Sheikh Mohammed approves new structure of Dubai Chamber entities

Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, approved the restructuring of the emirate's chamber of commerce into three separate entities.

They will be the Dubai Chamber of Commerce, Dubai Chamber of Digital Economy and Dubai International Chamber.

Sheikh Mohammed also approved the board of directors of the overarching Dubai Chambers, that may oversee and co-ordinate the task of the three chambers under a common vision.

The board will "propose mega initiatives to spearhead Dubai's economy, finally creating a robust business environment", Sheikh Mohammed said on Twitter.

The brand new chambers will be in charge of boosting international trade, advancing the digital economy, protecting the interests of entrepreneurs and companies and supporting Dubai's ambition to determine "the world's best economic ecosystem", he added.

The Dubai Chamber of Commerce and Industry was established in 1965 and has played a essential role in the emirate's "economic renaissance, and today we want the same financial impact in Dubai's future for another 50 years", Sheikh Mohammed said in a statement.

"We have to adopt new financial thinking, new work mechanisms and create a legislative system that is the most flexible & most supportive of Dubai's economy."

The chambers will be key to developing the business environment in Dubai and "enhancing the emirate's position as the administrative centre of finance and business in your community and a commercial centre this is the most mixed up in world", he said.

Juma Al Majid was named as the honourary chairman of the Dubai Chamber of Commerce and Industry while Abdulaziz Al Ghurair was appointed as its chairman. Sultan bin Sulayem was named chairman of the Dubai Chamber of International Trade and Omar Al Olama, Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, was named chairman of the Dubai Chamber of Digital Economy.

Dubai Chamber membership stood at more than 245,000 in the beginning of 2020, representing all sectors of the economy.

Plans to split Dubai Chamber's functions were first announced by Sheikh Mohammed in March within a broader plan to adopt a far more "flexible and efficient" government structure.

Within this, the emirate plans to look at a fresh Dubai International Trade Map. Dubai already has shipping and air links with more than 400 cities around the world, and 200 new cities will be put into consolidate the emirate's role in global trade.

Changes may also be made to government employment arrangements, with three-year work contracts introduced for all officials and directors of Dubai departments, agencies and institutions. Accountability will be increased and an output analysis and rewards system introduced, Sheikh Mohammed said at the time.

A five-year plan was also approved to improve the worthiness of the emirate's foreign trade exchange to Dh2 trillion ($544.5 billion), from Dh1.4tn.