In cooperation with the Dubai 10X initiative and Dubai Future Foundation, Emirates Today publishes the most prominent projects participating in the initiative, which was directed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to all government agencies in Dubai To apply today what the cities of the world will apply after 10 years, Dubai 10X seeks, in cooperation with the relevant authorities in the Dubai government, to adopt new models for future governments, by bringing about a comprehensive change in the governmental work system, and setting future plans that restore the government’s role in serving societies and making the future.

Dubai Chamber of Commerce and Industry welcomes the future with the "Digital Silk Road" project, which is a smart global platform that facilitates the movement of trade in safe ways, and supports Dubai's efforts in enhancing the efficiency of the trade sector and the development of commercial transactions and their speed, using blockchain technology, as part of the first phase of the "Dubai 10X" initiative »Approved by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, supervised by the Dubai Future Foundation.

The trade sector represents one of the main engines of Dubai's economy and its domestic product. Dubai ranks fifth in the world among the largest exporters of export certificates. In order to enhance this position, the Dubai Chamber launched the "Digital Silk Road" project.

The project supports Dubai's efforts in enhancing the efficiency of the global trade sector and developing commercial transactions and increasing their speed, as well as raising the levels of accuracy and documentation of information and raising the level of safety and confidence, reducing counterfeit goods, enhancing and enriching the customer experience, and more speed in providing products and supporting entrepreneurs and activating their ability to Innovation, which contributes to developing an innovative approach to international trade.

The project is to create a global platform that eliminates the complexities and weaknesses of the global trading system, and facilitates the practice of trade in a safe and documented manner through blockchain technology at any time and from anywhere, and supply chains on this platform will dispense with paper documents, as they rely on smart source certificates and customs procedures Smart and smart contracts, e-money wallets, digital identities and trade finance online, making the supply chain more transparent via digital transformation and integrated automation of procedures.

The platform provides information to all parties at any time, place such as certificates of origin, goods, customs codes, classification categories, export and import data, shipping documents, loading certificates, customs fees and inspection certificates.

The project is linked to many indicators related to Dubai's competitive position in the world in terms of facilitating trade barriers, enhancing documentary compatibility and border compliance in export and import, facilitating the practice of business activities, compliance with conditions, requirements and documents required for import and export, documenting and archiving all documents related to trade and making them readily available.

The Chamber signed a memorandum of understanding with Dubai Ports World last July, to start developing the Silk Road Digital Project, within the "Dubai 10X" initiative, to enter into force this year, to constitute a quantum leap in facilitating regional and global trade.

The «Dubai Chamber» stated that the agreement aims to formulate the global trade system, and to make Dubai the first globally in the ease of doing business, in addition to strengthening its position as one of the most important business centers in the world, in addition to working to develop procedures and plans to support trade and ensure an attractive work environment in Dubai And globally.

She emphasized that the smart trade platform that is being developed will lead the future growth stage of the global trade sector starting from Dubai, and considered that the use of modern technologies to facilitate doing business is an essential pillar in the efforts made by various authorities in Dubai to shape the future of economic sectors.

She explained that the platform will save time and effort, contribute to canceling the procedural complexities of the commercial movement, and enhance the transparency of commercial transactions, as well as providing documented and accurate information to all parties, and strengthens security measures in relation to counterfeit goods and reduce them, to serve global goals to support the trade sector around the world.

She added that «investment in building the future is a priority, as the trade sector is a pillar in the economy of Dubai, and an essential part of the economic diversification strategy of the emirate, therefore the Chamber expects that the project will contribute to unifying the procedures followed in the global trade movement and simplify and facilitate it, in harmony with the Dubai Plan 2021, especially In the field of consolidating its position as a major axis in the global economy.

The Chamber signed a memorandum of understanding with Emirates NBD last October, with the aim of providing tools and solutions for trade financing for the Digital Silk Road project, and the agreement provides for cooperation with the bank in providing trade financing solutions within the platform, in a way that contributes to achieving its goals, and consolidating Dubai's position as a global center and destination Head of International Trade.

The Chamber emphasized that cooperation with the bank provides financing solutions for trade within the platform, and reveals the importance of partnerships with various stakeholders, to unify efforts to facilitate business practice, and enhance the contribution of the trade sector in diversifying the economy and improving its performance, adding that «the platform will constitute a qualitative shift in local and international commercial work, And it will have various positive repercussions on the ease of doing business, as it adopts advanced smart technologies. ”

She said, “Finance is one of the pillars of commercial transactions. Therefore, merging this pillar with the smart platform services for all trade procedures will provide it with a valuable addition, and enhance the transparency of these commercial transactions, and accelerate its procedures, in order to serve the platform’s goals in providing smart and advanced smart solutions for the traders and sector. Business".

Features

Improving accuracy and accuracy of information.

■ Increase safety and confidence, and reduce counterfeit goods.

■ Dubai made the first in the world in the ease of doing business.

Unify the procedures used in the global trade movement.

Enhance the transparency of trade transactions.

■ Supporting trade and ensuring an attractive business environment in Dubai and internationally.

The project supports Dubai's efforts to enhance the efficiency of the trade sector and the development of speedy trade transactions.