Dubai Chamber's Strategic Initiatives Lure 24 Multinational Companies In Early 2024

Dubai International Chamber, part of Dubai Chambers, has seen a 54% year-over-year (YoY) increase in the number of multinational companies (MNCs) and small and medium enterprises (SMEs) it attracted to the emirate. The number rose from 56 in the first half of 2023 to 86 during H1 2024.

This year, the chamber attracted 24 MNCs, up from eight in H1 2023, marking a 200% YoY growth. Additionally, 62 SMEs were drawn to Dubai in H1 2024, a 29% increase compared to the previous year's figure of 48.

Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber, stated, "The remarkable performance achieved during the first half of the year comes as a result of Dubai International Chamber's ongoing efforts to contribute to achieving the objectives of the Dubai Economic Agenda (D33), which seeks to double the size of the emirate's economy over the next decade and consolidate Dubai's position among the top three global cities."

The chamber also aided 34 local companies in expanding into new global markets during H1 2024 through its international offices and various programmes. This support included assistance with exporting to new countries and establishing an overseas presence. The number of companies helped with international expansion increased by 127% compared to H1 2023's figure of 15 businesses.

Trade Missions and B2B Meetings

As part of its 'New Horizons' initiative, the chamber organised two trade missions to Southeast Asia and West Africa with participation from 38 Dubai-based companies. More than 830 B2B meetings were arranged to explore investment opportunities and joint economic partnerships.

The Southeast Asia trade mission included stops in Indonesia and Vietnam. In Indonesia, there were 200 B2B meetings between Dubai-based companies and their Indonesian counterparts. In Vietnam, another 180 meetings took place between businesses from both regions.

The West Africa trade mission involved visits to Senegal and Morocco. Over 150 B2B meetings were held in Dakar between companies from Dubai and their Senegalese counterparts. Additionally, more than 300 B2B meetings occurred in Casablanca between the Dubai delegation and Moroccan businesses.

Memorandums of Understanding

During these missions, several Memorandums of Understanding (MoUs) were signed to enhance cooperation. In Senegal, an MoU was signed with the Dakar Chamber of Commerce, Industry, and Agriculture. In Morocco, four MoUs were signed with various organisations including the Moroccan Agency for Investment and Export Development; General Confederation of Moroccan Enterprises; Chamber of Commerce, Industry and Services of Casablanca-Settat; and Chamber of Commerce, Industry and Services of Rabat-Salé-Kenitra.

The chamber's efforts are aligned with achieving the goals set out in Dubai Economic Agenda (D33), which aims to double Dubai's economy over the next decade while positioning it among the top three global cities.

With inputs from WAM