Dubai Chamber signs MoU with MCCI to facilitate e-commerce

Updated 01 March 2015

Dubai Chamber signs MoU with MCCI to facilitate e-commerce

As part of its efforts to promote e-commerce among the Gulf chambers, the Dubai Chamber of Commerce and Industry (Dubai Chamber) signed a memorandum of understanding (MoU) with Makkah Chamber of Commerce and Industry (MCCI). The MoU is meant to support, facilitate and join the new e-commerce initiative launched by Dubai Chamber in collaboration with the Alibaba Group, China's major global e-portal.
Under the new partnership, the two sides agreed to enhance international trade by promoting e-commerce, and opening of new and promising markets for the MCCI members besides allowing them the benefits of the e-commerce platform, which is unique in the region.
The benefits include access to the knowledge center and free e-commerce customer service and International Chamber of Commerce (ICC) services through the e-commerce MENA region club and allotment of certificate of verified membership.
The MoU was signed by Atiq Juma Nasib, SVP, commercial services sector, Dubai Chamber, and Ibrahim Bardeshi, acting secretary general, MCCI, in the presence of Maher Saleh Jamal, chairman, MCCI.
Addressing the gathering after the signing of the MoU, Nasib said that gone are the days of traditional trading as the future belongs to e-commerce, adding that the concept of online trading has become a necessity in today’s business scenario and under the guidance of the country’s wise leadership to adopt the concept of smart business, Dubai Chamber recently collaborated with the major global e-portal to double the business prospects for the business community.
He lauded the role of the officials of MCCI in adopting the concept of smart business as well as their desire to benefit from the experiences of their counterparts in the region as this partnership will serve the interests of the regional business community. He called for a unified effort to achieve the growth and prosperity for Gulf businesses.
Nasib further stated that this latest agreement with MCCI is in line with the directives of Sheikh Mohammed bin Rashid Al-Maktoum, UAE VP and PM and ruler of Dubai, to share knowledge and expertise with regional entities as he stressed that there will be more cooperation pacts in the areas of sustainable business practices and CSR as Dubai Chamber is one of the major organizations in the region to promote these concepts.
Belaid Rettab, senior director, economic research and sustainable business development sector, Dubai Chamber stressed the importance of e-commerce and said the UAE is ranked as the largest e-commerce market in the GCC region as, according to Dubai Chamber statistics based on PayPal 2013 data, there was an increase of $2.9 billion in 2012.
He added that Saudi Arabia is the second largest e-commerce market after the UAE, as the Kingdom expects an increase from $1 billion in 2012 to $2.7 billion by the end of this year.
Bardeshi said the cooperation with Dubai Chamber has come in the wake of the signing of a MoU earlier in Dubai on exchange of expertise and knowledge, information and training.

Boeing abandons 2019 outlook after 737 MAX aircraft groundings

Updated 24 April 2019

Boeing abandons 2019 outlook after 737 MAX aircraft groundings

  • Boeing’s core earnings fell to $1.99 billion, or $3.16 per share
  • The planemaker said it faced $1 billion in increased costs in the first-quarter ended March 31

Boeing missed sharply-lowered Wall Street estimates for revenue and cashflow in the first quarter and suspended its 2019 outlook, as the world’s largest planemaker continued to suffer from the grounding of its 737 MAX jets.

The company said it faced $1 billion in increased costs in the first-quarter ended March 31, related to the 737 aircraft as it halted deliveries of the grounded planes to customers around the globe.

The company also said it was halting share buybacks.

The fallout of a second deadly crash within months in March has seen Boeing cut production of the jets to 42 aircraft per month, down from 52, and its operating cash flow in the first quarter was around $350 million lower than a year earlier.

Boeing is also spending on developing a fix for an anti-stall software known by the acronym MCAS, which has been a common link in the separate chains of events leading to the two crashes within a span of five months.

The company said it would be issuing a new forecast in the future when it has more clarity around the issues surrounding the 737 MAX.

First-quarter operating cash flow declined to $2.79 billion, from $3.14 billion, missing the Wall Street’s average estimate of $2.82 billion.

Revenue fell 2 percent to $22.92 billion, below analysts’ average estimate of $22.98 billion.

Excluding certain items, Boeing said its core earnings fell to $3.16 per share, in the quarter from $3.64 per share, a year earlier. Analysts had expected Boeing to earn $3.16 per share.