Dubai: Dubai Chambers has been shortlisted as a finalist in the prestigious “Best Unconventional Project” category at the 2023 World Chambers Competition. Among 111 remarkable applications received from 47 countries, the Dubai Chambers’ Intelligent Certificate of Origin (ICOO) project has earned this recognition.
The ICOO project aligns with Dubai Chambers’ vision of developing and internationalizing blockchain trade within the city. The issuance of digital Certificates of Origin (COO) is considered a vital initial step towards expanding blockchain trade capabilities, with the goal of propelling Dubai’s non-oil foreign trade from $378 billion to $540 billion by 2026, in accordance with the emirate’s five-year foreign trade plan.
Dubai Chambers stands as one of the leading issuers of COOs globally, issuing over 700,000 certificates each year. The adoption of the ICOO service plays a pivotal role in driving international trade, improving the ease of doing business, and bolstering the competitiveness of Dubai’s commercial and logistics sectors.
Impressively, the results from 2019 to 2022 showcase the remarkable positive impact of the ICOO service on Dubai Chambers’ financials, resulting in savings of over $14.4 million within four years.
Dubai Chambers has achieved complete digitalization of its COO service, making a significant contribution to enhancing the UAE’s standing in the Ease of Doing Business Index.
The “Best Unconventional Project” award recognizes chambers that have undertaken unique and pioneering projects beyond their typical missions and objectives, fostering job creation and strengthening local economies.
The selected finalists will have the opportunity to present their projects to a panel of judges, and the winners will be announced at the 13th World Chamber Congress Gala Dinner in Geneva in June 2023.
Established in 2003, the World Chambers Competition is integral to the World Chambers Congress. Organized by the ICC World Chambers Federation, this global award honours the most innovative projects undertaken by chambers of commerce and industry.
By showcasing the success of local initiatives, the competition aims to inspire the development of groundbreaking and beneficial chamber solutions for business communities worldwide.