Sunday 22, May 2016

Dubai – MENA Herald: The Dubai Chamber of Commerce and Industry’s announcement of the recent establishment of the Kuwait Business Council in Dubai is seen as a positive step to boost economic cooperation and enhancement of trade and commerce between the business communities of Dubai and Kuwait.

Taking the total to 47 business councils operating under the umbrella of Dubai Chamber and 2nd in the GCC after the establishment of the Oman Business Council, the Kuwait Business Council has 21 members from a wide sector of economic activities in the emirate.

Welcoming the formation of the new council on behalf of Dubai Chamber, Atiq Juma Nasib, Senior Vice President, Commercial Services Sector, Dubai Chamber, said the new council will go a long way in enhancing bilateral relations between the two brotherly GCC countries. He added that this also shows Dubai Chamber’s commitment to providing all possible help and facilities to private sector companies in their endeavour to grow and contribute to creating a lucrative business environment for foreign direct investments in the emirate and the entire GCC region.

“Kuwait is a historic GCC trading partner for Dubai and this new council will help business communities of the UAE and Kuwait to establish stronger trade ties and contribute to the economic development of Kuwait and the UAE while taking both the countries’ bilateral relations to a higher level,” said Nasib.

He added that presently there are 426 companies, co-owned and operating in Dubai by Kuwaiti businessmen and the country occupies 19th rank on the list of the emirate’s trading partners. Dubai’s non-oil trade with Kuwait amounted to AED 20.3 billion at the end of 2015.

Highlighting the important role played by the various business groups and business councils, Mr. Nasib further stressed that these entities directly support the trade sector, which is one of the leading drivers of the emirate’s economic engine as they also contribute to promoting the competitiveness of Dubai’s business community in the global business arena.

On his part, Saad Al Rubaiaan, Chairman, Kuwait Business Council, said: “It is a matter of pride for us to establish this first of its kind business Council outside of Kuwait. This has been made possible with the hard work of Kuwaiti businesses and the support and cooperation of Dubai Chamber and the Consulate General of the State of Kuwait in the emirate.”

He added: “We look forward to the newly-established Business Council to serve as an ideal platform for Kuwaiti businesses to strengthen their trading ties with Dubai-based businesses and to benefit from the opportunities that the emirate’s vibrant investment environment offers to companies looking to expand globally while contributing to the success and growth of Kuwaiti companies operating out of the emirate’s markets.”

Currently, there are 47 country-specific Business Councils and 27 sector-oriented Business Groups totalling 74 operating under the umbrella of Dubai Chamber which reflects on the diversity of the emirate’s business environment.

Dubai Chamber is providing a number of facilities to all the business councils and groups by inviting them to participate in various events and meetings to strengthen trade relations. The Chamber also serves as a conduit between the public and private sectors represented by these councils and groups as it presents their recommendations and proposals to various government entities.