In the period from Q1 to Q3 of 2024, Dubai International Chamber successfully attracted 157 companies to the emirate, which includes both multinational corporations (MNCs) and small and medium-sized enterprises (SMEs). This represents a remarkable 68.8 percent increase compared to the 93 companies drawn to Dubai during the same timeframe last year, reinforcing the city’s status as a premier investment hub on the global stage.
Dubai International Chamber, one of the three entities operating under Dubai Chambers, has revealed its achievements from the first nine months of 2024. These accomplishments include facilitating the expansion of local firms into promising global markets and attracting foreign direct investment to the emirate. The chamber continues to play a pivotal role in advancing the goals of the Dubai Economic Agenda (D33).
Growth in multinational corporations and SMEs
Among the companies attracted in the first nine months of this year, 39 were MNCs, up from 18 in Q1-Q3 2023, demonstrating a year-over-year (YoY) growth of 117 percent, Dubai Media Office reported. Additionally, 118 SMEs established a presence in Dubai during Q1-Q3 2024, a significant increase of 57 percent from the 75 SMEs attracted in the corresponding period of 2023.
Support for local companies’ expansion
Through its international offices and various programs and initiatives, Dubai International Chamber effectively supported the expansion of 75 local companies into new global markets during Q1-Q3 2024. This marks an impressive 241 percent YoY increase compared to the 22 companies supported during the same period last year. The chamber provided assistance to these firms in enhancing international exports and establishing a physical presence in their target markets.
Commitment to economic growth
Sultan Ahmed bin Sulayem, chairman of Dubai International Chamber, indicated that the remarkable results showcased the chamber’s relentless commitment to highlighting Dubai’s competitive advantages in alignment with the objectives of the Dubai Economic Agenda (D33). He emphasized the dedication to positioning the emirate as a premier destination for foreign direct investment and a global hub for opportunity and growth.
Leveraging international networks
Bin Sulayem also noted that the chamber’s extensive network of international offices highlights the lucrative opportunities available in Dubai for the global business community, aiding companies in capitalizing on the emirate’s competitive strengths as a gateway to lucrative markets. He pointed out that these offices play a crucial role in supporting Dubai-based companies in their international expansion efforts.
Trade missions to global markets
In the first nine months of this year, the chamber organized two trade missions to Southeast Asia and West Africa under the ‘New Horizons’ initiative, which allows Dubai-based companies to participate in trade missions to strategically selected international markets. Over 830 bilateral business meetings were facilitated between participating companies from Dubai and their counterparts in these regions to explore investment opportunities and foster joint economic partnerships.
Read more: Dubai Chamber of Commerce launches ESG Label to promote sustainable business practices
Southeast Asia trade mission highlights
During the Southeast Asia trade mission, 200 bilateral meetings were organized for Dubai companies with counterparts in Indonesia during the first phase. The second phase successfully arranged 180 meetings between Dubai firms and Vietnamese companies.
Engagement with African markets
The African trade mission included visits to Senegal and Morocco, where more than 150 business meetings were conducted between companies from Dubai and their Senegalese counterparts in the capital, Dakar. Dubai International Chamber also signed a Memorandum of Understanding (MoU) with the Dakar Chamber of Commerce, Industry and Agriculture to enhance bilateral cooperation.
Collaboration with Moroccan partners
In Morocco, over 300 meetings were organized in Casablanca between the Dubai delegation and Moroccan businesses to explore opportunities for business development and economic collaboration. Furthermore, Dubai Chambers signed four MoUs to strengthen ties with the Moroccan Agency for Investment and Export Development, the General Confederation of Moroccan Enterprises, the Chamber of Commerce, Industry and Services of Casablanca-Settat, and the Chamber of Commerce, Industry and Services of Rabat-Salé-Kenitra.
