23.6 C
Singapore
Friday, February 3, 2023

Dubai Chamber of Commerce Launches 5 Business Groups Drive to Boost Competitiveness

Must read

Forecast: Recession with Chance of Sunshine

According to one economist, there is a 60% chance of a recession in 2023, but North Carolina and Greenville's labor markets will likely keep...

Benghazi Chamber Signs an MoU with Giza Chamber

The Benghazi Chamber of Commerce, Industry, and Agriculture announced on Thursday that it had signed a cooperation agreement with the Giza Governorate Chamber of...

Kadin & Pasar Indonesia AG collaborated to establish the Indonesia Trading House (ITH) in Switzerland

Aargau, Switzerland – The Indonesian Ambassador to Switzerland and Liechtenstein, Muliaman Hadad, and the Minister of Cooperatives and SMEs, Teten Masduki, attended the inauguration...

The India-UAE Partnership Summit Focusing Economic Collaboration for Joint Growth

The India-UAE Partnership Summit took place on January 24 in Dubai. Officials from India and the UAE who attended the summit emphasized the importance...

Dubai Chamber of Commerce, one of three chambers affiliated with Dubai Chambers, has established business groups for five economic sectors: medical equipment, plastics and rubbers, optics and eyewear, paper, tissue, and stationery, and chocolate and confectionery.

These business groups are expected will boost the competitiveness of these business sectors within the Dubai economy. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said, “The new business groups will play a significant role in supporting their respective economic sectors and activities, enhancing their competitiveness, and driving growth.”

“The Chamber works to improve economic performance and to increase the contribution of the private sector, which business groups represent, to ensuring long-term development.”

Lootah stated that the partnership of the public and private sectors is a top priority in the vision of the emirate’s wise leadership, emphasizing that Dubai’s economic model has established itself as a prime example in setting visionary, future-shaping, and proactive strategies.

“Business groups have a tremendous responsibility to keep pace with the emirate’s strategic plans and contribute to developing and improving various sectors and economic activities,” he added. “The Chamber remains committed to providing all the support the private sector needs to play its part as a strategic partner of the business community.”

  • Medical equipment business group

Fitch Solutions estimates that the UAE’s medical device market will reach US$1.52 billion by 2025, with an annual compound growth rate of 4.4 percent, owing to the UAE’s overall strong economic performance in the coming years.

Population growth, changing epidemiology, a growing medical tourism industry, healthcare infrastructure developments, expanding health insurance, digital transformation, and new technologies are all key market drivers supporting this trajectory.

The formation of the Medical Equipment Business Group will boost business activity in the sector by bringing members together in open discussions to support the sector in advocating for beneficial policy changes that will boost its competitiveness.

  • Plastics & Rubbers Business Group

Plastics are one of the UAE’s most important exports. Polyethylene exports to the rest of the world totaled US$1.4 billion in 2019, up 15% from 2011.

The UAE primarily exports raw materials in the form of plastic products, but there is significant potential for product diversification in plastic exports in the form of intermediate or final plastic products.

The Plastics and Rubber Business Group assists various businesses in the sector by providing a forum for constructive dialogue in order to increase business activity and potential export opportunities for plastic and rubber manufacturers.

  • Optics & Eyewear Business Group

Following double-digit declines during the first year of the pandemic, retail volume and value of eyewear in the UAE increased in 2021. Digitalization and working from home will continue to influence consumer purchases over the next five years.

Many retailers and manufacturers have been forced to develop digital eye health and virtual try-ons, as well as invest in e-commerce infrastructure, as a result of the pandemic. However, store-based retailing continues to dominate the eyewear industry, with e-commerce accounting for less than 10% of total sales in 2022.

The Optics & Eyewear Business Group will shape the sector’s future. The formation of this business group, through collaboration, allows its members to be ahead of the curve in new trends such as tele-optometry and smart glasses. These are areas that are expected to gain traction in the coming years as a result of rapid innovation.

  • Paper, Tissue & Stationery Business Group

The formation of the Tissue and Stationery Business Group, which combines two essential products in everyone’s daily lives, comes at an opportune time as purchasing momentum accelerates following the pandemic. The business group is critical to the sector’s continued relevance and competitiveness in Dubai’s economic landscape.

The pandemic has caused a surge in demand for tissue and hygiene products in recent years. While restrictions will continue to be relaxed depending on the pandemic’s threat level, demand for tissues and hygiene products, particularly those directly related to personal hygiene, will rise.

Despite a brief dip in the first quarter of 2020, the UAE stationery market has since grown rapidly. Increasing government investment in education, rising consumer disposable income, the country’s high literacy rate, rapid urbanization, and rising employment will drive demand for stationery in the UAE.

  • Chocolate & Confectionery Business Group

Consumers are regaining purchasing power, particularly since restrictions have been lifted. As they try to reclaim some sense of normalcy in their lives, rising consumer confidence combined with higher disposable income will boost demand for discretionary snacks.

Demand for organic and chocolate confectionery variants with lower sugar content is increasing as the population becomes more health-conscious. The Chocolate and Confectionery Business Group will assist producers and manufacturers in navigating the evolving business landscape.

Premium and innovative chocolate confectionery, as well as luxury gift boxes and boxed assortments, are in high demand. The business group will also assist its members by providing them with an exclusive forum to discuss the various trends shaping Dubai’s chocolate and confectionery sector’s future.

This initiative is part of the chamber’s plans to expand the number of business groups that represent Dubai’s various economic sectors and activities. By March of this year, the chamber hopes to have 100 business groups.

 

 

 

 

 

Source: wam.ae

Latest article

Forecast: Recession with Chance of Sunshine

According to one economist, there is a 60% chance of a recession in 2023, but North Carolina and Greenville's labor markets will likely keep...

Benghazi Chamber Signs an MoU with Giza Chamber

The Benghazi Chamber of Commerce, Industry, and Agriculture announced on Thursday that it had signed a cooperation agreement with the Giza Governorate Chamber of...

Kadin & Pasar Indonesia AG collaborated to establish the Indonesia Trading House (ITH) in Switzerland

Aargau, Switzerland – The Indonesian Ambassador to Switzerland and Liechtenstein, Muliaman Hadad, and the Minister of Cooperatives and SMEs, Teten Masduki, attended the inauguration...

The India-UAE Partnership Summit Focusing Economic Collaboration for Joint Growth

The India-UAE Partnership Summit took place on January 24 in Dubai. Officials from India and the UAE who attended the summit emphasized the importance...

Cambodia and Switzerland Strengthen Economic Ties

According to a Ministry of Commerce statement, Cambodia and Switzerland have pledged to strengthen trade relations and consider establishing a bilateral free trade agreement...