Dubai Chamber Of Commerce Members' Exports, Re-exports Reach AED73.5 Billion In Q1 2024

Dubai Chamber of Commerce, one of the three chambers under Dubai Chambers, has reported significant achievements in the first quarter of 2024. The chamber's performance highlights its role in advancing Dubai's economic development, enhancing competitiveness, and supporting the private sector, aligning with the Dubai Economic Agenda (D33).

In Q1 2024, 19,056 new companies joined Dubai Chamber of Commerce, marking a year-over-year (YoY) growth of 17.6 percent. This increase underscores Dubai's appeal to companies and investors and the emirate's favourable business environment.

The value of members’ exports and re-exports in Q1 2024 reached AED 73.5 billion, reflecting a YoY growth of 4.5 percent. The number of exporting members rose by 7.3 percent, from 8,848 in Q1 2023 to 9,496 in Q1 2024. This growth demonstrates Dubai's robust trade relations and the local private sector’s efficiency in serving international markets.

Certificates and Carnets

During the first quarter, 191,013 certificates of origin were issued, showing a YoY growth of around 7 percent. Additionally, 1,416 ATA Carnets were issued and received, with a combined value of AED 804.9 million.

Leadership Insights

Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, stated that the strong performance indicates progress towards achieving the goals of the Dubai Economic Agenda (D33). This agenda aims to accelerate international trade and foreign direct investment to double Dubai’s economy over the next decade.

Strategic Initiatives

Dubai Chamber of Commerce is focused on enhancing Dubai’s business environment, attracting foreign investments, expanding Dubai-based companies into new markets, and developing the digital economy. The chamber also aims to improve legislative and regulatory efficiency.

Legislative Reviews and Business Councils

In Q1 2024, the chamber reviewed 33 laws and draft laws with Business Groups, achieving a recommendation adoption rate of 45 percent. It held 24 meetings with Business Groups and Business Councils and established four new Business Councils representing stakeholders from specific countries.

Mediation Cases

The chamber received 33 mediation cases in Q1 2024, an increase of 83.3 percent compared to the same period last year. Of these cases, 84 percent were successfully resolved, with a total value of AED 2.6 million.

Support for Family Businesses

The Dubai Centre for Family Businesses published a new ‘Corporate Governance Guidelines for Family Businesses’ toolkit. This platform helps family-owned enterprises assess governance maturity and promotes sustainable growth.

The centre will also host educational workshops as part of its ‘Governance Series’ initiative to enhance sustainability and competitiveness among family businesses in Dubai.

With inputs from WAM