Dubai International Chamber has reported a remarkable surge in attracting both Small and Medium-Sized Enterprises (SMEs) and Multinational Corporations (MNCs) to the emirate. In the first half of 2024, the chamber successfully onboarded 86 new companies, representing a substantial 54% year-on-year increase.
A breakdown of these figures reveals that 24 MNCs established their presence in Dubai during this period, marking a staggering 200% year-on-year growth. Additionally, 62 SMEs were attracted, signifying a 29% increase compared to the same period in 2023.
The Dubai International Chamber, through its international offices, programs, and initiatives, has assisted 34 local businesses in entering new international markets in the first half of 2024. This represents a 127% increase compared to the 15 businesses supported in the same period of 2023. The chamber has played a pivotal role in helping these businesses expand their global footprint and exports.
Sultan Ahmed bin Sulayem, President and CEO of DP World and Chairman of Ports, Customs and Free Zone Corporation, and Chairman of Dubai Chamber, said, “The impressive performance in the first half of the year is a testament to the Dubai International Chamber’s ongoing efforts to support the Dubai Economic Agenda (D33), which aims to double the size of Dubai’s economy over the next decade and position Dubai among the top three global cities.”
As part of the ‘New Horizons’ initiative, which enables Dubai-based companies to participate in trade missions to specific international markets, the Chamber organized two trade missions to Southeast Asia and West Africa, with 38 Dubai-based companies participating. These trade missions took place in the first half of the year.
To explore investment opportunities in the UAE and facilitate joint economic partnerships, over 830 business meetings were scheduled. In the first phase of the trade mission to Southeast Asia, 200 business meetings were arranged between Dubai-based companies and their Indonesian counterparts. For the second phase of this trade mission, the Chamber organized 180 meetings between Vietnamese and Dubai-based businesses. Beyond attracting foreign businesses, the Dubai International Chamber has been instrumental in helping local companies expand their global reach. In the first half of 2024, the chamber supported 34 local businesses in entering new international markets, a 127% increase compared to the previous year.
These impressive results can be attributed to the chamber’s strategic initiatives and global outreach. Notably, the “New Horizons” initiative facilitated trade missions to Southeast Asia and West Africa, connecting Dubai-based companies with businesses in these regions. Over 830 business meetings were organized during these missions, leading to numerous partnerships and deals.
Sultan Ahmed bin Sulayem, President and CEO of DP World and Chairman of Ports, Customs and Free Zone Corporation, and Chairman of Dubai Chamber, commented, “The impressive performance in the first half of the year is a testament to the Dubai International Chamber’s ongoing efforts to support the Dubai Economic Agenda (D33) and buy property in dubai, which aims to double the size of Dubai’s economy over the next decade and position Dubai among the top three global cities.”
SMEs and MNCs can form mutually beneficial partnerships. For instance, SMEs can serve as suppliers to MNCs, while MNCs can provide SMEs with access to new markets and technologies.
Dubai’s proactive approach to attracting foreign investment, coupled with a business-friendly environment, has solidified its position as a global business hub. The Dubai International Chamber’s significant achievements in attracting SMEs and MNCs underscore the emirate’s commitment to economic diversification and sustainable growth. As Dubai continues to evolve, it is well-positioned to maintain its status as a leading global city. Our experts at dxboffplan specialize in assisting individuals and businesses obtain UAE residency through company registration in Dubai. Contact us today for personalized guidance.
Source: https://www.propertynews.ae
