well as exchange knowledge.

ESMA believes that a strong partnership with the private sector in developing and implementing standards for all successful trading activities are important for the economic progress of the emirate, he stated.

It (ESMA) is working non-stop to support innovation and capacity building and knowledge through the development of legislation and regulations and their effective implementation while supporting communication and exchange of ideas between manufacturers, traders and government organisations, the ESMA Director-General added.

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