Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has announced impressive results from the first quarter of 2024. The chamber has been highly successful in attracting foreign direct investment to Dubai and supporting local companies’ expansion into global markets, in line with the objectives of the Dubai Economic Agenda (D33).
During Q1 2024, the chamber achieved a 48 percent year-over-year (YoY) growth in the number of multinational companies (MNCs) and small and medium enterprises (SMEs) it attracted to the emirate. This figure increased from 25 in Q1 2023 to 37 in the same period this year. The significant increase reflects Dubai’s growing appeal among global investors and its status as a leading destination for businesses across various sectors.
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The Q1 2024 figures show the chamber attracted 8 MNCs, up from 5 in the previous year, representing a 60 percent YoY increase. Additionally, 29 SMEs were attracted to Dubai during this period, a 45 percent rise from the 20 SMEs attracted in Q1 2023.
Supporting expansion of local companies
Dubai International Chamber also played a crucial role in supporting the expansion of 21 local companies into new global markets during Q1 2024 through diverse programs and initiatives. The chamber assisted these companies with exporting to new countries, establishing their overseas presence, and engaging in joint ventures with local businesses in their target markets. This represents a remarkable 200 percent increase compared to the 7 companies assisted in Q1 2023.
Sultan Ahmed bin Sulayem, chairman of Dubai International Chamber, emphasized the chamber’s continued efforts to attract international companies and investors to Dubai, while also advancing the expansion of local companies into promising global markets. These activities are central to the chamber’s contribution to the sustainable development and objectives of the Dubai Economic Agenda (D33), he said.
Bin Sulayem highlighted the crucial role of the chamber’s network of 31 international representative offices in promoting Dubai as an ideal destination for global talent, high-net-worth individuals, and companies across various sectors.
He added that these offices are integral to Dubai International Chamber’s plans to solidify the emirate’s position as a leading global hub for foreign direct investments and a springboard for expansion into new markets worldwide.
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