Dubai Chamber Registers 67,200 New Companies

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Dubai Chambers has reported exceptional growth with a 20% increase in registered companies and exports exceeding $77 billion in the year 2023, aligned closely with the objectives of the Dubai Economic Agenda (D33).

In 2023, Dubai Chambers welcomed 67,222 new member companies, marking a 20% year-on-year growth. The total active members of the Chamber of Commerce also surged by 26.8% compared to 2022, reaching 217,788. The year-on-year growth was 4.3%, surpassing AED 284 billion ($77.3 billion).

The International Chamber played a pivotal role in attracting 138 overseas businesses to Dubai, including 34 multinational companies (MNCs) – a remarkable 580% increase from 2022 – and 104 small and medium-sized enterprises (SMEs) with a 550% year-on-year growth. The chamber further supported the international expansion of 77 local companies, achieving a record annual growth rate of 756%. Additionally, the network of international representative offices expanded to 31 with the launch of 16 new offices worldwide.

The Chamber of Digital Economy contributed to the emirate’s digital leadership by attracting nine MNCs and 549 high-tech startups, achieving an impressive annual growth rate of 916%. Noteworthy initiatives included hosting Expand North Star, establishing a new platform to support and attract businesses to Dubai, and launching the “Create Apps in Dubai” initiative. The chamber also published six insightful reports on the emirate’s digital economy.

Key achievements of Dubai Chambers in 2023:

  • Issued 735,155 certificates of origin
  • Achieved 9.1% year-on-year growth in member exporters, totaling 13,688
  • Issued and received 5,492 ATA Carnets with a combined value of AED 5 billion ($1.4 billion), reflecting a significant year-on-year growth of 47%
  • Established 76 new sector-specific Business Groups, bringing the total to 105
  • Held 145 meetings with Business Groups and Councils
  • Reviewed 111 laws and draft laws in cooperation with Business Groups, with a commendable adoption rate of 53%
  • Received 141 mediation cases, settling 75% successfully with a combined value of around AED 49.6 million ($13.5 million)

Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, said that 2023 was another year of landmark achievements for Dubai Chambers in which they furthered their commitment to serving members’ interests.

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications and Chairman of the Chamber of Digital Economy, emphasized the vital role of digital technology in driving growth.

Dubai Chambers, with its strategic objectives and commitment to innovation, stands poised for continued success in 2024, contributing to Dubai’s global prominence as an economic powerhouse.

Source: Arabian Business

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