Dubai's economy emerges resilient

This was stated by Dubai Chamber of Commerce and Industry president and chief executive officer Hamad Buamim in his address to a large number of diplomats based in the UAE on Monday evening.                                    

Dubai's economy emerged resilient and witnessed a growth of around four per cent in 2015 and it is expected that this growth will sustain in 2016.

This was stated by Dubai Chamber of Commerce and Industry president and chief executive officer Hamad Buamim in his address to a large number of diplomats based in the UAE on Monday evening.

".. the Dubai economy grew by 3.5 to 4 per cent during the year 2015 and despite the instability prevailing in the global economy, we expect this growth to sustain during the current year due to the farsightedness of our leaders and their focus on the path of sustainable development through innovation, knowledge and creativity," Buamim said.

Pointing at the economic landscape of Dubai, Buamim stated that the drivers of the emirate's economic growth including trade, tourism, logistics and financial services performed extremely well achieving outstanding growth rates which reflected on Dubai's position as an attractive investment destination and a global hub for trade and finance.

The president and CEO of Dubai Chamber also highlighted the Chamber's efforts in supporting and providing facilities to the business community while launching initiatives to promote Dubai's status of a sound investment destination as well as the competitiveness of its businesses.

He also said that the Chamber is looking to expand into Africa, CIS and Latin America as well as to focus on Islamic economy as the Chamber will organise the 3rd Global Islamic Economy Summit and World Retail Congress and a series of trade missions to promising markets of the world.

The Chairman of Dubai Chamber further stressed on the bilateral and economic cooperation enjoyed by the emirate's business community with their global counterparts while lauding the diplomatic corps' crucial role in supporting the development of the economic relations.

On his part, Buamim highlighted Dubai Chamber's achievements in 2015 while shedding light on the Chamber's approach in serving the business community in the coming months. He informed that the meeting came in line with the Chamber's strategy to strengthen relations with the diplomatic corps while establishing economic partnerships between their respective countries' companies and those operating in Dubai.

The dinner meeting was attended by over 140 diplomats, in the presence of Dubai Chamber Board Members led by Majid Saif Al Ghurair, chairman, and Hisham Al Shirawi, 2nd vice-chairman as well as Hamad Buamim, president and CEO, Dubai Chamber.

In his welcome address, Dubai Chamber chairman Majid Saif Al Ghurair highlighted the importance of open communication and the commendable role played by the diplomatic community in identifying and facilitating business and cooperation ties between the business communities of Dubai and their respective countries.

Al Ghurair lauded the Government's conscious effort towards diversification which he said is instrumental in attracting foreign investments into the various lucrative economic sectors of the emirate as he also stressed on Dubai Chamber's commitment to support Dubai businesses operating in the emirate while enhancing their competitiveness in the overseas markets.

Last year, the Dubai Chamber witnessed more than 1,330 new members on average every month. The emirate reinforced its attractiveness to global investors with the addition of over 16,000 new companies joining the membership of Dubai Chamber and taking the organisation's total membership to 185,000.