Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has announced details of its achievements during the first nine months of 2024, which include supporting the expansion of local companies into promising global markets and attracting foreign direct investment to the emirate. The chamber is continuing to play a key role in contributing to the objectives of the Dubai Economic Agenda (D33).
Dubai International Chamber attracted a total of 157 companies to the emirate between Q1-Q3 2024, including multinational corporations (MNCs) and small and medium-sized enterprises (SMEs). This marks a 68.8% increase over the 93 companies attracted during the same period last year, underlining Dubai’s significance as a leading investment hub on the global stage.
The companies attracted during the first nine months of this year included 39 MNCs, which increased from 18 in Q1-Q3 2023, representing year-over-year (YoY) growth of 117%. A total of 118 SMEs were attracted to Dubai in Q1-Q3 2024, an increase of 57% compared to the 75 that were attracted during the first nine months of 2023.
Through its international offices and diverse programmes and initiatives, Dubai International Chamber successfully supported the expansion of 75 local companies into new global markets during Q1-Q3 2024. This represents a 241% YoY increase compared to the 22 companies supported during the same period last year. The chamber assisted these companies with increasing international exports or establishing a physical presence within their target markets.
Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber, said: “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.”
Bin Sulayem added: “The chamber's network of international offices showcases the lucrative opportunities Dubai offers to the global business community and assists companies in leveraging the emirate’s competitive advantages as a gateway to access promising markets. Our offices also play a vital role in helping Dubai-based companies to expand into international markets.”
During the first nine months of this year, the chamber organised two trade missions to Southeast Asia and West Africa as part of the 'New Horizons’ initiative, which enables Dubai-based companies to join trade missions to carefully selected international markets. More than 830 bilateral business meetings were organised between participating companies from Dubai and their counterparts in these markets to explore investment opportunities and joint economic partnerships.
As part of the Southeast Asia trade mission, 200 bilateral business meetings were organised for Dubai-based companies with their counterparts in Indonesia during the first leg of the mission. The chamber successfully arranged 180 meetings between companies from Dubai and Vietnam during the second leg of the mission.
The trade mission to Africa included visits to Senegal and Morocco, with more than 150 business meetings organised between companies from Dubai and their counterparts in the Senegalese capital, Dakar. Dubai International Chamber also signed a Memorandum of Understanding (MoU) with the Dakar Chamber of Commerce, Industry and Agriculture aimed at strengthening bilateral cooperation.
During the visit to Morocco, more than 300 meetings were organised in Casablanca between the Dubai delegation and Moroccan companies to explore opportunities for business development and economic partnerships. Dubai Chambers also signed four MoUs to strengthen cooperation with the Moroccan Agency for Investment and Export Development; the General Confederation of Moroccan Enterprises; the Chamber of Commerce, Industry and Services of Casablanca-Settat; and the Chamber of Commerce, Industry and Services of Rabat-Salé-Kenitra.