Dubai aims to increase its foreign trade from Dh1.4 trillion to Dh2 trillion as part of a five-year plan announced on Tuesday.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, approved the five-year plan during the Dubai Council meeting.

Sheikh Mohammed also approved restructuring of the Dubai Chamber of Commerce and Industry into three chambers – one each for commerce, international trade, and digital economy.

Juma Al Majid, chairman of Juma Al Majid, has been named honorary president of the Dubai Chamber of Commerce, while Abdul Aziz Al Ghurair is President.

Sultan bin Sulayem, Group Chairman and CEO of DP World, will head the Dubai International Chamber of Commerce; while Omar Al Olama, Minister of State for Artificial Intelligence, has been named President of the Dubai Chamber of Digital Economy.

“We also approved the Dubai International Trade Roadmap, which includes shipping and air routes that currently connect to more than 400 cities around the world, aiming to expand this network with 200 more cities. Dubai will be home to the world's main airport and ports,” said Sheikh Mohammed. “We know what we want and how to reach. We have capacities to implement the plan.”

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, and Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, also attended the meeting.

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