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Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has continued to make significant strides in attracting foreign direct investmentsto Dubai and supporting the efforts of local companies to expand into global markets, in line with the goals of the Dubai Economic Agenda (D33).
The chamber achieved a year-over-year (YoY) growth of 54% in the number of multinational companies (MNCs) and small and medium enterprises (SMEs) it attracted to the emirate, which increased from 56 in the first half of 2023 to 86 during H1 2024. This impressive growth reflects Dubai's position as a leading global investment destination and thriving business hub.
The companies attracted during the first six months of this year included 24 MNCs, which increased from eight in H1 2023, representing YoY growth of 200%. A total of 62 SMEs were attracted to Dubai in H1 2024, an increase of 29% compared to the 48that wereattracted during the same period last year.
Dubai International Chamber also successfully supported the expansion of 34 local companies into new global markets during H1 2024 through its international offices, and various programmes and initiatives. The chamber assisted these companies with exporting to newcountries andestablishing their presence overseas.The number of companies assisted with international expansion increased by 127% compared to H1 2023’s figure of 15 businesses.
His Excellency Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber, commented: “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.”
His Excellency added: “We remain committed to enhancing the role of the chamber's growing network of international representative offices in promoting Dubai’s competitive advantages, which position the emirate as a preferred destination for foreign direct investment and a global capital for growth and opportunities in all sectors. In addition, the chamber is dedicated to supporting the expansion of companies operating in the emirate into promising global markets to contribute to the sustainable growth of the local business community.”
During the first half of this year, the chamber organised two trade missions to Southeast Asia and West Africa with the participation of 38companies from Dubai as part of the 'New Horizons’ initiative, which enables Dubai-based companies to join trade missions to carefully selected international markets. More than830B2B meetings were organised between participating companies from Dubai and these markets to explore investment opportunities and joint economic partnerships.
As part of the Southeast Asia trade mission, 200 B2B meetings were organised for Dubai-based companies with their counterparts in Indonesiaon 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 B2B 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 aimedatstrengtheningbilateral cooperation.
During the visit to Morocco, more than 300 B2B meetings were organised in Casablanca between the Dubai delegation and Moroccan companies to discuss opportunities for business development.Dubai Chambers also signed four MoUs to further enhance 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.
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