One of the three chambers under Dubai Chambers, Dubai Chamber of Commerce, has established business groups for five industries: medical equipment, plastics and rubbers, optics and eyewear, paper, tissue, and stationery, and chocolate and confectionery.
These business organizations will foster lively discussions that will boost these industries’ competitiveness within Dubai’s economy.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, made the following remarks regarding the establishment of the new business groups:
“The new business groups will significantly contribute to the support of their respective economic sectors and activities, enhancement of their competitiveness, and stimulation of growth.” The Chamber strives to enhance the private sector’s contribution to sustainable development and the economic performance of the business groups it represents.
Dubai’s economic model has established itself as a prime example in setting visionary, future-shaping, and proactive strategies, and Lootah noted that the partnership between the public and private sectors is a top priority in the emirate’s vision.
He went on to say, “Business groups have a tremendous responsibility to keep up with the emirate’s strategic plans and contribute to the development and improvement of various sectors and economic activities.”
“The Chamber remains committed to providing the private sector with all the support it requires to fulfill its role as a strategic partner of the business community,” reads the statement.
Medical Equipment Business Group Fitch Solutions projects 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, at an annual compound growth rate of 4.4%.
Population growth, shifting epidemiology, a growing medical tourism industry, developments in healthcare infrastructure, expanding health insurance, digital transformation, and new technologies are all important market drivers that support this trajectory.
The Medical Equipment Business Group will help the industry advocate for beneficial policy changes that will increase its competitiveness by bringing members together for open discussions. This will boost business activity within the sector.
One of the UAE’s primary exports is plastic products, according to the Plastics & Rubbers Business Group. From 2011 to 2019, its polyethylene exports to the world reached US$1.4 billion, growing at a CAGR of 15%.
UAE exports mostly raw material for plastic products, but there is a lot of room for product diversification in the form of intermediate or final plastic products for plastic exports.
The Plastics & Rubber Business Group helps a lot of businesses in the sector by giving them a place to talk about things in a positive way. This helps them do more business and opens up more opportunities for plastic and rubber manufacturers to export.
After experiencing double-digit declines in the first year of the pandemic, Optics & Eyewear Business Group observed a rebound in 2021 in both retail volume and value sales for eyewear in the UAE. For the next five years, consumer purchases will continue to be influenced by digitalization and working from home trends.
Many retailers and manufacturers have been compelled by the pandemic to invest in e-commerce infrastructure and develop digital eye health and virtual try-on features. However, store-based retailing continues to dominate the eyewear industry, with e-commerce accounting for less than 10% of total sales in 2022.
The sector’s future will be shaped by the Optics & Eyewear Business Group. The formation of this business group enables its members to keep up with emerging trends like tele-optometery and smart glasses by working together. These are areas that are anticipated to gain momentum in the coming years as a result of rapid innovation.
Paper, Tissue, and Stationery Business Group The formation of the Paper, Tissue, and Stationery Business Group—two products that are essential to everyone’s day-to-day lives—comes at an ideal time, as post-pandemic purchasing momentum continues to increase. The business group is an important part of keeping the industry relevant and competitive in Dubai’s economic landscape.
Over the past few years, the pandemic has led to an increase in the demand for tissues and other hygiene products. According to the pandemic’s level of threat, restrictions will continue to be relaxed, but demand for toilet paper and hygiene products, particularly those that are directly related to personal hygiene, will continue to rise.
The UAE stationery market has experienced robust growth since the first quarter of 2020, despite a brief period of decline. The demand for the stationery market in the United Arab Emirates will continue to rise as a result of the country’s high literacy rate, growing disposable income, rapid urbanization, and rising employment.
Chocolate & Confectionery Business Group After restrictions have been lifted, consumers are regaining their purchasing power. Demand for snacks that can be bought on a whim will rise as people try to regain some sense of normalcy in their lives and as confidence in the general public rises.
Organic chocolate confectionery and varieties with lower sugar content are in high demand as a result of a demographic that is more concerned about their health. Producers and manufacturers will receive assistance from the Chocolate & Confectionery Business Group in navigating the shifting business landscape.
Luxury gift boxes and boxed assortments, as well as premium and innovative chocolate confectionery, are clearly in demand. The business group will also help its members by giving them a special place to talk about the different trends that will affect Dubai’s chocolate and confectionery industry in the future.
The chamber intends to expand the number of business organizations that represent Dubai’s various economic sectors and activities through this initiative. By March of this year, the chamber intends to have 100 business groups.