Strengthening Dubai’s key economic sectors
- Lootah: 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. The Chamber remains committed to providing all the support the private sector needs to play its part as a strategic partner to the business community.
- The chamber plans to increase the number of economic sectors and activities represented by business groups to 100 by March this year.
Dubai, UAE – Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has launched business groups for five economic sectors—medical equipment, plastics & rubbers, optics & eyewear, paper, tissue & stationery, as well as chocolate & confectionery. These business groups will encourage engaging discussions that will drive the competitiveness of these business sectors within Dubai’s economy.
Commenting on the establishment of the new business groups, Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said: “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.”
Medical Equipment Business Group
At an annual compound growth rate of 4.4 per cent, Fitch Solutions has estimated that the UAE’s medical device market will reach US$1.52 billion by 2025, benefiting from an overall strong economic performance in the coming years.
Key market drivers supporting this trajectory include, population growth, changing epidemiology, a growing medical tourism industry, healthcare infrastructure developments, expanding health insurance, digital transformation and new technologies.
The setting up of the Medical Equipment Business Group will further bolster business activity within the sector, bringing together members in transparent conversations to support the sector in advocating beneficial policy changes that will in turn enhance its competitiveness.
Plastics & Rubbers Business Group
Plastic products are one of the UAE’s main exported commodities. Its exports of polyethylene to the world reached US$1.4 billion in 2019, growing with a CAGR of 15% from 2011 to 2019.
Among plastic products, UAE mainly exports raw material but 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 a platform for constructive dialogues to increase business activity and boost potential export opportunities for plastic and rubber manufacturers.
Optics & Eyewear Business Group
Eyewear in the UAE witnessed a rebound in retail volume and value sales in 2021 following double-digit declines during the first year of the pandemic. Trends such as digitalisation and working from home will continue to affect 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 investing 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.
The Optics & Eyewear Business Group will shape the future of sector. Through collaboration, the setting up of this business group allows its members to be ahead of the curve in new trends such as tele-optometery and smart glasses. Due to rapid innovation, these are areas that are expected to gain momentum in the coming years.
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 to maintaining relevance and competitiveness of the sector in Dubai’s economic landscape.
The pandemic has generated a surge in demand for tissue and hygiene products over the last few years. While restrictions will continue to be relaxed, depending on the threat level of the pandemic, demand for tissue and hygiene, especially products directly related to personal cleanliness will continue to grow.
Despite a short period of decline in the first quarter of 2020, the UAE stationery market has since witnessed robust growth. Increasing government investment in the educational sector, growing disposable income of consumers and high literacy rate in the country, rapid urbanisation and increasing employment will continue to increase the demand for the stationery market in UAE.
Chocolate & Confectionery Business Group
Consumers are regaining their purchasing power especially after the lifting of restrictions. As they attempt to return to some level of normality in their lives, increasing consumer confidence combined with higher disposable incomes will positively impact 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.
There is also a clear demand for premium and innovative chocolate confectionery as well as luxury gifting boxes and boxed assortments. The business group will also support its members by providing them an exclusive forum to discuss the various trends shaping the future of Dubai’s chocolate and confectionery sector.
This initiative is part of the chamber’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.
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