Dubai Chamber highlights economic landscape, growth prospects for business groups and councils

Dubai Chamber highlights economic landscape, growth prospects for business groups and councils

Dubai Chamber highlights economic landscape, growth prospects for business groups and councils

DUBAI, 22nd December, 2021 – Dubai Chamber has reviewed during its last quarterly meeting of 2021 with the Business Groups and Business Councils the emirate’s economic landscape, growth prospects and investment opportunities, and introduced the private sector to the most recent developments in the laws and regulations.

Business Groups and Business Councils operate under the Chamber’s auspices, as part of its mission to represent, support and protect the interests of the business community in Dubai.

The meeting provided a platform to engage with the business community and exchange views on the latest economic developments, identify the challenges being faced by the private sector, make recommendations to the relevant government agencies, along with exploring future investment opportunities.

Hamad Buamim, President and CEO, Dubai Chamber, elucidated on these issues during his speech and remarked on how the recent legislative developments will play a key role in enhancing UAE’s competitiveness, as they covered a broad spectrum of issues, most notably the protection of data personal law and the law of electronic transactions and trust services amendment.

He further added 2021 has been a transformational year “where not only did we get business back on track but also posted an impressive financial performance under the guidance of our wise and forward-looking leadership”, which is a part of Dubai’s broader strategy to double the financial market’s size to AED3 trillion (US$816.

7 billion).

He also referred to the outstanding performance of Dubai’s economic sectors such as trade, tourism and hospitality, which coupled with Expo 2020 Dubai have played a key role in establishing partnerships, and reaffirming Dubai’s position as a global trade and investment hub.

For his part, Abdullah Al Nuaimi, Assistant Undersecretary for Communication and International Relations at the Ministry of Human Resources and Emiratisation (MoHRE) emphasised the Ministry’s keenness to empower entrepreneurship and support the private sector, to achieve inclusive and sustainable development.

During the meeting, Al Nuaimi reviewed the most prominent features of the Federal Decree-Law on Regulations of Labour Relations, which will come into force as of 2nd February 2022.

The new law aims to ensure the efficiency of the labour market, enhancing its ability to attract and retain talents, and at the same time, providing a stimulating work environment, flexibility, sustainability, ease of doing business and productivity by leveraging local and global talents, thus improving the competitiveness of the labour market.

He stressed that the new law is balanced and provides equal protection and rights to both parties.

He pointed out that the new law allowed greater flexibility to the private sector in regards to the weekly rest, as workers are entitled to at least one weekly rest day, however, this can be increased at the discretion of the company.

Ahmed Mohammed Al Naqbi, CEO of the Emirates Development Bank, reviewed the bank’s strategy and efforts to support the business sector in the UAE, especially SMEs, and the financing solutions it provides to the business community.

While, Nadimeh Mehra, Vice-President, District 2020, threw light on how 80 percent of the Expo 2020 Dubai site will be repurposed to form a mixed-use complex comprising of commercial, residential and cultural districts, which will be an ideal destination for housing, work and exploration, with a focus on sustainability, and a balanced and healthy living.

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