Dubai International Chamber Attracts 157 Companies To Dubai In First Nine Months Of 2024

Dubai International Chamber, part of Dubai Chambers, has shared its achievements for the first nine months of 2024. The chamber has been instrumental in helping local companies expand globally and attracting foreign direct investment to Dubai. This aligns with the goals of the Dubai Economic Agenda (D33).

The chamber successfully attracted 157 companies to Dubai from January to September 2024. This includes both multinational corporations (MNCs) and small and medium-sized enterprises (SMEs). Compared to last year’s 93 companies, this marks a significant increase of 68.8%, highlighting Dubai's growing appeal as an investment hub.

Among the companies attracted this year, 39 were MNCs, up from 18 during the same period in 2023. This represents a remarkable year-over-year growth of 117%. Additionally, 118 SMEs chose Dubai as their base in Q1-Q3 2024, a rise of 57% compared to the previous year's figure of 75.

Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber, stated, "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."

In addition to attracting new businesses, the chamber supported the global expansion of 75 local companies during Q1-Q3 2024. This is a substantial increase from last year's 22 companies, marking a growth rate of 241%. The chamber assisted these firms in boosting international exports or establishing physical presences abroad.

Bin Sulayem further noted that their international offices highlight lucrative opportunities for global businesses while aiding local firms in accessing promising markets. These offices are crucial in facilitating international expansion for Dubai-based companies.

Trade Missions and Bilateral Meetings

This year, two trade missions were organised under the 'New Horizons' initiative targeting Southeast Asia and West Africa. Over 830 bilateral business meetings took place between participating Dubai companies and their international counterparts to explore potential investments and partnerships.

The Southeast Asia mission included stops in Indonesia and Vietnam. In Indonesia, there were 200 meetings arranged between local businesses and their Indonesian counterparts. In Vietnam, another set of 180 meetings was conducted.

Strengthening Ties with Africa

The African trade mission involved visits to Senegal and Morocco. In Dakar, Senegal's capital, more than 150 business meetings were held between Dubai companies and local businesses. A Memorandum of Understanding was signed with Dakar's Chamber of Commerce to enhance cooperation.

In Morocco, over 300 meetings occurred in Casablanca between Moroccan firms and the visiting delegation from Dubai. Four MoUs were signed with various Moroccan organisations to bolster economic cooperation.

The achievements underscore the chamber's role in advancing Dubai's economic agenda by fostering international business relationships and supporting local enterprises' global ambitions.

With inputs from WAM