Dubai Chamber launches first International Chamber of Commerce

Dubai:

The Dubai Chamber of Commerce and Industry (DCCI) launched the first International Chamber of Commerce (ICC) Regional Banking Commission Middle East and North Africa (Mena), a chapter of ICC’s rule-making body for the banking industry

Launched in partnership with the ICC, it is the ICC’s first office outside Paris, the DCCI announced yesterday.

The ICC and DCCI signed a memorandum of understanding during the launch conference on Tuesday to create a long-term institutional relationship at a regional and global level facilitating trade in the Mena region.

The new initiative allows Dubai Chamber, which occupies the Deputy Chair’s position at ICC’s World Chambers Federation (WCF), to create a Regional Banking Commission while coordinating with the Banking Commission and act as the permanent host to the Regional Banking Commission for Mena. It also provides broader role for Dubai Chamber to meet increasing demands for premium trade finance information and up-to-date policy and market intelligence by the business community.

“The launch of the Banking Commission Mena follows the new decree issued late last year by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, empowering Dubai Chamber to represent Dubai businesses in global forums by linking up with international non-profit business organisations and associations and help them set a base in Dubai to expand into the region,” said Hamad Buamim, Director General of DCCI.

The DCCI hopes to attract more international associations to set up offices in Dubai and expects to announce new openings shortly, he said.

The ICC Banking Commission appointed Lakshamanan Sankaran, Chair, Regional Banking Commission (RBC) Mena International Chamber of Commerce who is also Deputy General Manager and Head of Operations and Trade Finance at Commercial Bank of Dubai. He will form a steering committee with inputs by Dubai Chamber.