Pakistani investors secured the second position in a recent ranking of countries contributing to the influx of new non-UAE businesses joining the Dubai Chamber of Commerce in 2023, according to a statement released by the chamber on March 12.
A staggering 8,036 new Pakistani businesses were welcomed in 2023, marking a remarkable growth rate of 71.2% compared to the previous year, the official statement reads.
Dubai Chamber of Commerce, operating as one of the three chambers under the umbrella of Dubai Chambers, witnessed a notable surge in business registrations from various nationalities, reflecting the emirate’s vibrant business ecosystem.
India clinched the top spot with 15,481 Indian-owned companies joining the chamber, showcasing a year-over-year increase of 38%.
Following closely behind Pakistan was Egypt, securing the third position with 4,837 new members, representing a significant 63.2% increase from the previous year.
Additionally, companies hailing from Syria, the UK, and Bangladesh rounded off the top 5 rankings, indicating the diverse pool of investors contributing to Dubai’s thriving business landscape.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said, “Dubai has consistently attracted foreign direct investment from many different nations and sectors, underlining the diversity of the emirate’s business environment and its broad economic appeal as a global business destination.”
“The remarkable increase in the diversity of nationalities represented among the owners of member companies reflects Dubai’s growing prominence within the global business landscape, especially since the announcement of the Dubai Economic Agenda (D33).” he added.
Dubai Economic Agenda (D33)
Dubai’s ambitious economic agenda, aimed at doubling the emirate’s economy over the next decade, has further bolstered investor confidence.
The Dubai Economic Agenda (D33) aims to reinforce the city’s status among the world’s top global cities, attracting investments across various sectors.
Notably, the wholesale and retail trade sector accounted for the majority (44%) of new companies registering with the Dubai Chamber of Commerce in 2023, followed by real estate, renting, and business activities sectors.
The construction sector ranked third, indicating sustained growth and investment opportunities in key sectors. Moreover, the transport, storage, and communications sector emerged as a significant contributor to Dubai’s expanding business landscape.
With a record-breaking 67,222 new companies becoming members in 2023, representing a year-over-year growth of 20%, Dubai Chamber of Commerce witnessed unprecedented growth, signaling robust economic prospects and investor confidence in the emirate’s business environment.
Top 10 countries adding companies to Dubai Chamber of Commerce in 2023
The top 10 countries which added companies to the Dubai Chamber of Commerce in 2023 are:
- India – 15,481 new companies
- Pakistan – 8,036 new companies
- Egypt – 4,837 new companies
- Syria – 2,755 new companies
- United Kingdom – 2,267 new companies
- Bangladesh – 2,252 new companies
- China – 1,560 new companies
- Jordan – 1,469 new companies
- Iraq – 1,247 new companies
- Yemen – 1,214 new companies