The Dubai Chamber of Commerce and Industry has signed a memorandum of understanding (MoU) with DP World UAE region to collaborate on the Digital Silk Road, a Dubai 10X initiative which is expected to be launched by 2020.
The Digital Silk Road is a smart digital platform which utilises blockchain technology to increase the transparency and efficiency of supply chains through a comprehensive automation process. The platform aims to reshape the global trading system and eliminate trade barriers such as high costs, lack of transparency, diversification of legislation and lack of security in business transactions.
The MoU was recently signed by Hamad Buamim, president & CEO of Dubai Chamber of Commerce and Industry, and Mohammed Al Muallem, CEO and managing director, DP World – UAE region in the presence of officials and directors from both organisations.
Commenting on the announcement, Buamim said that the Digital Silk Road aims to transform the way Dubai trades with the world and noted that the digital platform will offer several competitive advantages and benefits to companies in Dubai – including lower trade costs, faster delivery of goods, seamless trade processes and enhanced security and transparency.
“Investing in smart services and solutions is a top priority for Dubai Chamber, and we look forward to working with our partners to develop a game-changing digital platform that will drastically improve and simplify trade processes and procedures. The project falls in line with our efforts to support the objectives of the Dubai Plan 2021, while it also complements our current initiatives that aim to reduce business costs and enhance economic competitiveness,” said Buamim.
“DP World takes pride in collaborating with the Dubai Chamber of Commerce to develop Digital Silk Road, part of the Dubai 10X initiative launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of Dubai Executive Council and Chairman of the Board of Trustees of Dubai Future Foundation. Dubai 10X aims to leverage Dubai’s strategic geographic location and its region-leading logistics infrastructure to position the city as a global hub of innovation and setting the bar for cities across the world,” added Al Muallem.
Under the terms of the agreement, Dubai Chamber and DP World will form a joint team which will be tasked with implementing the project. Other objectives of the MoU include facilitating global trade, positioning Dubai as one of the best countries in the world for ease of doing business, and setting procedures and plans to ensure a favourable business environment in the emirate.
Dubai Customs will serve as a key partner for the project and support the development of the platform’s integrated system for trade procedures. Once operational, the platform will enable users to track trade transactions, reduce transaction time and enable digital authentication in an encrypted and secure manner.
Watsons to open 20 new stores in the GCC
In 2020, global health & beauty retailer AS Watson Group signed its
April 29, 2024 | By Rupkatha BAsda and Deliverect Deepen Partnership to Power Rapid Delivery Across Asda Express
SQUATWOLF’s Kuwait Flagship Store Anchors Its Regional Growth Ambitions
Global beauty icon Ulta Beauty to make Riyadh debut at Panorama Mall
/ 
For decades, Haldiram’s built deep recall across the UAE through its packaged
When House of Habanero opened its first physical location at Alserkal Avenue
Union Coop has completed a significant expansion of its Hatta Souq branch,
Saudi Arabia is set to welcome U.S. food exporters this week, as
Majid Al Futtaim has officially entered the discount retail segment with the
As convenience increasingly becomes currency in the region’s grocery landscape, Union Coop
As wellness becomes a lifestyle in the UAE, the grocery aisle is
Grandiose, one of the leading grocery retailers in the UAE with a
With shifting consumer behaviour, rising cost pressures, regulatory changes, and rapid digitization,
Union Coop’s blend of retail expansion, digital innovation, and community focus is
Abu Dhabi-based MAIR Group has marked a pivotal stage in its transformation
In a move that blurs the line between shopping and investing, Apparel
/ 
Why cinemas, wellness sanctuaries and cultural districts are becoming emotional infrastructure for
From bullion to boutiques, investment to immersion, Dubai Gold District marks a
NRF Vice President of Education Strategy Susan Reda forecasts 2025’s retail trends
The Dubai Duty Free (DDF) has recorded sales of $1.94 billion up
In what comes as a significant announcement, Middle East based eyewear majors
Emirati Gen Z women are seeking collaborative, culturally diverse and creatively enriching
GMG’s Everyday Goods – Retail division celebrates expansion milestone hitting 60 stores
Among several others, three key factors have fuelled the growth of homegrown
Empowering women, transforming communities: The rise of female-led businesses in Times Square Center
In its central Dubai location, Times Square Center stands not just as
Previous Article
