Buamim: Multinationals, family businesses pledge support for Community Fund

Hamad Buamim, president and CEO of the Dubai Chamber of Commerce and Industry sets up a Community Fund

DUBAI, UAE — The Community Solidarity Fund Against COVID-19 is a major step towards mitigating the economic, social, and health challenges posed by the outbreak of the novel Coronavirus (COVID-19), asserted Hamad Buamim, president and CEO of the Dubai Chamber of Commerce and Industry.

The private sector will have a leading role to play in supporting the initiative, launched by the Islamic Affairs and Charitable Activities Department, he added, revealing that the chamber will make an initial contribution of AED10 million, to be followed by a series of additional initiatives that seek to empower the business community to minimize the negative impact of the Coronavirus in the emirate.

The chamber reported receiving a considerable number of pledges from multinationals and family businesses in the emirate to contribute to the Fund, give back to their communities, and support Dubai’s business sector through these difficult times.

“The upcoming period will see the private sector come together even further to face common threats,” Buamim said. “The sector will prove that it is beyond prepared to play its part in serving the community.”

“The Chamber will work closely with all relevant government entities to dedicate the Fund’s proceeds to supporting the private sector in Dubai,” Buamim added.

“We have set a complete plan to assist the small and medium enterprises (SMEs) sector, mainly those companies that are particularly struggling through these exceptional conditions. Most importantly at this stage though, is providing blue collar workers who have completed their work and would rather return home the financial means to do so.”

“The issue of construction workers has economic, social, and health aspects to it. With that in mind, the chamber is committed to supporting workers in the sector from a logistical and humanitarian point of view, in keeping with our mandate to represent, support, and protect the interests of the business community in the emirate,” Buamim stated.

Buamim went on to reveal that the Chamber would be conducting studies on market performance, and assessing the current crisis, its development, and potential ramifications. This would then allow decision makers in the government and the business sector to see the full picture and propose pragmatic solutions to address the crisis.

On a similar note, the Dubai Chamber’s Centre for Responsible Business will be playing a larger role in the upcoming period, incentivizing companies to fulfil their social role, Buamim said. The center encourages businesses to implement concrete measures that align with the emirate’s vision and cement its status as a world-leading destination for responsible, sustainable business.

The Dubai Chamber President and CEO reiterated that the business sector has a social and community role that is every bit as important as its corporate mandate to provide products and services. The Chamber will ensure business sustainability, and work to mitigate the repercussions of the Coronavirus crisis on the private sector. — SG