Dubai Chambers nominated for ‘Best Unconventional Project’ award at 2023 World Chambers Competition

Dubai Chambers nominated for ‘Best Unconventional Project’ award at 2023 World Chambers Competition

DUBAI, 17th May, 2023 (WAM) -- 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 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 full digitalisation of its COO service, which created