In the first half of this year, Indian companies led the way in terms of new additions to the Dubai Chamber of Commerce membership, highlighting the emirate’s attractiveness to foreign investment and the expansion of its non-oil private sector.
The Dubai Chamber of Commerce reported a 39 percent annual increase in the total number of newly registered Indian companies during the first half of 2023, reaching a total of 6,717.
These Indian companies accounted for 22.3 percent of all new registrations during the first half, bringing the total number of Indian member firms to 90,118. The chamber emphasized the significant role played by Indian companies in supporting the sustainable growth of Dubai’s economy.
The UAE ranked second in terms of new companies joining the chamber during the same period, with 4,445 new firms registering. Pakistan came in third, with 3,395 new businesses, representing a 59 percent year-on-year increase and bringing the total number of registered Pakistani companies to 40,315.
Dubai solidified its position as a major global economic center during the first half of 2023, with strong performances across various sectors, including tourism and real estate. The emirate’s economy achieved an annual growth rate of 2.8 percent in the first quarter, reaching a total of Dh111.3 billion ($30.3 billion). This growth momentum continued from 2022 when the economy expanded by 4.4 percent. Emirates NBD predicts a growth rate of 3.5 percent for 2023.
The Comprehensive Economic Partnership Agreements that the UAE is forging with various countries are further boosting trade flows and enhancing the value of non-oil foreign trade, strengthening the UAE’s position as a major global trading hub.
Apart from India, other countries that experienced significant growth in new chamber members in the first half include Egypt, which saw a remarkable 102 percent year-on-year growth rate with 2,154 new companies joining, bringing the total to 18,028. The UK witnessed a 40 percent increase, with 963 new UK-owned member companies, totaling 10,010.
China also featured prominently among the top nationalities for new chamber members, with 664 new companies joining, marking a 69 percent annual increase and reaching a total of 8,265 Chinese-owned enterprises.
The diversity of nationalities represented among the new chamber members underscores Dubai’s dynamic business environment and its consistent ability to attract a broad spectrum of foreign direct investment. The total number of new chamber members grew by an impressive 43 percent annually during the first half of 2023.
Business activities of new members in the first half were primarily concentrated in trading and repair services, accounting for the majority at 42.4 percent. Following closely was the real estate, renting, and business services sector, which made up 30.8 percent of total business activities among new members. The construction industry came in third at 7.2 percent, followed by the transport, storage, and telecommunications sector, contributing 6.3 percent to the total activity among new companies during the first six months of the year.