Dubai Chamber of Commerce and Industry

Dubai Islamic Economy Development Centre hosts #webinar on Sukuk market

The Dubai Islamic Economy Development Centre (DIEDC), in collaboration with the Dubai Chamber of Commerce and Industry and Refinitiv hosted the fourth session of the GIES Virtual Series webinar that examined the opportunities and challenges in the sukuk market. Moderator Tahir Mahmood, Head of Business Development at Nasdaq Dubai, discussed the emerging trends in the sukuk market and examined various outlooks for the sector. During the session, panellists agreed that the sukuk market has done well over the past year. The fifth session of the GIES Virtual Series, titled ‘The New Age of Digital Retail in light of the Pandemic', is scheduled for Tuesday, 13 October at 11am (UAE time).

Gulf investment in Africa: Key trends and opportunities

The Dubai Chamber of Commerce and Industry recently commissioned a study on the opportunities for Gulf investors in the African market. The research, conducted by the Economist Intelligence Unit (EIU), revealed growing commercial interests between the regions. While trade between the Gulf Co-operation Council (GCC) and Africa remains modest, foreign direct investment (FDI) is growing. For example, a number of African multinationals have set up their headquarters in Dubai, such as Mara Group and Atlantic Holdings. On the other side, the EIU’s research shows that between 2005 and 2014 Gulf firms injected at least US$9.3bn in FDI into sub-Saharan Africa, with a further $2.7bn in the first half of 2015 alone.

Dubai Chamber CSR Label recognises sustainability efforts of 18 companies

The Dubai Chamber of Commerce and Industry honoured 18 companies for their corporate social responsibility and sustainability efforts during a recognition ceremony held at its premises on Tuesday. The CSR Label is open to all organisations, private or public, regardless of their size, sector or operations and can make a major difference to a company’s reputation, efficiency and productivity and its success depends on how the CSR objectives are set and communicated to all of their stakeholders. Some of the honourees inlcuded BETA Information Technology, Zulekha Hospital and Qurum Business Group.

Dubai Chamber Sustainability Network members organise a campaign to fight world hunger

Dubai Chamber of Commerce and Industry's Sustainability Network members, in cooperation with the United Nations' World Food Programme (WFP), took part in a 'Rice Bowl Challenge' to raise awareness amongst employees on the issue of hunger and mobilise funds for WFP in the fight against world hunger on World Food Day. The Rice Bowl Challenge was a call to corporates to replace their regular lunch with a bowl of plain rice for the day. It was carried out under the umbrella of 'Eat and Feed' a fundraising initiative by the Al Aroud Group a member of the Dubai Chamber Sustainability Network. The funds collected will go to the WFP to provide food assistance to families most in need across the Middle East.

Dubai Chamber Study reveals key findings on GCC investments in African infrastructure

A study by the Dubai Chamber of Commerce and Industry , has revealed that Gulf entities have provided at least US$30bn of funding, at current prices, to African infrastructure over the past decade. This amounts to between 7% and 10% of total inflows, of which approximately US$15bn in loans and grants from Gulf development agencies and approximately US$15bn in direct investments. The study also revealed that Gulf funding for African infrastructure has focused on North Africa. To date, there has been relatively little Gulf investment in the continent's fast-growing economies of Angola, Ethiopia and Nigeria which have attracted funding from other parts of the world.

UAE Islamic banking assets crossed $95b in 2013

The UAE is emerging as a serious player in the Islamic banking market with total Islamic banking assets growing to about $95 billion (Dh348.9 billion) in 2013 compared to $83 billion in 2012, according to a report by Dubai Chamber of Commerce and Industry based on a recent study by Ernst and Young. The report shows that the compound annual growth rate (CAGR) for Islamic banking assets in the UAE is expected to be about 17 per cent over the period 2013-2018. The Dubai Chamber report, however, points out that many Islamic retail banks suffer from lower profitability than the conventional banks, mainly due to higher expenses attributed to complex products, lengthy process steps and more interfaces.

Dubai Chamber, Thomson Reuters highlight Islamic Economy potential

Dubai Chamber of Commerce and Industry , in partnership with Thomson Reuters , organised the first roundtable discussion for media on 'What is the Islamic Economy?' as a prelude to the 'Global Islamic Economy Summit' taking place in Dubai on November 25 and 26, 2013. Dubai is already enjoying a high status for Islamic banking and is in the process of enhancing halal food industry, trade policies and commercial laws, and Islamic tourism among other sectors and this Summit will provide the impetus to the future growth of the Islamic Economy. The Summit's topics of discussion will include the six major pillars of the Islamic economy: Islamic Finance; Halal Food; Halal Lifestyle; Halal Travel; SME Development; and Islamic Economy Infrastructure.

Dubai Chamber to attract world Islamic business anchors

The Dubai Chamber of Commerce and Industry launched Anchor 100 Initiative to attract top world businesses to move to Dubai by highlighting the main 11 reasons to invest in Dubai. The reasons include low taxes and incentives, location and infrastructure, and qualified labor force. Besides, the Dubai Chamber together with Thomson Reuters will host the Global Islamic Economy Summit taking place in Dubai on November 25 and 26, 2013. According to Sayd Farook, Global Head of Islamic Finance at Thomson Reuters, there is still a huge untapped potential for Islamic Finance as 72 per cent of Muslims are non-banked. Growing further will need broadening the appeal of Islamic finance as well as targeting opportunities for growth in emerging Islamic markets.

Dubai Chamber newsletter focuses on the growing profile of the Sustainability Network

The second issue of the quarterly CSR Al Youm newsletter, released by Dubai Chamber of Commerce and Industry 's Centre for Responsible Business (CRB), marks the Sustainability Network's membership reaching 50 from just 2 in 2010. It also focuses on the members' sharing of their experiences on CSR, Sustainability and Corporate Governance to further support its development and adoption in the UAE. In its 'Sustainability Network Interview Series', the newsletter features Mr. Wasim Javed, HR Director, Middle East and Africa, TNT Express, who talks about his company's approach to CSR. The newsletter covers Engage Dubai's annual Give & Gain Day programme where business volunteers helped with everything from cooking classes at special needs schools to employability workshops for university students. Also, the newsletter profiles the CSR partnership in action of CHEP, Imdaad and Union Paper Mills to minimise waste to landfill and there is an article highlighting the environmental requirements of the Dubai Chamber CSR Label.

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