April 18, 2024

Dubai Chamber of Commerce Launches Five Business Groups

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Mohammad Ali Rashed Lootah, The President and CEO of Dubai Chambers

Dubai Chamber of Commerce has launched five business groups for five economic sectors. This move is to encourage engaging discussions to drive the competitiveness of the so-called business sectors in Dubai’s economy. The following business groups are:

  • Medical Equipment
  • Plastics & Rubbers
  • Optics & Eyewear
  • Paper, Tissue & Stationery
  • Chocolate & Confectionary

The President and CEO of Dubai Chambers, Mohammad Ali Rashed Lootah explained the reason behind the establishment of these five groups: “The new business groups will play a notable role in supporting their respective economic sectors and activities, enhancing their competitiveness, and driving growth. The Chamber works to improve the economic performance and enhance the contribution of the private sector, which the business groups represent, in ensuring sustainable development.”

Lootah noted that the partnership between the public and private sectors is a top priority in the vision of the emirate’s wise leadership, stressing that Dubai’s economic model has established itself as a prime example in setting visionary, future-shaping, and proactive strategies. “Business groups have a tremendous responsibility to keep pace with the emirate’s strategic plans and contribute to developing and improving various sectors and economic activities,” he added. “The Chamber remains committed to providing all the support the private sector needs to play its part as a strategic partner of the business community.”

1. Medical Equipment Business Group

As per a survey conducted by Fitch Solutions, the UAE’s medical device market is scheduled to reach US $1.52 billion by 2025 and will benefit from an overall strong economic performance in the coming years. This market has a CAGR of 4.4 percent.

The main key market factors supporting the growth are –

  • Changing epidemiology
  • Growth in the medical tourism industry
  • Population growth
  • Digital transformation
  • Expanding Health Insurance
  • Healthcare Infrastructure
  • New Technologies

2. Plastics & Rubbers Business Group

Among UAE’s commodities for export, plastic products occupy a prominent place. The export of plastic products, especially polyethylene to the globe touched US$1.4 billion in 2019, growing with a CAGR of 15% from 2011 to 2019.

UAE mainly exports raw materials when it comes to plastic products. However, there is a high potential to apply product diversification in plastic exports, in the form of intermediate or final plastic products.

The Plastics & Rubber Business Group supports various businesses within the sector by providing them with a platform for constructive dialogues to increase business activity and boost potential export opportunities for plastic and rubber manufacturers.

3. Optics & Eyewear Business Group

The Eyewear industry in UAE witnessed a boom in retail volume and value sales in 2021. However, the previous year had seen a steep decline because of the pandemic. Trends such as working from home and the digitalisation of businesses will continue to play a prominent role in consumer purchases for the next five years. 

The pandemic has forced many retailers and manufacturers to develop digital eye health and virtual try-ons, as well as invest in e-commerce infrastructure. However, eyewear is still heavily driven by store-based retailing, with e-commerce accounting for under 10% share of total sales in 2022.

Dubai Chamber of Commerce estimated that this group will shape the future of the sector. By collaboration, this business group set-up will allow the industry members to be ahead of the market curve when it comes to new trends such as smart glasses and tele-optometry. Because of rapid innovation, these areas are expected to gain momentum in the forthcoming years.

4. Paper, Tissue & Stationery Business Group

Two essential products in everyone’s daily lives, the setting up of the Tissue and Stationery Business Group comes at the right time as purchasing momentum continues to accelerate post pandemic. The business group is a crucial element in maintaining the relevance and competitiveness of the sector in Dubai’s economic landscape.

The pandemic has generated a hike in demand for paper, tissue, stationery and hygiene products in the last few years. Yes, the restrictions will continue to be relaxed, depending on the threat level of the pandemic, and demand for tissue and hygiene, especially products directly related to personal cleanliness will continue to grow.

The UAE stationery market explained a short period of decline in the first quarter of 2020, but in recent times, it has gained robust growth. The factors that will continue to increase the demand for the stationery market in UAE are –

  • Increased Government investment in the educational sector
  • Growing disposable income of consumers
  • High literacy rate in the country
  • Rapid urbanisation
  • Increasing employment

5. Chocolate & Confectionery Business Group

Consumers have started to regain their purchasing power especially after the restrictions have been lifted. They are making the best attempt to regain normality in their lives. This hike in consumer confidence in addition to higher disposable incomes will play a positive impact in demand for discretionary snacks.

With a more health-conscious demographic, the demand for organic and chocolate confectionery variants with lower sugar content is on the rise. The Chocolate & Confectionery Business Group will support producers and manufacturers navigate the changing business landscape.

Similar to the organic and chocolate confectionary variants with lower sugar content, the demand for premium, innovative chocolate confectionery and also luxury gifting boxes and boxed assortments are also on the rise. The business group will also support its members by providing them with an exclusive forum to discuss the various trends shaping the future of Dubai’s chocolate and confectionery sector.

This initiative is part of the Dubai Chamber of Commerce’s plans to increase the number of business groups that represent the various economic sectors and activities in Dubai. The chamber plans to increase the number of business groups to 100 by March this year.

Source

For more information regarding Dubai Chamber please read the articles on: Dubai Chambers unveils Hong Kong’s latest office and expanding Asia Pacific footprints

Dubai Chamber of Commerce launches four new business groups

Dubai Chambers plans to set up Country-specific Councils boosting Non-Oil Foreign Trade

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