Dubai International Chamber continues to make significant strides in strengthening Dubai’s position as a global business hub. So far in 2024, the Chamber has attracted 157 companies to the emirate, marking a remarkable 68.8% increase compared to the 93 companies it helped bring to Dubai during the same period in 2023.
A Steady Growth Trajectory
Of the 157 companies that have been attracted to Dubai in the first three quarters of 2024, 39 are multinational corporations, showing a strong 117% year-over-year growth from the 18 MNCs brought in the previous year. The remainder, 118, are small and medium-sized enterprises, representing a 57% increase from the 75 SMEs attracted in 2023.
This diverse mix of businesses speaks to Dubai’s ability to cater to companies of all sizes, offering a supportive ecosystem for both established global players and ambitious startups.
Supporting Local Expansion Globally
In addition to attracting foreign businesses, Dubai International Chamber has played a pivotal role in helping local companies extend their reach into international markets. Through its network of international offices and a variety of strategic programmes, the Chamber successfully supported 75 Dubai-based businesses in expanding into new global markets in Q1-Q3 2024. This figure represents an astounding 241% year-over-year increase from the 22 companies supported in 2023.
Aligning with the Dubai Economic Agenda
Dubai International Chamber is aligning its activities with the goals of the Dubai Economic Agenda (D33), which aims to make Dubai one of the top three global cities for business. The Chamber’s efforts to bring in new businesses and support the international expansion of local companies are integral to achieving the D33 objectives. This dynamic approach is positioning Dubai as a top destination for FDI while fostering growth and opportunity within the emirate.
Trade Missions and Strategic Partnerships
One of the key initiatives driving the Chamber’s success is its New Horizons trade missions. In the first nine months of 2024, Dubai International Chamber organised two successful trade missions to Southeast Asia and West Africa, which provided Dubai-based companies with direct access to emerging markets. These missions allowed local companies to engage in over 830 bilateral business meetings with counterparts in Indonesia, Vietnam, Senegal, and Morocco.
Furthermore, the Chamber’s efforts have led to several new agreements to deepen bilateral relations. In Senegal, Dubai International Chamber signed a MoU with the Dakar Chamber of Commerce, Industry, and Agriculture, while in Morocco, four new MoUs were signed with key local organizations to strengthen economic cooperation.
The results achieved by Dubai International Chamber so far this year are a testament to the emirate’s robust business environment and the Chamber’s unwavering commitment to positioning Dubai as a leading global economic powerhouse.
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