DUBAI, 25th January, 2023 (WAM) -- 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.

This move is part of the Chamber's plan to create 100 sector-specific business groups by March 2023, and is aimed at developing the private sector's contribution to sustainable development and boosting the business community's competitiveness within Dubai's economy and beyond. The Chamber will continue to facilitate communication between group members, the Chamber, and 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.

Fabrication & Welding Business Group

The global welding market is expected to experience significant growth, projected to increase from US$20.99 billion in 2021 to US$28.66 billion by 2028 at a CAGR of 4.6 percent. As the industry evolves with advancing technology, automation, and increased use of robotic welding, this group will support the continued growth of the sector within Dubai.

Electrical Equipment & Contractors Business Group

According to Euromonitor International, the forecasted retail sales of consumer electronics in UAE is expected to reach AED32.5 billion by 2027. This includes products such as computers and peripherals, in-car entertainment, in-home consumer electronics, and portable consumer electronics.

Cable & Wire Business Group

The market size of the cable and wire sector was valued at US$192.48 billion in 2021 and is projected to grow at a CAGR of 4.2% from 2022 to 2030. The growth in this sector in Dubai is driven by continued urbanization and expanding infrastructure, which increases the demand for power and energy in commercial, industrial, and residential sectors. The development of smart grids and upgrading of power transmission and distribution systems will further drive market growth until 2030.

Steel & Metal Traders Business Group

According to Trademap, in 2021, the UAE was the 15th largest importer of iron ore in the world, with imports reaching a high of US$1.3 billion (5.2 million tonnes), representing a 93 percent 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.

wam