Dubai Chamber and DP World collaborate on Digital Silk Road initiative


July 9, 2019 | By RetailME Bureau

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.

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /


Almarai, Carrefour, Emirates have the most loyal customers

UAE-based Carrefour will become the first retailer in the region to offer new levels 

Continue Reading

February 22, 2021 | By RetailME Bureau

The Organic Farmers’ Market is back in Bay Avenue for its 12th 

Continue Reading

February 17, 2021 | By RetailME Bureau

UAE-based  Lulu Group recently inaugurated its first-ever all-female staff store in Jeddah, 

Continue Reading

February 15, 2021 | By RetailME Bureau
Jones the grocer

Jones the Grocer, the gourmet grocer and cheese retailer launches the Jones 

Continue Reading

February 1, 2021 | By RetailME Bureau

UAE-based Al Maya Supermarkets is hosting a two-week food festival at select 

Continue Reading

January 17, 2021 | By Lawrence Pinto

Locally-owned supermarket Spinneys has launched its ‘Power of Plants’ initiative in the 

Continue Reading

January 17, 2021 | By RetailME Bureau
Cookit

Carrefour UAE has launched “Cookit Yourself” — a curated recipe box created 

Continue Reading

January 5, 2021 | By RetailME Bureau
Al Islami Plant-Based Burger

UAE-based Al Islami Foods, one of the largest frozen food companies in 

Continue Reading

January 3, 2021 | By RetailME Bureau
Marks & Spencer's plant-based range

Marks & Spencer’s plant-based range now offers over 25 vegan products including meat-free 

Continue Reading

December 23, 2020 | By RetailME Bureau

World’s largest fully integrated online brand in fresh fish and meat e-commerce 

Continue Reading

December 14, 2020 | By RetailME Bureau
Koita

Homegrown, organic and plant milk company, Koita has announced its expansion into 

Continue Reading

December 9, 2020 | By RetailME Bureau
Middle East's vegan revolution

Today’s on-demand streaming services are ripe with docu-series and explainer videos on 

Continue Reading

December 3, 2020 | By Shruthi Nair




Download Images RetailME Magazine