In this list, we offer you a brief review of the most important and latest news of the Chamber, including decisions, agreements, events, and national and international partnerships
The Ajman Chamber of Commerce and Industry (ACCI) and the Dubai International Financial Centre (DIFC) Courts have signed a Memorandum of Understanding with a vision to promote collaboration, knowledge sharing, and information exchange on matters of common interest, in order to support the UAE business community. The MoU was signed by His Excellency Abdullah Saeed Al Nuaimi, Board Member, Ajman Chamber of Commerce and His Excellency Justice Omar Juma Al Mheiri, Deputy Chief Justice of DIFC Courts, at the headquarters of Ajman Chamber. The signing ceremony was also attended by His Excellency Abdullah Al Muwaiji, Chairman, and His Excellency Salem bin Ahmed Al Nuaimi, Deputy Chairman of ACCI, and His Excellency Justice Nassir Al Nasse -the DIFC Courts. As stated in the MoU, the cooperation will involve the promotion of the DIFC Courts’ efficient and independent English language common law system, including promotion of the DIFC Courts Wills Service, as well as the exchange of experiences and information between both sides. The two parties further agreed on the importance of launching awareness campaigns aimed at the business community, as well as promoting the services provided by both parties, whilst providing each other with statistics, publications, periodicals, indications, laws, and regulations governing their public services for the benefit of the end-users. His Excellency Abdullah Saeed Al Nuaimi applauded Ajman Chamber’s efforts to provide an attractive and sustainable business environment that upholds legal rights and enhances the Emirate's economic competitiveness, stressing that the MoU will provide new ground for direct cooperation between the Ajman Centre for Commercial Conciliation and Arbitration and the DIFC Courts. He also commended the efforts of the federal and local authorities associated with judicial affairs in enhancing the competitiveness of the economic sector whilst ensuring and preserving legal rights in a way that supports the continuity of businesses and the growth of the private sector in the country. He stressed the importance of the MoU and its role in diversifying legal services to protect businesses’ interests and consolidate the economic position of Ajman, highlighting the Chamber's efforts to collaborate with various local and federal agencies to achieve their common goals. HE Justice Omar Juma Al Mheiri praised the efforts of the Dubai and the UAE in providing a legal environment that stimulates each individual sector, as well as the wider economy. He affirmed that the DIFC Courts is very active with ensuring that all UAE entities and agencies receive the support and expertise of the DIFC Courts, to deliver value-added services and promote growth and sustainability plans for all parties.
Abdullah Al Muwaiji, Chairman of the Ajman Chamber of Commerce and Industry, praised the efforts of the leadership in launching long-term national development projects that support the competitiveness and progress of the UAE globally, as well as motivating the pace of social and economic progress in the country. "The launch of the national strategy for advanced industry and technology (Operation 300bn) will reinforce the competitiveness of the UAE's economy and the sustainability of its main driving forces. It represents a start of an advanced technology-based industrial era that depends on the future foresight to ensure leadership of the UAE industry, diversity of the local product, growth of exports, and the contribution to regional and global supply chains," members of Ajman Chamber's Board of Directors said. They also suggested that Ajman Chamber to adopt establishment of a multi-storey industrial building to support entrepreneurs interested in the field of industry in the emirate, in line with the future plans and directions of the country. This came during the second meeting of the Board of Directors of the Ajman Chamber for 2021, chaired by Abdullah Al Muwaiji, to discuss the functioning of the Ajman Chamber and to review the developments of existing and future projects and initiatives. Held at the Ajman Entrepreneurship Centre, the meeting was attended by Hamad bin Rashid Al Nuaimi, and Salem bin Ahmed Al Nuaimi-Chairman's deputies and members of the Board of Directors, and Salem Al Suwaidi, the Director General. During the meeting, the members were briefed on the minutes of the first meeting for 2021 and the final account of the previous year, which they passed. They also reviewed results of the Human Resources Committee's meetings for 2021, which they approved as well, followed by discussing the financial position of the Chamber during the first quarter of this year. The meeting further reviewed the developments of the Ajman Chamber Business Award and the time plan for announcing the winners. The Board of Directors emphasized its importance and the role played by it in creating a competitive environment among the Chamber’s members to spread best practices to the business community. The Board of Directors was also briefed on the 2020 annual report and its importance in monitoring the Chamber’s achievements and highlighting the events, activities and seminars carried out by the Chamber during the previous year. The members were also briefed on the innovation strategy and future foresight in the Chamber. They stressed the importance of supporting creativity and innovation by creating the appropriate climate that enhances the culture of innovation among employees in order to develop the services offered to customers and to boost the growth and sustainability of business. They also affirmed the need to direct entrepreneurs in the emirate to rely on the creative and innovative approach in implementing and managing their projects and to choose pioneering and innovative projects that meet the requirements of the local market. The meeting discussed the digital transformation plan for the Chamber’s services and the importance of providing fast services that keep pace with the aspirations of the members. Hamad Ghanem Al Shamsi, during the meeting launched the “Information Request on Membership of Establishment” service which provides members and non-members with the issuance of a membership information document for registered members in order to verify the existence of an establishment registered with the Chamber as a reliable source of information about the establishments. The work progress of the Ajman Chamber’s Business Support Programme, functioning of the Ajman Entrepreneurship Centre, and the business plan to attract entrepreneurs to benefit from the services provided by the Center were also reviewed during the meeting. The attendees further emphasized the importance of preparing to participate in the Expo-2020 Dubai by engaging the Chamber’s members to benefit from and participate in the historic event. It will be a chance not to be missed to get acquainted with the best practices, top global projects and innovative products around the world. They also stressed the need for coordination and direct communication with the concerned parties to benefit to the fullest form the Expo 2020 activities, which will extend over 6 months. The meeting was concluded with a report on the working groups and the Chamber's efforts in direct communication with the members to monitor the proposals and challenges facing the business community in the emirate. They reviewed the methodology for solutions adopted in the Chamber in cooperation with government and private entities.
The Ministry of Education (MoE) and the Ajman Chamber of Commerce and Industry (ACCI) have signed a memorandum of cooperation (MoC), to boost the outputs of the Ajman International Education and Training Exhibition (AETEX), which is organised annually by the Chamber. The agreement will contribute to introducing AETEX to students in schools to ensure that they will benefit from the exhibition to the fullest. The exhibition highlights the opportunities for accredited higher education disciplines that are most compatible with the needs of the labor market in the country and abroad. Signed the agreement, Eng. Abdulrahman Al Hammadi, Undersecretary of the Ministry of Education, and Salem Al Suwaidi, Director General of the Ajman Chamber. The MoC provided for strengthening the cooperation between the two parties in attracting the largest number of students, public and private schools, and teaching staff, to visit the exhibition virtually. The virtual edition of AETEX will feature various activities and several academic and professional opportunities, so that students and parents can find and choose the academic discipline that fits their desire and in the same time is compatible with the needs of the labor market. It also provides full information and data on how to enroll in higher education institutions. The MoC also provided for highlighting the achievements of the UAE in the field of higher education, and cooperating in holding specialized workshops to educate students about the mechanisms for choosing disciplines appropriate to their abilities and preferences. Eng. Abdulrahman Al Hammadi said, “The attention paid by His Highness Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, to support events, activities, conferences and exhibitions dealing with education, its technologies, resources and the best international practices, represents a pillar for the advancement of education, and this the exhibition is a fruit of his tireless efforts and support.” He also pointed out that the cooperation between the MoE and ACCI is based on a joint endeavor towards achieving the goals of sustainable education in the country. “This fruitful cooperation has resulted in this agreement that will serve the Ministry's visions in enhancing the students’ knowledge and awareness, especially regarding importance of proper selection of university disciplines and needs and fields of the local and external labor market,” he added. Al Hammadi also affirmed the Ministry’s keenness to participate in the AETEX, which represents a leading national platform that achieves a set of valuable educational goals. The exhibition has been witnessing remarkable growth and development since its launch, so it has become a destination for many students and society to learn more about the services and information it provides in the higher education fields, he added. “The academic guidance for students is a key role played by the MoE, therefore, it is keen to increase the communication with the state institutions, in order to make the desired impact on students' awareness, and to help them build their academic and professional future, as they are an essential resource that the leadership pays most attention to,” he added. For his part, Salem Al Suwaidi commended the effective cooperation between the Ministry and the Chamber in organizing the AETEX over the past years. “The organizing committee constantly seeks to develop AETEX by keeping abreast of variables of the educational sector. Therefore, AETEX serves as an important educational platform that highlights the most prominent disciplines, developments and tools for the educational sector in the UAE and the region as well,” he added. The continuity and success of AETEX reflects the vision of His Highness Sheikh Humaid bin Rashid Al Nuaimi, to enhance the educational position of the Emirate of Ajman and to attract leading educational institutions that contribute to the advancement of knowledge, research and investment in the human element, Al Suwaidi said. “The 8th edition of AETEX, which is the first virtual one, represents a special importance in light of the variables and opportunities for distance learning the educational sector witnessed during the pandemic. It further strengthens its journey as a sustainable platform for direct communication between higher education institutions with school students and parents,” he added.
The economic sector in the UAE is distinguished by the diversity of its driving forces, foreseeing the future and the reliance on the cutting-edge technology in all fields, Salem Al Suwaidi, Director General of the Ajman Chamber of Commerce and Industry said. And the industrial sector is a major pillar for the economy’s growth and development, thus the leadership pays great attention to it so as to increase its contribution to the GDP, he added. The launch of the Industrial Strategy "Operation 300bn" by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, represents beginning of a new era for the development and leadership of the industrial sector in the country. The strategy aims at diversifying the sector’s ingredients and ensuring its sustainability, in addition to preparing for the next fifty years in light of the integrated infrastructure and stimulating policies. The strategy further aims at empowering and expanding the industrial sector to become the driving force of a sustainable national economy, and increasing its contribution to the GDP by Dhs300 billion by 2031, Al Suwaidi added. He also stressed the Ajman Chamber’s commitment to keep pace with the agenda of the UAE in general and the Emirate of Ajman in particular, thus it seeks within its strategic plan to develop and sustain the industrial sector, which is one of the main pillars of the emirate’s economy. He pointed out that the number of factories operating in the emirate reached more than 1,000, while the manufacturing industries’ contribution to the emirate’s GDP reached 32.4 per cent in 2019. Al Suwaidi also explained that the Ajman Chamber strengthens its role in the sustainability and growth of the industrial sector through the direct communication with its members from the factories to unify efforts and discuss participation in specialized exhibitions and events locally and internationally. Moreover, the government entities concerned with economic affairs strive to promote innovation in industry and to rely on artificial intelligence and modern technology in line with the guidance of the prudent leadership.
Abdullah Al Muwaiji, Chairman of the Ajman Chamber of Commerce and Industry (ACCI), received Shahir Dajbi, Consul General of the Republic of Tunisia in Dubai, to discuss boosting of the bilateral commercial and economic ties and to explore the investment opportunities available in various sectors. Held at the Chamber's headquarters, the meeting was attended by Salem bin Ahmed Al Nuaimi, Vice Chairman of Ajman Chamber, Salem Al Suwaidi, Director General, and Mohammed Al Janahi, Executive Director of Promotion and Investment, while the Tunisian delegation comprised Sami Hassan, Director of the Commercial Representation, Iman Al Huli, Economic Affairs Adviser at the Tunisian Consulate. Welcoming the visiting delegation, Al Muwaiji affirmed the deep-rooted bilateral relations between the UAE and Tunisia, noting that the Emirate of Ajman, under the guidance of its prudent leadership, is keen to reinforce its economic cooperation and trade exchange with all countries of the world in general and the Arab countries in particular. He stressed the importance of the meeting to utilize the available expertise and to explore investment opportunities in various sectors, such as industry, trade, tourism, health, education, infrastructure, agriculture, and others. The Ajman Chamber reviewed the most important economic ingredients in the emirate and the efforts of the government entities to provide an attractive economic environment that ensures fast delivery of transactions and hassle-free procedures. For his part, Shahir Dajbi briefed the attendees on the most important investment opportunities in Tunisia, especially in the industrial, agricultural and infrastructure sectors, calling on investors to be acquainted with the opportunities available in Tunisia. He also lauded the Emirati investment models in Tunisia, and so the Tunisian models in the UAE, expressing his aspiration for more cooperation to increase the volume of trade and mutual investments between the two sides. He further stressed the need for the constant communication between the Ajman Chamber and the Tunisian Consulate to utilize the opportunities in the education and health sectors in particular, in addition to following up the major exhibitions and events in the two countries. Moreover, he pointed to the importance of organizing joint forums that bring together businessmen and traders to explore the investment opportunities and the possibility of cooperation and partnership between them. The attendees expressed their optimism in increasing the volume of trade between the UAE and Tunisia in light of the diversity of opportunities and products, since that the volume of trade between the UAE and Tunisia reached Dhs1 billion in 2019. At the end of the meeting, Abdullah Al Muwaiji presented a memorial shield to Shahir Djebi, Consul General of the Republic of Tunisia.
Abdullah Al Muwaiji, Chairman of the Ajman Chamber of Commerce and Industry, chaired a panel discussion titled "The Economic Indicators" to explore their role in developing the economy and attracting investments in all industrial, commercial, tourist, educational and health fields. The session was attended by Salem Al Suwaidi, Director General of Ajman Chamber, along with the executive directors and all the Chamber’s employees. Beginning of the session, Al Muwaiji congratulated the female employees of the Ajman Chamber on the International Women’s Day and their role in the Chamber’s achievements. He praised the efforts of the leadership in empowering Emirati women and enhancing their effective participation in all fields, which reflects the position of women in the UAE society. The panel discussion reviewed the major economic indicators and their direct impact on the economic sector. Among these indicators are the GDP and the expected growth rates. They are considered the most important indicators of economic growth and attraction of direct investments. Based on those indicators, the UAE Central Bank expects a growth of about 3.6 per cent in the UAE's GDP in 2021. The panel discussion also pointed to the multiplicity of economic indicators affecting the global economy, including "the dollar exchange rate, increase in job rates, a decline in unemployment rates, cryptocurrencies, gold and others." The attendees were introduced to the soft power indicator and its role in promoting local economies and supporting investments and local tourism by highlighting scientific, technical, cultural and economic achievements. It further opens horizons for communication between peoples. The UAE occupies an advanced global rank in the soft power index, according to a poll conducted during the World Summit on Soft Power in 2021. It included 77,000 people from 105 countries around the world. The UAE ranked 17th globally and first in the region in terms of influence of soft power, and among the top 15 countries in the world in handling the Covid-19 pandemic. Closing the session, Abdullah Al Muwaiji stressed importance of panel discussions of the Ajman Chamber. They serve as a platform that enhances the expertise of the Chamber’s employees and address issues related to the economic affairs, in addition to monitoring the opinions and suggestions of employees that feed into the services and the outputs of the Chamber.
Abdullah Al Muwaiji, Chairman of the Ajman Chamber of Commerce and Industry chaired a panel discussion entitled "Innovation Strategy and Future Foresight" in line with the Innovation Week's activities taking place in the UAE. It is also a part of the series of panel-discussions that are organized by the Ajman Chamber to develop its human cadres, to enhance their experiences and knowledge, and to get acquainted with the best practices related to the Chamber's work. This is further positively reflected on the quality of services that serve the business community in the Emirate of Ajman. The session was attended by Salem Al Suwaidi, Director General of Ajman Chamber, the executive directors and all the employees of the Chamber and SARI company. Al Muwaiji first welcomed the attendees emphasizing importance of innovation and its role in creating opportunities and developing services in all fields. He also stressed the Ajman Chamber's adoption of innovation methodology to improve and develop its services and monitor ideas and proposals of its employees and members. He praised the efforts of the UAE in the field of innovation, which it adopts as a policy for development and future foresight. He further affirmed that the annual events in the field of innovation have strengthened the culture of innovation among institutions and individuals making the UAE the top Arab country and the 34th globally in the GII. The panel discussion generally stressed the importance of innovation and anticipating the future in institutions in developing programs, integrating future policies, enhancing the thinking and culture of innovation and making it an corporate work. It also recommended applying effective activities and procedures to generate innovative ideas from all parties such as employees, customers and partners, along with the continuous evaluation and periodic reports to view the efforts made regarding innovation. The attendees were briefed on the main areas of innovation and future foresight in the Chamber, as well as the future trends and drives at the local and regional levels. The session also reviewed the most important global trends in the area of the Chamber’s work. Furthermore, the panel discussion recommended the importance of motivating business youth to adopt a creative and innovative approach in managing their projects, which would contribute to developing products and services and ensuring the success and sustainability of their businesses. The seminar also emphasized the importance of cooperation and partnership between the parties concerned with economic affairs in launching specific initiatives to create new business opportunities for youth.
The Ajman Chamber of Commerce and Industry organized a workshop titled "Innovation Concept and Tools" as part of its participation in the Innovation Week's activities taking place in the country. The workshop aims at providing employees with tools for innovation and developing job skills to improve the quality of services offered to customers and the business community in the emirate. The two-day-workshop was attended by Nasser Al Dhafri, Executive Director of Communication and Member Support, Iman Al Shamsi, Director of Development and Innovation Department, and the Ajman Chamber's employees. It was presented remotely by the instructor Fawziya Shahrour. The workshop addressed general concepts in innovation, objectives, types and various tools of innovation, innovative ideas-determinants and standards, obstacles to innovative ideas and how to innovate. It also included a number of practical exercises and mechanisms for applying innovative models to projects and ideas. Nasser Al Dhafri praised the efforts of the leadership in supporting the field of innovation and providing an attractive environment for launching innovative ideas and projects in all fields. He also stressed that the Innovation Week's activities play a great role in motivating institutions and individuals to put forward ideas and foresee the future, in addition to providing a platform to learn about the latest developments in the government and private bodies in terms of innovative services and tools. Al Dhafri further pointed to the country’s approach to producing a generation of innovators and creators enhancing the UAE’s anticipation to find solutions and turn challenges into opportunities. For her part, Iman Al Shamsi affirmed the Ajman Chamber's keenness to enhance the culture of innovation among employees with the aim of developing the work environment and the services provided. She also pointed to its keenness to participate annually in innovation activities and implement a number of specialized courses and workshops by experts and stakeholders in addition to organizing brainstorming sessions to monitor ideas and proposals that enable employees to think creatively. She praised the response of the participants and their interaction with the practical exercises in the workshop. This contributed to monitoring a group of innovative ideas related to the work environment, she said, noting that the economic sector is one of the sectors most affected by the field of innovation, whether in the services provided by the authorities concerned with economic affairs or projects for entrepreneurs and investors.
The Higher Committee of the Ajman Chamber Business Award discussed the latest developments for the Award and the preparation for honoring the winning establishments in its 6 categories, namely “CSR, Commercial Sector, Industrial Sector, SMEs, Emiratization and Innovation” This came during a meeting attended by Board of Directors Members of the Ajman Chamber- members of the Higher Committee of the Award, Abdullah Saeed Al Nuaimi, Hamad Ghanem Al Shamsi and Dr. Amna Khalifa Al Ali, alongside Salem Al Suwaidi, Director General of the Chamber, and Nasser Al Dhafri, Head of the Organizing Committee for the Ajman Chamber Business Award. The attendees praised the importance of the award and its role in providing a platform to highlight the best practices of private sector’s establishments in the emirate, and to enhance the benefit from the successful and inspiring experiences of the winner in the Award’s categories. This also help strengthen the leadership of the Emirate of Ajman as a local, regional and international attractive destination for business activities in the UAE. The attendees were briefed on a report on the results of the evaluation processes by accredited arbitrators, as well as the efforts of the organizing committee in communicating with the companies and factories and organizing awareness sessions to introduce the evaluation mechanisms and the required standards. The meeting also stressed the importance of diversifying the Award’s categories, which contributes to expanding the participation and increasing the benefit of the private sector in the emirate in generally. Head of the Award's Organizing Committee, Nasser Al Dhafri, explained that the Ajman Chamber aims through the Award to enhance the communication with the elite of business owners in the emirate, to improve and develop the reputation of the winning entities and to honor them, as well as enhancing the public's confidence in the winning establishments. He also explained that the organizing committee relied on the standards applied locally and regionally by a group of experts and referees to select the best establishments that were nominate for the Award’s categories. He praised the efforts of the Board of Directors of Ajman Chamber in adopting value-added initiatives that keep pace with the growth of economic fields in the Emirate of Ajman.
The executive director of promotion and investment at Ajman Chamber, Mohammad Ali Al Janahi, praised the diversity of start-ups owned by the UAE nationals and their direct contribution to the local economy, stressing the Chamber's keenness to support Emirati businessmen and provide the necessary ingredients for the growth of their projects and to attract more citizens to start their own projects through training and consultations. This came during his visit to "Cup Café" in the Heritage District in Ajman, in the presence of Jamila Kajoor, Director of the National Business Development Department at the Ajman Chamber, who were received by entrepreneur Saud Abdullah Al-Nuaimi. Al Janahi explained that the Ajman Chamber is looking forward to encouraging brands’ owners from citizens in the emirate to promote the franchise field, especially since these projects are characterized by quality and innovation. He praised the efforts of all concerned federal and local authorities in the country for their role to provide initiatives and programmes to develop the field of franchising. He appreciated the leadership's keenness to provide all possibilities to support the business community in general, youth and entrepreneurs in particular, in addition to directing the concerned authorities to the necessity of diversifying the initiatives and incentives to ensure the growth of the sector and its contribution to the emirate's GDP. This further leads to increasing employment opportunities in all service, commercial, industrial, technical and other fields. Al Janahi further indicated that the Ajman Chamber, under the directives of the Board of Directors, seeks to overcome challenges and obstacles that may obstruct the start-ups by intensifying the field visits with to monitor proposals and recommendations. This aims to ensure the provision of a competitive environment that enhances the success and sustainability of projects, in addition to providing a directory for entrepreneurs for the existing projects in the emirate, he added. The entrepreneurs directory highlights the most projects in each field and communication mechanisms. Therefore, it represents a window on the field of entrepreneurship in the Emirate of Ajman, with the aim of exchanging experiences and promoting the cooperation between owners of relevant start-ups wone by citizens. He also praised the flexibility shown by entrepreneurs in acing the repercussions of COVID-19, considering that a major meter for the strength and durability of the economy due to its reliance on SMEs. Commenting on the memorandum of cooperation between the Ajman Chamber and Ajman Bank, which aims at launching the "Ajman Chamber Business Support Programme", he said it represents a quantum leap to promote the enterprises owned by citizens in the emirate to provide adequate funding for them. It further aims to provide training, feasibility studies and technical support through experts and specialists from the Ajman Chamber and Ajman Bank, Al Janahi added.
The Ajman Chamber of Commerce and Industry (ACCI) discussed the ways to boost the tourism industry in the emirate and to explore the future in order to monitor proposals and recommendations. This was during a meeting of the Tourism Working Group of the Ajman Chamber with the Department of Tourism Development and the Department of Economic Development. The virtually held meeting was attended by Salem Al Suwaidi-Director General of Ajman Chamber, Nasser Al Dhafri-Executive Director of Communication and Members Support, Abdullah Abdulmohsen Al Nuaimi-Director of Relations and Members Support Office, and representatives of the tourism and economic departments and the tourist and events facilities in the emirate. At the outset of the meeting, Al Suwaidi welcomed the attendees, stressing the importance of the meeting and its role in providing a direct communication between government departments and representatives of the tourism industry and events facilities to meet the requirements for the next phase. It also aims to boost the tourism sector by forwarding the proposals and recommendations that serve the sector to decision-makers. For their part, the attendees praised the economic incentives that were granted to the tourism facilities in the emirate under directives of the leadership to alleviate the repercussions of COVID-19. They also stressed the necessity of joining efforts to organize tourism events to attract tourists externally and domestically from citizens and residents in cooperation with the concerned government departments and tourist establishments. Salem Al Suwaidi stressed that the Ajman Chamber is keen through its work group to enhance the growth of business and to meet the aspirations of the members. It always allows direct communication between the Chamber and the private sector facilities on the one hand and members with each other on the other side, he added. The attendees recommended the necessity of intensifying meetings during the next phase to ensure that they keep abreast of the changes that occur in the tourism sector and to follow up on recommendations and proposals.
The Ajman Chamber of Commerce and Industry (ACCI) signed a memorandum of cooperation (MoC) with the Ajman Bank to reinforce the cooperation between the two parties in order to serve the business community in the emirate and to support SMEs and innovative projects. In addition, it aims to support start-ups of citizens to develop their business. The Ajman Chamber seeks through signing a memorandum of cooperation to launch the "Ajman Chamber Business Support Programme" to provide appropriate financing for citizen entrepreneurs after studying each project separately by a specialized team from the Chamber and Ajman Bank. The programme will also provide training and technical counseling to ensure business growth with a provision of a comprehensive feasibility study for each project. The MoC was signed at the headquarters of the Ajman Chamber by Abdullah Al Muwaiji, Chairman of the Ajman Chamber, and Mohammed Amiri, CEO of the Ajman Bank. The agreement stipulated the development of local investments by supporting Emirati entrepreneurs with the aim of diversifying and developing the local economy by providing financial support to SMEs. It also aims to strengthen the cooperation in studying projects and providing the necessary capabilities to promote and support start-ups, in addition to encouraging Emirati youth to engage in self-employment through providing meaningful opportunities that ensure their success. The two parties agreed on the importance of having a joint work team from the Ajman Chamber and Ajman Bank to hold meetings, follow up the progress of work and set general frameworks to enhance the benefit of the existing projects and to attract citizens who wish to open new projects.
Abdullah Al Muwaiji, Chairman of the Ajman Chamber of Commerce and Industry, praised the directives of His Highness Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, and Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of the Executive Council, to implement heritage tourism and economic projects that highlight the historic identity of the emirate and revive memories of the ancestors. These projects provide various investment opportunities for Emirati businessmen in an environment that support growth of SMEs. This came during the visit of the Board of Directors of the Ajman Chamber to the Ajman Heritage District, where the delegation was received by Dr. Mohammad bin Omair, Executive Director of the Infrastructure Development Sector at the Municipality and Planning Department in Ajman. Abdullah Al Muwaiji and members of the Board of Directors toured the heritage district and visited a number of shops, cafes, and stores that are specialized in antiques, currencies and other activities. Al Muwaiji affirmed the economic value of the heritage district thanks to its distinct investment environment that keeps pace with the aspirations of the Emirati entrepreneurs. He also hailed the quality of the infrastructure and the multiplicity of spaces available for stores that would enhance the diversity of commercial activities and increase the distinction of Al Hisn Market in the heritage district. He further praised the efforts of the Municipality and Planning Department and the Department of Tourism Development in Ajman to carry out heritage tourism and economic projects, stressing the need for concerted efforts to implement future projects in all areas of the emirate to highlight the emirate’s history. Dr. Mohammad bin Omair briefed the delegation about the project’s phases and its yards such as Al Hisn Yard and Flag Yard. “The project provides the emirate’s community with a tourist and investment destination with a heritage character that mimics the memories of the emirate,” he said.
As part of a series of panel discussions that the Ajman Chamber of Commerce and Industry (ACCI) organizes for its employees to enhance their knowledge, exchange information and monitor recommendations and proposals that serve the work environment, Abdullah Al Muwaiji-Chairman, chaired a virtually-held panel discussion titled "Sukuk and Bonds". The session was joined by Salem Al Suwaidi, Director General, and executive directors, alongside all the Chamber's and Ajman Bank’s employees. Commencing the session, Al Muwaiji welcomed the attendees and emphasized the importance of the session, as it clarifies the differences between bonds and sukuk. He also praised the efforts of the UAE to approve a strategy for public debt and to enhance confidence in the country's economy, especially with high credit ratings. During the panel-discussion, bonds were defined as long-term loans with a pre-determined date of repayment and a fixed interest rate. The issuing establishment must pay the bond’s value upon maturity plus interest every year or six months according to the agreement between it and investor. Bonds are one of the lending methods to finance the operational activities. Bonds vary between secured bonds and supported by mortgage, unsecured bonds, which are convertible into common shares, and callable bonds, which can be paid before the maturity date. The session also explained sukuk and their features. They represent nominal equal value securities issued for a specified period, each of which represents a common share in the ownership of assets, benefits, rights, or a specific project or its rights or cash flows. They do not represent a debt on its source to the sukuk holders. They are issued and traded in accordance with the conditions and Shariah controls and based on the principle of sharing in profit and loss. Their profits are from the outcome of their activities. Among the types of sukuk are “Mudaraba Sukuk, Murabaha Sukuk, Musharaka Sukuk and Ijarah Sukuk.”
Ajman Chamber of Commerce and Industry organized an orientation workshop on its website: www.ajmanchamber.ae to highlight the most prominent improvements added to the electronic services available on the website in cooperation with the Ajman Contact Center and in the presence of representatives of companies and customer service employees at the Ajman Contact Center. The workshop dealt with an introduction to the electronic services provided by Ajman Chamber and an explanation of the steps for applying for the electronic certificate of origin, the smart attestation service, bill payment channels, and the payment mechanism through the Ajman smart payment portal "Ajman Pay". Fatima Al-Awadi, Director of Technology Projects and Smart Services Department at the Ajman Chamber, stressed the importance of the workshop and its role in providing customers with the recently added improvements in the services provided on the website pointing to Ajman Chamber's keenness on the continuous development of the technological infrastructure and available electronic services in a way that contributes to the members' sustainability and the growth of their business. Al-Awadi added, "the organizers of the workshop were keen to monitor all proposals and ideas submitted by the attendees to improve the Chamber's services in the future explaining that the workshop enhanced the effectiveness of direct communication between the chamber and its members". Moreover, Al-Awadi valued the directives and instructions of Ajman Chamber Board of Directors in diversifying service delivery channels and striving to create services that raise the aspirations of Ajman Chamber's customers and members in a way that translates the wise leadership directives and contributes to achieving the emirate's vision. The attendees praised the importance of the workshop and its role updating the electronic services provided by Ajman Chamber; thus, the workshop also included several interventions and inquiries about the steps taken to complete the transactions.