Dubai Chambers nominated for Best Unconventional Project Award at 2023 World Chambers Competition
- The nomination underlines the positive impact of Dubai Chamber’s Intelligent Certificate of Origin (ICOO) project, a key step in developing Dubai’s Blockchain trade capabilities that has resulted in savings of more than AED53.3 million over four years.
- Dubai Chambers ranks among the top issuers of COOs across all Chambers globally, with more than 700,000 certificates issued annually.
Dubai, UAE – Dubai Chambers has been shortlisted as a finalist for the Best Unconventional Project category for its Intelligent Certificate of Origin (ICOO) in the 2023 World Chambers Competition. A total of 111 impressive applications from 47 countries were submitted for the competition.
The Intelligent Certificate of Origin (ICOO) project supports Dubai Chambers’ vision to develop and internationalise blockchain trade in Dubai. The issuance of digital Certificates of Origin (COO) is seen as one of the first and most important stepping stones towards developing broader Blockchain trade capabilities that will help boost Dubai’s non-oil foreign trade from AED 1.4 trillion to AED 2 trillion by 2026, in line with the emirate’s five-year foreign trade plan.
Dubai Chambers ranks among the top issuers of COOs across all Chambers worldwide, with more than 700,000 certificates issued annually. The adoption of the ICOO service is critical to driving international trade and improving the ease of doing business, as well as enhancing the competitiveness of Dubai’s commercial and logistics sectors.
Results recorded from the initiative between 2019 to 2022 demonstrated the outstanding positive impact of the service on Dubai Chambers’ finances by saving over AED53.3 million in four years. Dubai Chambers achieved 100% digitalisation of its COO service, which created a significant contribution to improving the UAE’s competitiveness in the Ease of Doing Business Index.
The award for the Best Unconventional Project recognizes chambers that have developed unique and pioneering projects in activities that are not typically associated with their everyday missions and objectives, while also boosting job creation and enhancing local economies. The selected finalists will showcase their projects to a panel of judges, with the winners set to be announced during the 13th World Chamber Congress Gala Dinner in Geneva in June 2023.
The World Chambers Competition was established in 2003 and is an integral part of the World Chambers Congress. Organised by the ICC World Chambers Federation, it is the only global award that recognises the most innovative projects undertaken by chambers of commerce and industry. By highlighting the success of local initiatives, the competition serves to inspire the development of pioneering and beneficial chamber solutions for business communities worldwide.