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Dubai sees record influx of 67,200 new companies, exports soar to $77 billion

The International Chamber attracted 138 overseas businesses, including 34 multinational companies and 104 SMEs.

Dubai sees record influx of 67,200 new companies, exports soar to $77 billion
[Source photo: Anvita Gupta/Fast Company Middle East]

Dubai’s business scene is experiencing a boom, marked by a surge in new company registrations and soaring exports in 2023.

Dubai Chambers, the umbrella organization for the emirate’s business chambers, reported a 20% surge in new member companies, reaching a high of 67,222. This influx of businesses contributed to a 4.3% increase in exports, elevating the total value to an impressive $77.3 billion.

Dubai Chambers made significant progress in attracting foreign investment, mainly through the International Chamber. It welcomed 138 overseas businesses, including 34 multinational companies (a 580% increase) and 104 SMEs (a 550% increase). Additionally, the chamber facilitated a record 756% growth in local companies expanding internationally.

Dubai’s digital economy is thriving, evidenced by the Chamber of Digital Economy’s launch of the “Create Apps in Dubai” initiative and publication of insightful sector reports. Moreover, the issuance of ATA Carnets, crucial for facilitating temporary imports and exports, experienced a remarkable 47% growth in value.

Beyond numbers, Dubai Chambers actively advocates for businesses. They reviewed over 100 laws and regulations, with 53% of their recommendations adopted. Additionally, they mediated over 140 cases, successfully resolving 75%. Chairman Abdul Aziz Abdulla Al Ghurair attributed this success to “serving our members’ interests.”

“The record growth in the number of new member companies is a testament to our success in enhancing the competitiveness of the business community.”

He emphasized that supporting the private sector remains a top priority, aligning with Dubai’s vision for sustainable development and the Dubai Economic Agenda (D33). The International Chamber’s global expansion is another highlight. With the launch of 16 new representative offices, they now have a network of 31 offices across five continents, putting them well on track to achieve their target of 50 offices by 2030.

The Innovation By Design Summit is in Doha on April 24. Attendance at the summit is by invitation only. Delegates can register here to receive their exclusive invite.

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