Dubai, UAE – In a resounding testament to Dubai’s continued appeal as a global economic powerhouse, the Dubai Chamber of Commerce welcomed a remarkable 30,146 new members in the first half of 2023. Leading this influx were Indian companies, who accounted for a significant 22.3% of these new entrants, underscoring the emirate’s magnetism for foreign investment and its growing non-oil private sector.
The Dubai Chamber of Commerce revealed that the number of Indian companies seeking membership saw an impressive year-on-year surge of 39%, reaching a total of 6,717 registrations during H1 2023. This robust growth trend is a clear indicator of the Indian business community’s unwavering support for Dubai’s sustainable economic development.
Dubai Chamber of Commerce, one of the three chambers operating under the Dubai Chambers umbrella, reported that Indian companies now constitute a substantial 90,118 member-strong community, a testament to their pivotal role in bolstering Dubai’s economic landscape.
“The number of Indian companies registered by the end of June 2023 increased to 90,118, reflecting the important role Indian companies play in supporting the sustainable growth of Dubai’s economy,” stated the chamber.
The UAE secured the second position in the list of new chamber members during the six-month period, with 4,445 new companies registering. Pakistan followed closely in third place, experiencing an impressive 59% year-on-year increase, which resulted in a total of 3,395 newly registered Pakistani companies, bringing their overall count to 40,315.
Dubai’s growing prominence as a global economic center was reaffirmed in the first half of 2023, with strong performance observed across various sectors, ranging from tourism to real estate. Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, emphasized this growth, noting that the emirate’s economy expanded by 2.8% annually in the first quarter, reaching Dh111.3 billion ($30.3 billion), maintaining the robust momentum achieved in 2022, when it grew by 4.4%.
Emirates NBD forecasts an additional 3.5% growth for Dubai’s economy in 2023. The Comprehensive Economic Partnership Agreements that the UAE has been forging with several countries are stimulating trade flows and elevating the value of non-oil foreign trade, solidifying the UAE’s status as a major global trading hub.
Egypt witnessed an impressive 102% year-on-year growth, with 2,154 new companies joining the chamber, bringing the total number of Egyptian member companies to 18,028. The UK experienced a 40% increase, adding 963 new UK-owned member companies during the first half, reaching a total of 10,010. China also emerged as a prominent nationality among new chamber members, with 664 new companies joining in the first half, marking a 69% annual increase and bringing the total number of Chinese-owned enterprises to 8,265.
Jordanian companies registered an overall count of 8,368, with 639 new firms, while 588 new Lebanese businesses became chamber members, elevating the total number of registered Lebanese companies to 6,175 by the end of June 2023.
Mohammad Ali Lootah, President and Chief Executive of Dubai Chambers, commended the diversity of nationalities represented among the new members, stating, “The diversity of nationalities represented among the new companies joining the chamber reflects the vibrancy of Dubai’s dynamic business environment, together with the emirate’s strong ability to consistently attract a broad range of foreign direct investment.”
Mr. Lootah also revealed that the total number of new chamber members increased by a remarkable 43% annually during the first half of 2023.
Breaking down the business activities of new members, trading and repair services emerged as the predominant sector, capturing 42.4% of total activities. This was closely followed by the real estate, renting, and business services sector, which accounted for 30.8% of the total business activities among new members. The construction industry ranked third, claiming a 7.2% share, while the transport, storage, and telecommunications sector came in fourth place, representing 6.3% of the total activities among new companies in the first six months of the year.
Original article reference: The National News.