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

SHARE

YOU MAY ALSO LIKE /


Food retailer SPAR enters Kazakhstan

Dutch food retailer SPAR enters Kazakhstan following the opening of its first 

Continue Reading

October 6, 2022 | By RetailME Bureau
BinDawood Holding opens first Danube supermarket in Bahrain

One of the leading grocery retail operators of hypermarkets and supermarkets in 

Continue Reading

October 3, 2022 | By RetailME Bureau

Al Maya Group has announced the opening of its new supermarket in Arabian 

Continue Reading

September 29, 2022 | By RetailME Bureau

Locally-owned supermarket Spinneys and pharmacy retailer Aster Pharmacy have joined forces to 

Continue Reading

September 5, 2022 | By RetailME Bureau
The pandemic has undoubtedly affected us all

Majid Al Futtaim has announced its audit reviewed operational and financial results 

Continue Reading

August 24, 2022 | By RetailME Bureau

Dubai’s largest developer Emaar has announced that it will sell it’s online 

Continue Reading

August 22, 2022 | By RetailME Bureau

Walmart announced this week that it will offer Paramount Global’s streaming service 

Continue Reading

August 19, 2022 | By RetailME Bureau

Employee retention has been on every company’s minds, especially since the fears 

Continue Reading

August 16, 2022 | By RetailME Bureau

Veppy.com, a Q-Commerce marketplace startup just announced their go live date in the 

Continue Reading

July 20, 2022 | By Justina Eitzinger

GMG, a global well-being company retailing, distributing, and manufacturing a portfolio of leading 

Continue Reading

July 19, 2022 | By Justina Eitzinger

Lulu Group International recently introduced the world’s first AI-powered Food Delivery Robot 

Continue Reading

May 9, 2022 | By RetailME Bureau




f
Download Images RetailME Magazine