Industry perspective: Prosperity in unity
G7 Summit

Industry perspective: Prosperity in unity

Strong togetherness – a priority of the German G7 presidency – is the backbone of economic stability and transformation, and Dubai’s forward-looking investments have international cooperation at their core

This year, the G7 has sharpened its focus on international cooperation. A fertile business environment is a key driver of global ties, and with this objective front and centre, Dubai Chamber of Commerce has been working on new initiatives, partnerships and structures that represent, support and protect the interests of the business community – and promise closer international cooperation that creates far-reaching economic benefits.

A new, innovative framework
In line with Dubai’s new economic vision, last year at the 12th World Chambers Congress we launched its Chamber Model Innovation framework. The first of its kind anywhere in the world, the CMI enables chambers of commerce to think like startups and adopt a smarter approach to providing better services – creating new value for members while becoming more innovative.

The framework reforms the traditional services of chambers of commerce, aligning them with modern business needs and helping them to evolve alongside the emerging challenges and expectations of the global economic landscape. The model is based on the experience and expertise of various stakeholders, and provides comprehensive and flexible solutions to deal with future uncertainties. At its core, the model enables chambers to adapt to the evolving needs of member companies and provide better, more complete and more relevant support.

Through the CMI framework and the International Chamber of Commerce’s World Chambers Federation (ICC-WCF), we are mobilising the global chambers community to foster innovation. Dubai Chamber of Commerce was the first to pilot the CMI and share knowledge, and since its launch many other chambers of commerce from around the world have adopted it. In February, more than 100 representatives from chambers of commerce in Latin America and the United States attended a virtual workshop organised by the Chamber in cooperation with Bogota Chamber to learn more about the CMI. Canada’s Brampton Board of Trade and the Federation of Belgian Chambers have also adopted the framework, and all have achieved positive and tangible results in delivering a more customer-centric approach.

Enabling trade
As the G7 leaders gather in Elmau, a key topic of discussion will be the role of international cooperation in driving global trade. Creating platforms and channels that foster international cooperation and cross-border business partnerships is a key function of Dubai Chamber of Commerce, with hosted events such as the Global Business Forum setting the stage for new connections. We also work to bring global events to Dubai, such as The Retail Summit and the World Chambers Congress, which respectively unite the retail world, and enable chamber leaders and professionals to share best practices, exchange insights, develop networks and tackle the latest business issues affecting their communities.

We took these efforts to the next level as the Official Business Integration Partner for Expo 2020 Dubai (which ran for six months from October 2021 through to March 2022) – a mega event that enabled us to drive business exchange. It was the first time a Middle Eastern destination had hosted a World Expo, marking a major milestone for the region. By training our focus on boosting business, propelling economic growth and recovery, and enabling cross-border partnerships, Dubai Chambers has become pivotal in facilitating evolution within the global business community. It has also been instrumental in expanding Dubai’s rapidly growing business ecosystem, with considerable work going into addressing relevant challenges, spearheading new solutions and, crucially, building the digital economy and accelerating innovation.

Finding dynamic, future-focused solutions that support trade and create global connections is central to our work and removing trade barriers is another key element of what we do. By working closely with the ICC-WCF and its unique global network of 12,000 chambers of commerce from more than 125 countries, we promote and facilitate international trade.

A new three-chamber model
This year is another exciting one for Dubai Chambers, as it marks our official rebrand and the unveiling of our new and groundbreaking three-chamber model. Three chambers now operate under the Dubai Chambers umbrella: Dubai Chamber of Commerce, Dubai International Chamber and Dubai Chamber of Digital Economy – each of which has its own brand identity and strategies.

Dubai International Chamber is of particular prominence in terms of expanding Dubai’s trade ties with promising markets worldwide. Established to boost partnerships with international corporations, investors and entrepreneurs, and reinforce Dubai’s status as a major trade hub, it aligns closely with the G7’s priority of international cooperation. The chamber supports member companies with expanding their global presence while also attracting multinationals to Dubai. Dubai International Chamber will expand its reach through new initiatives and plans with the aim of boosting Dubai’s foreign trade to AED 2 trillion ($545 billion) within five years.

Meanwhile, Dubai Chamber of Digital Economy will assume the important task of transforming Dubai into a global technology hub. Its work includes supporting and promoting the interests of technology companies and advancing the digital economy.

It is an incredibly exciting time for the global business community, and Dubai Chambers is proud of its work both at home and on the international stage. Our goal is to not only help realise the strategic vision for Dubai over the coming decade, but also to be the best chamber in the world for driving competitiveness and growth and ensuring shared benefits from our continued prosperity.