Sheikh Mohammed approved a five-year plan to increase the emirate’s trade exchange from Dh1.4 trillion to Dh2 trillion.
The new structural changes include the restructuring of the Dubai Chamber of Commerce and Industry, which will be three chambers: Dubai Chamber of Commerce, Dubai Chamber of World Trade and Dubai Chamber of Digital Economy.
The work method at the chamber will be completely changed, so the chamber will become the Emirate’s most important economic arm to build new sectors and consolidate Dubai’s international trade position and role.
The work method at the chamber will be completely changed, so the chamber will become the emirate’s most important economic arm to build new sectors and consolidate Dubai’s international trade position and role.
It is a positive change.
For this positive change to happen, Juma Al Majid has been named the honorary Chairman of Dubai Chamber of Commerce, as he is the best one to represent Dubai’s traders and wise people, while Abdul Azizi Al Ghurair has been appointed
its Chairman. Sultan bin Sulayem is the chairman of Dubai Chamber of World Trade due to his international expertise.
Sheikh Mohammed also announced the signing of three-year job contracts with Dubai’s officials and directors of its departments, organisations and bodies. The contracts define required outcomes, bonuses and mechanism of accountability.
The impact of the coronavirus pandemic context is being felt by all businesses around the world. Leaders are navigating a broad range of interrelated issues that span from keeping their employees and customer safe, shoring-up
cash and liquidity, reorienting operations and navigating complicated government support programs.
Dubai's economy, which is the region's most diversified, was one of the hardest hit by the COVID-19 pandemic. S&P estimated that GDP contracted 10.8% last year.
The new government will be more flexible, efficient and able to cope with the new changes and prepare the emirate for its new era of progress.
“Those who do not move forward are in retreat, and those who depend on the past achievements will lose their future... Dubai’s place lies in the future and its destiny to be the region’s vibrant global economic heart. The next is more beautiful if resolves are greater,”
Sheikh Mohammed said.
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