Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has announced details of several notable achievements during Q1 2024 in attracting foreign direct investment to Dubai and supporting the efforts of local companies to expand into global markets, in line with the objectives of the Dubai Economic Agenda (D33).
The chamber achieved a year-over-year (YoY) growth of 48% in the number of multinational companies (MNCs) and small and medium enterprises (SMEs) it attracted to the emirate, which increased from 25 in the first quarter of 2023 to 37 during Q1 2024. This impressive increase reflects Dubai’s growing attractiveness among global investors and position as a leading destination for businesses operating across diverse sectors.
The companies attracted during the first three months of this year included eight MNCs, which increased from five in Q1 2023, representing YoY growth of 60%. A total of 29 SMEs were attracted to Dubai in Q1 2024, an increase of 45% compared to the 20 that were attracted during Q1 2023.
Dubai International Chamber also supported the expansion of 21 local companies into new global markets during Q1 2024 through various programmes and initiatives. The chamber assisted these companies with exporting to new countries, establishing their presence overseas, and engaging in joint ventures with local businesses in their target markets. The number of companies assisted with international expansion increased by 200% compared to Q1 2023’s figure of seven businesses.
Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber, commented, “We are continuing to step up our efforts to attract international companies and investors to the emirate, while advancing the expansion of local companies into promising global markets. These activities form a key part of our drive to contribute to advancing sustainable development and achieving the objectives of the Dubai Economic Agenda (D33).”
He added, “The chamber’s growing network of 31 international representative offices plays a central role in promoting Dubai as an ideal city for global talent, high-net-worth individuals, and companies of all sizes across diverse sectors. Our offices are central to our plans to consolidate Dubai’s position as a leading global destination for foreign direct investments and a launchpad for expansion into new markets worldwide.”
Source: www.wam.ae