Dubai Chambers registers more than 15,000 new Indian companies in 2023

A recent analysis of Dubai Chamber of Commerce, one of the three chambers that operate under the umbrella of Dubai Chambershas revealed that Indian investors topped the list of nationalities of non-UAE startups that joined the chamber last year.

A total of 15,481 new Indian-owned companies became members in 2023, representing a year-on-year (YoY) growth of 38% and underlining Dubai’s continued attractiveness among Indian companies and investors.

Pakistan ranked second in terms of new business memberships in 2023, and the chamber welcomed 8,036 new Pakistani businesses in 2023, a notable growth rate of 71.2% compared to the previous year. Egypt ranked third, with 4,837 new members registered, representing a year-on-year growth of 63.2%.

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His Excellency Mohammad Ali Rashed Lootah, Chairman and CEO of Dubai Chamberscommented:

“Over the past year, Dubai has consistently attracted foreign direct investment from many different nations and sectors, underscoring the diversity of the emirate’s business environment and its broad economic appeal as a global business destination.”

Your excellence He added that the chamber is committed to providing specialized value-added services that support its strategic priorities, facilitate business activity and improve the competitiveness of businesses in the emirate, stating:

“The notable increase in the diversity of nationalities represented among member company owners reflects Dubai’s growing prominence within the global business landscape, especially since the announcement of the Dubai Economic Agenda (D33).”

Dynamic growth trajectory

The number of new Syrian-owned companies joining Dubai Chamber of Commerce It reached 2,755 in 2023, representing a year-on-year growth of 28.8%. The country ranked fourth among the top investor nationalities in terms of new business registrations.

The United Kingdom ranked fifth with a total of 2,267 new companies, up from 1,503 in 2022, to achieve year-on-year growth of 50.8%. The number of new Bangladeshi-owned member companies increased by 42.8% to 2,252. China ranked seventh on the list with 1,560 startups joining the chamber in 2023, achieving an annual growth rate of 66.5%.

The number of new Jordanian companies increased by 31.6% to reach 1,469, compared to 1,116 in 2022. Iraqi companies were ninth on the list, with 1,247 new companies registered during 2023. This represented a year-on-year growth of 95%. .5% compared to the 638 companies that joined. in 2022. Yemeni companies ranked tenth with 1,214 new companies, achieving an annual growth rate of 57.5% compared to the 771 companies that were incorporated in 2022.

Increases in various sectors

Most of the new companies that registered in Dubai Chamber of Commerce In 2023 they operate in the wholesale and retail trade and motor vehicle repair sector, which accounted for 44.2% of registrations. They were followed by companies in the real estate, rental and business activities sectors, which represented 32% of the total. The construction sector was in third place with 8.3% of the total new companies, while the transportation, storage and communications sector was in fourth place, representing 8.1% of the new companies that were incorporated as members of the chamber.

News source: Dubai Press Office