Interview: Hamad Buamim
What are government entities doing to promote the development of Dubai’s entrepreneurial economy?
HAMAD BUAMIM: Government entities are investing a great deal into new programmes, initiatives and solutions that aim to nurture the emirate’s entrepreneurial ecosystem and encourage the adoption of innovative technologies and solutions. Billions of dirhams have been allocated to initiatives such as the Dubai Future Accelerators and the Sheikh Mohammed bin Rashid Al Maktoum Fund to Finance Innovation, which aim to attract innovative ideas that address existing and future challenges.
For its part, Dubai Chamber supports and guides start-ups, entrepreneurs and small and medium-sized enterprises by providing them with the tools and knowledge they need to succeed. We regularly organise trade missions, high-level business forums, seminars, workshops and networking events to improve companies’ access to market insights and business opportunities. The Dubai Startup Hub, an initiative of Dubai Chamber, provides a holistic approach to developing entrepreneurship in the emirate. The initiative comprises educational programmes, training, mentorship, funding opportunities, and an online interactive platform designed to connect entrepreneurs, start-ups, venture capitalists and technology enthusiasts.
How are the public and private sectors working together to promote sustainable business practices?
BUAMIM: Close cooperation between the public and private sectors has been crucial to the UAE’s achievements in sustainability, and the government has made this concept a key focus of the UAE Vision 2021. To support this strategy, the government has introduced regulation governing the construction of green buildings in the country. Expo 2020 is a good example of how the public and private sectors are collaborating to integrate sustainability into all aspects of the event and showcase Dubai’s potential to become one of the world’s most sustainable cities. Our Centre for Responsible Business (CRB) regularly organises events, workshops and seminars that bring together public and private sector stakeholders to improve corporate social responsibility and drive sustainable change through innovative strategies, solutions and partnerships. In addition, the Dubai Chamber Sustainability Network plays an important role in instilling a culture of responsible business in the UAE. The CRB also assists our members in applying responsible practices that enhance their performance and competitiveness. Furthermore, it provides research, training and events related to corporate social responsibility and sustainability that will support Dubai’s transition to a green economy.
How will the recent introduction of the UAE’s insolvency law impact the local business environment?
BUAMIM: The introduction of this law is an important development for many reasons, but primarily because it offers security to businesses in challenging times. These measures instil confidence in the UAE as a leading global business centre, while it also provides clarity to businesses and investors at home and abroad. In addition, the regulation will support the government’s mission to create a favourable business environment.
In which additional global markets is Dubai looking to expand bilateral trade relations?
BUAMIM: Dubai Chamber’s strategy for 2017-21 identifies priority markets for strengthening ties and boosting trade. These include China, emerging markets in Africa, the Commonwealth of Independent States, Latin America and South-east Asia.
In 2017 we opened a representative office in Brazil, our first in Latin America, and we are planning to open two more in Argentina and India in 2018. The new offices will complement our international network by providing an important platform for promoting Dubai and improving the access of our members’ to opportunities in promising markets around the world.
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