Dubai Chamber of Commerce has announced the launch of four new sector-specific business groups, bringing the total number of groups to 45. The new groups focus on companies in fabrication and welding, electrical equipment and contractors’ business, cable & wire, and steel and metal traders.
The Chamber is working towards establishing 100 sector-specific business groups by March 2023 as part of its plan. The aim is to enhance the private sector’s role in sustainable development and improve the competitiveness of the business community within Dubai’s economy and beyond. The Chamber will also facilitate communication between the group members, itself, and the government.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated that the latest business groups will promote transparent communication among key players in each sector. He further added that the companies joining these groups are showing their commitment to growth, which will ultimately aid in the growth of Dubai’s economy. The Chamber will continue to foster meaningful dialogue among group members, the Chamber, and government entities.
With a projected CAGR of 4.6%, the worldwide welding market is predicted to rise significantly from $20.99 billion in 2021 to $28.66 billion in 2028. This group will support the sector’s continuous expansion in Dubai as the industry changes as a result of developing technology, automation, and an increase in the usage of robotic welding.
Electrical Equipment & Contractors Business Group
According to Euromonitor International, the forecasted retail sales of consumer electronics in the UAE are expected to reach AED 32.5 billion by 2027. This includes products such as computers and peripherals, in-car entertainment, in-home consumer electronics, and portable consumer electronics.
The market for cables and wires was estimated to be worth $192.48 billion in 2021, and from 2022 to 2030, it is anticipated to rise at a CAGR of 4.2%. Due to the rising demand for power and energy in the commercial, industrial, and residential sectors as a result of ongoing urbanisation and developing infrastructure, this industry is growing rapidly in Dubai. Upgrading electricity transmission and distribution networks along with the creation of smart grids will continue to fuel market expansion until 2030.
According to Trademap, in 2021, the UAE was the 15th largest importer of iron ore in the world, with imports reaching a high of $1.3 billion (5.2 million tonnes), representing a 93% year-on-year growth. The Dubai Chamber of Commerce sees the formation of these special business groups as a key link between specific sectors, key players, government, and interest groups.
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