Dubai Chamber of Commerce reviews the system "DP" To insure against war risks during "Exporters Council"
Dubai, May 19 / WAM / The Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, introduced a group of industrial companies and companies specializing in logistics and export services to the war risk insurance system that was recently launched by DB World, with the aim of supporting companies in confronting the disturbances that affect trade routes in the Middle East region, during the Exporters’ Council organized by the Chamber in cooperation with the Dubai Ports World Group “DB World” and Dubai Customs.
The event, which was attended by 267 participants, focused on reviewing the features of the insurance system as an innovative solution that provides continuous and comprehensive insurance coverage that extends through all stages of the supply chain, from sea or air freight, through warehousing in ports, all the way to land transportation and final delivery.
The solution contributes to filling the gaps that may be caused by traditional insurance policies, which are usually limited to covering one stage of the shipment’s journey.
His Excellency Mohammed Ali Rashid Lootah, Director General of Dubai Chambers, said: We are committed to supporting the ability of the private sector to face the rapid changes in the global trade environment, and to introduce the innovative solutions and qualitative services that Dubai provides to enhance the operational flexibility of companies and the sustainability of their business. Through this event, we aim to enable companies related to the industrial and commercial sector and logistics services to benefit from effective tools that support the continuity of supply chains and reduce the risks associated with international trade, thus enhancing Dubai’s competitiveness as a global center for trade and logistics services.
For his part, Yuvraj Narayan, CEO of DP World Group, said: In light of the global trade environment that is becoming more complex day by day, the flexibility of supply chains has become more important than ever before, and the war risk insurance system embodies our commitment to providing practical solutions that support our customers in protecting the movement of goods and ensuring the continuity of trade flow through vital regional corridors. By combining our integrated logistics capabilities with specialized risk coverage, we help companies deal with challenges and disturbances with greater confidence and reliability.
The “DB World” group provides the insurance system to all companies conducting their commercial activities in or across the Middle East region, as the program is designed to be the basic pillar that ensures the continuity of supply chains across the most vital trade lanes in the world, including the Arabian Gulf, the Red Sea, and the surrounding land routes, by dealing with risks that may not be fully covered by traditional insurance arrangements, which helps companies manage risks more efficiently.
In turn, Dubai Customs highlighted during the event its role in supporting business continuity and enhancing the efficiency of operational processes, by developing qualitative solutions and initiatives that included developing regulatory frameworks for alternative routes and extending transit periods, in addition to enhancing coordination with various stakeholders to ensure speed of response and raise the efficiency of commercial movement.
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