50% of multinational companies attracted to Dubai Chambers in 2023 come from Asia and Australia

Dubai International Chamberone of three chambers operating under the umbrella of Dubai Chambers, has revealed that 50% of the multinational corporations (MNCs) it successfully attracted to Dubai during 2023 are based in Asia and Australia.

The growing number of major international companies attracted from countries around the world underlines the importance of the emirate as a key center of trade and investment.

The figures illustrate the diversity of markets represented among the multinationals that the chamber has attracted to Dubai through its network of international representative offices around the world. Latin America and Europe accounted for 23.5% of the total number of multinational companies attracted during 2023, and the Middle East and Eurasia accounted for an equal share of 23.5%. Companies from Africa represented 3% of the total number of corporations attracted to the chamber.

The chamber also revealed that 18% of multinational companies attracted to Dubai in 2023 operate within the financial services sector in areas including banking, asset and wealth management, and financial technology. The trade and logistics sector came in second with 15%, followed by the IT sector in third place, which accounted for 12%, with multinational companies specializing in artificial intelligence, blockchain, robotics and software.

Retail, fashion and travel and tourism ranked fourth, accounting for 9% of the total number of multinational companies attracted to the emirate. The manufacturing, mobility (including aerospace, space, and autonomous and conventional vehicles) and real estate sectors shared fifth place on the list, with each sector accounting for 6% of the total.

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

“Dubai is globally recognized as one of the most attractive cities for multinational corporations operating in all sectors. This attraction is driven by the emirate’s numerous competitive advantages, which include a business-friendly environment; economic and cultural openness; favorable economic legislation, strategies and policies; and the exceptional ease of doing business.”

Your excellence aggregate:

“We are committed to further enhancing Dubai’s attractiveness as an investment destination through our growing network of international representative offices. This is further supported by Dubai International Chamber’s efforts to connect the global business community with the exciting opportunities for growth, expansion and prosperity that Dubai offers businesses and investors.”

Dubai International Chamber successfully attracted 34 multinationals to the emirate during 2023, achieving an annual growth rate of 580% compared to the previous year. This impressive increase reflects the chamber’s continued contribution to achieving the goals of the Dubai Economic Agenda (D33), which aims to double the size of the emirate’s economy over the next decade and cement Dubai’s position among the world’s top three economic cities.

The total number of international representative offices operated by Dubai International Chamber now stands at 31, with 16 new offices inaugurated during 2023 alone. This growing network is part of the ‘Global Dubai’ initiative, which aims to establish 50 representative offices worldwide by 2030 to support efforts to attract international investments, businesses and talent to Dubai.

News source: Dubai Press Office