In a significant indication of Dubai’s growing economic status and its pivotal role in fostering international trade, enhancing business growth, and establishing global partnerships, the International Chamber of Commerce (ICC) has appointed H.E. Mohammed Ali Rashed Lootah, Director General of Dubai Chambers, to its Executive Board. The ICC is the largest business organization worldwide, comprising a vast network of 45 million companies, ranging from small and medium enterprises to multinational corporations that employ over one billion people across more than 170 countries.
Founded in Paris in 1919, the ICC aims to represent the interests of the global business community. The annual trade value of goods among its members exceeds $17.5 trillion, with national committees in over 100 countries.
Dubai Chambers joining the ICC Executive Board reflects Dubai’s prominent position as a key driver of constructive cooperation and partnerships aimed at boosting international trade. It solidifies Dubai’s leadership role as an active player in developing global trade systems, facilitating business operations, and shaping the future of the world economy.
This development underscores the international community’s confidence in Dubai’s unique development model, which combines an ambitious economic vision with flexible regulations that stimulate business sector growth, and a strong public-private partnership. It also illustrates the close ties and deep connections the emirate has on the global stage, positioning it as a leading center for economic decision-making.
The ICC plays a vital role in promoting global trade growth and developing economic policies in collaboration with local and international bodies. Additionally, it contributes to shaping the rules governing international trade transactions and the global economy.
H.E. Mohammed Ali Rashed Lootah stated, “Dubai continues its efforts to enhance international economic collaboration and promote cross-border trade flows, focusing on developing a global system that stimulates private sector growth and fosters a more competitive business environment. Through its global partnerships, Dubai Chambers is committed to enhancing the emirate’s role in leading the global dialogue on the future of trade, international market integration, and supporting innovation and business partnerships that contribute to sustainable global economic growth.”
Under the ICC umbrella is the World Chambers Federation, which serves as a vital platform for communication and collaboration among chambers of commerce worldwide regarding issues related to supporting small and medium enterprises and the private sector. The federation is the most prominent global association of chambers, comprising over 1,500 chambers from more than 100 countries. Every two years, it organizes the World Chambers Congress, the only forum for chamber leaders to exchange experiences and discuss business sector issues and networking opportunities, attracting over 15,000 participants.
The federation works to enhance the capabilities of global chambers of commerce and establish close relationships with several multilateral organizations, including the World Bank, the United Nations Development Programme, and regional and global banks. The federation also oversees the “temporary admission” guarantee mechanism, which involves all national entities certifying approved temporary admission books from customs authorities. Additionally, it administers the International Certification Council that enhances the accreditation processes for certificates of origin globally, developing best practices for issuing these certificates.
The ICC’s International Court of Arbitration is recognized as a leading body for resolving commercial disputes worldwide, having established its prominence since its inception in 1923. The annual value of cases settled by the court exceeds $200 billion. Under the ICC’s umbrella is the International Dispute Resolution Center, which offers mediation services.
As a catalyst for economic development in the emirate, Dubai Chambers is dedicated to empowering the local business community, supporting its growth, ensuring successful expansion into foreign markets, accelerating Dubai’s digital economy, safeguarding business interests, and reinforcing Dubai’s status as a leading global business hub.