The Dubai Business Forum, a transformative global event powered by Dubai Chambers, commenced with insightful discussions on the future of globalisation and foreign direct investment.
The Forum was held under the theme ‘Shifting Economic Power: Dubai and the Future of Global Trade,’ which brought together key stakeholders from the government and private sectors across the globe to explore strategic economic partnerships.They also developed international networks, and open new horizons for business, trade, and investments. The landmark global event was hosted at Madinat Jumeirah from 1-2 November.
The morning sessions kicked off with an inspiring keynote address by H.E. Abdullah bin Touq Al Marri, UAE Minister of Economy, who highlighted the nation’s pivotal role in enhancing regional trade partnerships and domestic economic growth.
“The UAE’s strategic location and world-class infrastructure have continued to drive trade growth. With the signing of Comprehensive Economic Partnerships Agreements (CEPAs) with key developing countries including India, Indonesia, and Turkey, the UAE remains an instrumental gateway to regional and global markets. We expect the overall trade volume to increase further this year as we expand trade agreements,” said H.E. Al Marri.
“Today, the global economy is witnessing rapid shifts that have tested the resilience and adaptability of countries worldwide and have posed significant challenges to economies around the world,” observed H.E. Al Marri.
He continued that the UAE has demonstrated extraordinary resilience in the face of these challenges. The nation has remained committed to its principles of economic diversification, openness, and sustainability.
H.E. Al Marri stated that the UAE’s strategic investments in non-oil sectors, innovation, and technology have positioned the nation as a regional leader in various industries, noting: “The performance of the national economy has exceeded expectations, supported by structural reforms such as 100% foreign ownership, the enactment of the commercial transactions law, and the revamp of the residency system. Our ongoing commitment to pro-business reforms and incentives continues to foster investor confidence. We anticipate a GDP growth rate of 3.6% this year, mostly driven by the non-oil sector.”
In a fireside chat H.E. Helal Saeed Al Marri, Director General of the Dubai Department of Economy and Tourism, explored D33’s enabling framework for international businesses and the economic outlook for Dubai.
He said that with a goal of doubling the gross domestic product, His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, has set very clear targets and directed departments to ensure timely delivery, stating: “The public and private sectors are working together for the prosperity of the people and to boost Dubai’s economy. Both have come together in a harmonious way to ensure every opportunity is leveraged to deliver prosperity to the people.”
H.E. Al Marri highlighted that Dubai’s growth is accelerated by digitalisation, innovation, and entrepreneurship, which help to attract new companies and global talent. With the city set to host COP28 later this month, sustainability is a priority for the UAE and the nation has pledged to reduce emissions.
H.E. Al Marri added that Dubai is today among the top three tourist destinations in the world. “Our tourism strategy is very carefully developed, and Dubai is a top destination for leisure, business and health tourism,” he said.
Subsequently, Managing Director and CEO of the Dubai Electricity and Water Authority (DEWA), H.E. Saeed Mohammed Al Tayer, highlighted the sustainability vision of the UAE’s wise leadership. He said that DEWA is “fully committed” to helping achieve the goals of the Dubai Clean Energy Strategy 2050 and the UAE Net Zero by 2050 strategic initiative.
“DEWA is implementing several projects to diversify clean energy sources. These include a hydroelectric power station in Hatta, the first of its kind in the GCC region, as well as green hydrogen production using solar power, which is part of DEWA’s roadmap for a green hydrogen strategy.”
Reiterating DEWA’s focus on leveraging technological achievements, H.E. Al Tayer added that DEWA is the world’s first utility company to use nanosatellites to improve the maintenance and planning of electricity and water networks, and the first local government entity to launch a virtual platform using Metaverse technology.
Zooming out for a bigger perspective, the forum examined the resilience of the region during the post-pandemic period. A discussion with Jean-Claude Trichet, Former President of the European Central Bank, took a deep dive into the Middle East’s ability to reboot its economy in the face of global uncertainties.
Highlighting the key factors contributing to the region’s strength, Trichet stated that the UAE’s economic resilience is remarkable, particularly with the world facing many critical challenges. “As the number one destination for FDI in Western Asia, I am impressed with the UAE’s GDP and how steadily it is growing. The leadership here is focused on modernisation and this is remarkable for the flourishing businesses in this region.”
Addressing a panel discussion, H.E. Khalfan Belhoul, CEO of the Dubai Future Foundation, and Shamsa Al Falasi, CEO of Citibank, highlighted the vital contribution of small and medium-sized companies (SMEs) as the main drivers of Dubai’s economy.
“Agility and the speed of innovation are the driving force of the UAE’s success,” said H.E. Belhoul. “The pace of innovation is changing by the minute, and Dubai keeps up with it – in turn, benefiting the business community. Today, new startups are matching the pace of innovation to drive the economy.”
H.E. Belhoul stated: “The business and SME sectors in the UAE grow exponentially because His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, thinks like an entrepreneur.”
Speaking on Dubai as the hub for foreign direct investment (FDI) inflows, the CEO of the Dubai Economic Development Corporation, H.E. Hadi Badri, Salem Al Shamsi Vice President of Global Markets at Dubai Chambers, and Deepak Bagla, President of the World Association of Investment Promotion Agencies (WAIPA), highlighted how Dubai will remain an attractive and promising market for FDI inflows and economic growth.
Highlighting Dubai’s dynamic investment landscape, H.E. Badri said: “The number of projects we have received is among the highest in the world for FDI. With a strong growth agenda and vision, our leaders are competitive, caring, and consistent.
We are pursuing a zero-carbon manufacturing approach and strengthening the financial services and tourism sectors to double our GDP. We have signed several agreements with countries such as India and are negotiating agreements with other nations.”
Salem Al Shamsi stated that businesses are thriving under Dubai’s visionary leadership. “Our leaders have built a strong business infrastructure and implemented policies that enhance the ease of doing business. We are optimistic of continuing to attract FDI, underpinned by our strong leadership, growth environment and the policies in place.”
In a subsequent development, Dubai Chambers signed a Memorandum of Understanding (MoU) with Royal Belt Exhibitions to establish the ‘China Innovation Centre’, which will serve as a gateway for Chinese companies seeking to establish a presence in Dubai and expand into regional and global markets from the emirate. The deal was signed during day one of the Dubai Business Forum.
Again, the Chambers signed a new cooperation agreement with the Hamburg Chamber of Commerce to establish an ‘Innovation Corridor’ between the two markets, an initiative aimed at supporting the success of companies and startups offering innovative technologies, products, and services in both cities.
More so, UAE-based biopharmaceutical company Bioventure Healthcare signed a pharmaceutical partnership agreement with EZulu Life to distribute Bioventure Healthcare’s products and provide technical support in the Southern and East Africa regions
About Dubai Chambers
Dubai Chambers is a non-profit public entity that supports Dubai’s vision as a global player by empowering businesses, providing innovative value-added services and access to influential networks.
In March 2021, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the restructuring of Dubai Chamber and the formation of three chambers for the emirate, namely, Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy, which now operate under Dubai Chambers.
