Over 34,000 New Members Join Dubai Chamber Of Commerce In First Half Of 2024

Dubai Chamber of Commerce, one of the three chambers under Dubai Chambers, reported that 34,075 new companies joined as members in the first half of 2024. This marks a 5% year-over-year (YoY) increase. The figures highlight Dubai's competitive business environment and its ability to attract foreign direct investment.

The value of exports and re-exports by members during H1 2024 reached AED145.9 billion, showing a YoY growth of 6.7%. Additionally, 372,720 certificates of origin were issued in this period, reflecting a YoY increase of about 5.2%. The chamber also processed 2,433 ATA Carnets valued at approximately AED 1.6 billion.

Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, stated, "The vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, guides all of our efforts. The increasing number of new members joining the chamber and the growing exports and re-exports of members are the result of our various initiatives aimed at achieving our strategic priorities of enhancing Dubai's favourable business environment, strengthening partnerships between the public and private sectors, attracting foreign direct investments, and supporting the international expansion of Dubai-based companies."

In collaboration with Business Groups during H1 2024, Dubai Chamber reviewed 122 laws and draft laws. Recommendations from these reviews had an adoption rate of 54.9%. The chamber held 100 meetings with Business Groups and Business Councils to discuss these matters.

The chamber facilitated around 29 meetings between business groups and councils with relevant government entities. It also established six new Business Councils representing investors from Costa Rica, Greece, Poland, Mexico, Colombia and Kazakhstan.

Events and Mediation Cases

During H1 2024, the chamber hosted two quarterly roundtable meetings for Business Groups and Business Councils. These sessions provided insights into various programmes and initiatives aimed at supporting private sector companies' sustainable success within Dubai's dynamic business environment.

The chamber organised 20 legal events attended by 1,500 participants to raise awareness about topics shaping the legal landscape. Additionally, it received 79 mediation cases in H1 2024, marking a YoY growth of 5.3% compared to the same period last year.

Family Businesses Support

The Dubai Centre for Family Businesses continued its efforts to support family businesses' sustainability by organising two awareness events as part of the 'Governance Series.' These sessions highlighted governance importance and women's role in enhancing family businesses' sustainability.

The centre also conducted training for participants in the Next-Gen Family Businesses Training Programme to empower future managers. It concluded the first cycle of the Dubai Family Business Management Programme with participation from 31 family business members while nine advisors received certificates through the Family Business Advisory certificate programme.

Educational Resources for Family Businesses

The centre issued two informative toolkits: "The Sample Article of Association for Family Businesses" and "Corporate Governance – Guidelines for Family Businesses." An online library was launched during H1 2024 containing around 2,000 educational resources such as videos, webinars, articles, podcasts, and research reports tailored for family businesses.

The chamber's activities reflect its commitment to fostering a robust business environment in Dubai while supporting both local enterprises and international investors through various initiatives.

With inputs from WAM