Increase in Attracted Companies and Multinational Presence
Dubai International Chamber (DIC) has reported a significant surge in its performance during the first nine months of 2024, attracting 157 companies to Dubai, a 68.8% increase compared to the same period in 2023. This includes a remarkable 117% year-on-year growth in multinational companies (MNCs) choosing Dubai as their base.
In addition, there were promising SMEs; 118 SMEs moved to Dubai during Q1-Q3 2024. This is up by 57% from 75 SMEs realised during the same period last year.
PC: HiDubai Focus
Enabling Local Companies To Reach Globally
Beyond attracting business to Dubai, DIC has also supported the outgoing internationalisation of local companies. In Q1-Q3 2024, the Chamber supported 75 Dubai-based companies in their push to enter new global markets, representing a staggering 241% increase year-over-year compared to 22 companies in the same period in 2023. The Chamber supported both international exports and foreign direct investment.
Dubai International Chamber Strengthens Position as Global Hub for Business
Chairman of Dubai International Chamber, His Excellency Sultan Ahmed bin Sulayem, said that the results are a testament to the Chamber’s commitment to advancing Dubai’s competitive edge in line with the Dubai Economic Agenda (D33). “These outstanding results reflect Dubai International Chamber’s tireless commitment to promoting Dubai’s competitive advantages in support of the objectives of the Dubai Economic Agenda (D33).
We continue to position the emirate as a top destination for foreign direct investment and a global capital for opportunity and growth, he said. Bin Sulayem stated that the international office network of DIC has been fundamental in underlining Dubai’s business opportunities and supporting companies in using its strategic position. These offices play a dual role by attracting global businesses into Dubai while enabling local businesses to tap into very promising international markets.
Promoting Trade Missions and Partnerships
In its ‘New Horizons’, the Chamber in the first nine months of the year organised two major trade missions, one to Southeast Asia and the other to West Africa, bringing the international counterparts and the companies of Dubai together. There were more than 830 bilateral business meetings initiated to look at investment opportunities and strengthen economic partnerships.
In addition, four Memorandums of Understanding (MoUs) were signed with entities in Morocco and one with the Dakar Chamber of Commerce, Industry, and Agriculture, thus consolidating trade ties and inducting potential future collaborations.
Driving Dubai’s Economic Vision
The Chamber’s success was and is a reflection of its strategic efforts to position Dubai as a destination of preference for foreign direct investment while empowering local businesses to expand overseas. Much of this effort can be aligned closely with the Dubai Economic Agenda (D33) set forth by elevating Dubai as a global capital for economic growth and opportunity.
Dubai International Chamber is building on its mission through diversified initiatives and a strong international presence to promote global business connections while supporting the emirate’s vision of becoming a global business hub.
