Dubai Chamber's Future Growth Forum Highlights Growth Prospects For Dubai's Economy

More than 500 members of Dubai's business community came together at the Dubai World Trade Center for the Future Growth Forum organized by the Dubai Chamber of Commerce and Industry on Monday, June 28, 2021.

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More than 500 members of Dubai's business community came together at the Dubai World Trade Center for the Future Growth Forum organized by the Dubai Chamber of Commerce and Industry on Monday, June 28, 2021.

Dubai Chamber
H.E. Hamad Buamim

The high-level event, which was initiated following the recent directives of H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, to reduce government-related procedures for businesses by 30% over the next three months, identified and discussed prospects that could drive future economic growth in Dubai.

Besides representing 24 business sectors that are key contributors to Dubai's economy, the attendees for the forum included UAE ministers, government officials, business leaders, and representatives from multinational companies operating in the Emirate. Businesses represented included those operating in digital space and cybersecurity, food and beverage, retail, travel and tourism, vehicle manufacturing, healthcare education, aviation, gold and jewelry, logistics and maritime, and the industrial sector, among several others.

Following the first plenary session, participants took part in 24 breakout sessions, each tackling existing market challenges and opportunities, as well as recommendations for driving sustainable economic growth and reducing the cost of doing business in Dubai. The sector-focused discussions saw business representatives highlight the main areas where they would like to see the government improve its processes and procedures.

H.E. Reem Al Hashimy.

The Future Growth Forum, which was kicked off by an address from H.E. Hamad Buamim, President and CEO of Dubai Chamber, featured keynote speeches from H.E. Reem Al Hashimy, UAE Minister of State for International Cooperation and Director General of Expo 2020, and H.E. Omar bin Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, and Chairman of Dubai Chamber of Digital Economy.

"We see this forum as a prime example of the seamless and close cooperation between public and private sector stakeholders in Dubai, which remains a key factor ensuring the Emirate's economic competitiveness," said Buamim. "At the same time, the meeting supports Dubai Chamber's efforts to advocate on behalf of business interests, identify existing challenges facing companies, and share their concerns with relevant government entities that can address them swiftly and effectively."

Related: Dubai Startup Hub Launches Eight Sector Guides To Support Entrepreneurs

In her address, Al Hashimy shared new details about the key features and advantages for businesses at the forthcoming Expo 2020 Dubai, and explained how the mega event will accelerate the recovery of Dubai's economy after the COVID-19 crisis, and draw the world's attention to the Emirate.

"The Expo Business Program has been designed to help reconnect the business world, in order to deliver real-world opportunities for future business growth," Al Hashimy said, highlighting the three Global Business Forums that will be organized at Expo 2020 Dubai in partnership with Dubai Chamber, which will focus on the economic outlook of the fast-growing regions of Africa, ASEAN (Association of Southeast Asian Nations), and LATAM (Latin America). "To access more than 190 markets on all continents, to explore technological advancements while reconnecting with your peers at world-class business events, to engage with government leaders and partner with the wider UAE ecosystem: these are all unprecedented opportunities, all in one place, and all at one time."

H.E. Omar Al Olama.

Meanwhile, Al Olama highlighted the UAE's vision for a future centered on a digital economy. "One of the major factors that aided Dubai's response to the pandemic is its commitment to digitalization," he noted. "Whether it is the internet of things or the Fourth Industrial Revolution, Dubai has been at the forefront of adopting the latest technologies, which have benefited all sectors of the economy, from retail to logistics to trade."

The event concluded with remarks from H.E. Helal Saeed Al Marri, Director General of the Dubai Department of Tourism and Commerce Marketing, who presented the key findings and top recommendations from the 24 breakout sessions.

Al Marri drew special attention to the huge opportunity outlined by participants to modernize and streamline government services by adopting cutting-edge digital solutions that can save businesses time and money, and further improve ease of doing business in Dubai.

H.E. Helal Al Marri

The findings from The Future Growth Forum are set to be analyzed by Dubai Chamber, and will then be formally communicated to the Dubai Government to help with policy formation and executive decision-making.

Related: Dubai Chamber Launches "Business Connect" To Assist The Private Sector Through The COVID-19 Pandemic