As many as 67,222 new companies joined as members of Dubai Chamber of Commerce in 2023, it was announced on Thursday.
This is the highest number of new members during any year in the chamber’s history and represents a year-over-year growth of 20 percent, it was revealed during the Dubai Chambers’ annual media briefing.
The number of active members at the Chamber grew by 26.8 percent compared to 2022 to reach a total of 217,788, while the value of members’ exports and re-exports increased to over AED284 billion, a 4.3 percent year-on-year growth.
Read: Dubai Chamber launches new digital platform to boost economy
International chamber flourishes
In 2023, Dubai International Chamber successfully attracted 138 overseas businesses to the emirate. These included 34 multinational companies (MNCs) – an increase of 580 percent compared to 2022 – and 104 small and medium-sized enterprises (SMEs), representing a year-on-year growth of 550 percent. The chamber also supported the international expansion of 77 local companies, achieving a record annual growth rate of 756 percent, and increased its network of international representative offices to 31 with the launch of 16 new offices around the world in 2023.
Digital economy strengthens leadership
Meanwhile, Dubai Chamber of Digital Economy continued to strengthen the emirate’s digital leadership by attracting nine MNCs operating in the digital industries to Dubai, together with 549 high-tech startups to achieve an annual growth rate of 916 percent.
The chamber also successfully hosted Expand North Star, established a new platform to support and attract businesses to Dubai, oversaw the launch of the ‘Create Apps in Dubai’ initiative, and published six insightful reports on the emirate’s digital economy.
The annual media briefing event featured an interactive media Q&A session with the participation of Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers; Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications and Chairman of Dubai Chamber of Digital Economy; Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber; and Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers.
“The year 2023 has been another year of landmark achievements for Dubai Chambers in which we furthered our commitment to serving our members’ interests. The record growth in the number of new member companies is a testament to our success in enhancing the competitiveness of the business community. Supporting the private sector remains a key priority for Dubai Chambers as part of our drive to achieve the wise leadership’s vision to advance sustainable development and achieve the objectives of the Dubai Economic Agenda (D33),” Al Ghurair said.
Meanwhile, Al Olama emphasised the important role of digital technology in providing opportunities and building prospects to drive growth.
“The chamber is working to achieve its strategic objectives by designing programmes and initiatives that develop the emirate’s digital infrastructure and building Dubai’s digital future by enhancing entrepreneurship and innovation to enable Dubai to reach the ranks of the world’s leading future economic models,” he said.
Ensuring sustainability of family businesses
Launched under the umbrella of Dubai Chambers in May last year, the Dubai Centre for Family Businesses conducted 40 family visits and developed three educational certification programmes for family members and advisors. These included the Dubai Family Business Management Programme and the Family Business Advisory Certification Programme, which attracted the participation of 22 advisors.
The centre also successfully concluded six sessions in its ‘Governance Series’ programme with the participation of 234 family business representatives and facilitated training and education programmes for 86 family business leaders as part of the Dubai Family Business Management Programme.
In addition, the Dubai Centre for Family Businesses developed six guidance toolkits for family enterprises and hosted the inaugural edition of the Campden Global Owners and Family Office Congress, the world’s largest gathering for family businesses, with the participation of over 300 companies and family offices. The centre also signed an agreement with the Family Firm Institute to facilitate access to educational material for family businesses in Dubai.
For more news on economy, click here.
