Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has announced that it attracted 24 multinational companies to Dubai during the first half of 2024. The chamber has continued to successfully attract foreign direct investments to Dubai and support local companies to expand into global markets, in line with the goals of the Dubai Economic Agenda (D33).
Boosting international expansion
Dubai International Chamber reported a 54 percent increase in the number of multinational companies and small and medium enterprises (SMEs), marking a notable increase from 56 in the first half of 2023 to 86 during H1 2024.
The chamber reported a rise in the number of multinational companies from eight in H1 2023 to 24 during the same period this year, achieving a 200 percent annual increase. In addition, it attracted 62 SMEs, a 29 percent rise from 48 during the same period last year.
In addition, the Dubai International Chamber supported the expansion of 34 local companies into new global markets through its international offices, programs and initiatives. Moreover, it supported companies’ export expansion as the number of companies that expanded internationally rose 127 percent annually.
“The remarkable performance achieved during the first half of the year comes as a result of Dubai International Chamber’s ongoing efforts to contribute to achieving the objectives of the Dubai Economic Agenda (D33), which seeks to double the size of the emirate’s economy over the next decade and consolidate Dubai’s position among the top three global cities,” stated Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber.
Expanding Dubai’s trade ties
During the first half of 2024, the Dubai International Chamber held two trade missions to Southeast Asia and West Africa to expand companies’ access to international markets and bolster investment and economic ties. During the visit to Africa, the chamber inked an agreement with the Dakar Chamber of Commerce, Industry, and Agriculture aimed at strengthening bilateral cooperation.
The chamber also signed four agreements 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.
Read: Dubai’s GDP tops $31.3 billion in Q1 2024, grows 3.2 percent
Local business community support
Bin Sulayem added that the Dubai International Chamber reiterates its commitment to enhancing the role of the chamber’s growing network of international representative offices in promoting Dubai’s competitive advantages. This positions Dubai as a favorable destination for foreign direct investment and a global capital for growth and opportunities in all sectors.
In addition, he restated the chamber’s goal of supporting the expansion of companies operating in the emirate into promising global markets, further contributing to the sustainable growth of the local business community.
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