Dubai Chamber Reports Growth With Over 51,000 New Company Registrations In Q1-Q3 2024

The Dubai Chamber of Commerce, part of the Dubai Chambers group, has shared its achievements for the first nine months of 2024. These accomplishments highlight its role in boosting Dubai's business-friendly environment, fostering economic growth, and aligning with the Dubai Economic Agenda (D33). During this period, 51,561 new companies joined as members, marking a 4% increase compared to last year. This growth underscores Dubai's rising attractiveness to investors globally.

Exports and re-exports by chamber members reached AED 224 billion from January to September 2024, showing a 7% year-over-year increase. The chamber issued 578,268 certificates of origin during this time, also reflecting a 7% rise. Additionally, 3,259 ATA Carnets were processed for goods valued over AED 2 billion. These figures demonstrate the chamber's significant role in facilitating trade activities.

In collaboration with Business Groups, the chamber reviewed 154 laws and draft laws in the first three quarters of 2024. Recommendations from these reviews achieved a 46% adoption rate. The chamber conducted 146 meetings with Business Groups and Councils during this period, including Annual General Meetings. It also facilitated discussions between these groups and government entities.

Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, stated: "Guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum...Dubai is continuing to cement its position as a leading global hub for trade and investments." He emphasized their commitment to supporting sustainable economic development through partnerships with both public and private sectors.

The chamber organised 27 legal events in the first nine months of this year to inform companies about updates on business laws and regulations. These events attracted 2,111 representatives from various industries within the private sector. The aim was to ensure compliance with regulations and encourage best practices among businesses operating in Dubai.

During Q1-Q3 2024, the chamber received 131 mediation cases, marking a substantial increase of 27% compared to the same period last year when they received only 103 cases. This rise indicates an active engagement in resolving business disputes efficiently.

The establishment of seven new Business Councils further highlights the chamber's efforts to represent diverse investor interests. These councils cater to investors from Costa Rica, Greece, Poland, Mexico, Colombia, Kazakhstan, and Georgia. Such initiatives are crucial for fostering international business relations.

Al Ghurair added: "We are committed to doubling our efforts...to attract foreign direct investment...creating more opportunities for companies operating in the emirate." His remarks underline the chamber’s dedication to promoting business growth both locally and internationally.

The achievements reported by the Dubai Chamber of Commerce reflect its ongoing commitment to enhancing Dubai's economic landscape. By attracting new businesses and facilitating trade activities while ensuring legal compliance and fostering international relations, it continues to play a pivotal role in driving sustainable growth within the emirate.

With inputs from WAM