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Over 30,000 new businesses opened in Dubai in first half of 2023

The jump in businesses is driven by interest from Asia, Central Asia, and MENA markets.

Over 30,000 new businesses opened in Dubai in first half of 2023
[Source photo: Anvita Gupta/Fast Company Middle East]

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Entrepreneurs in the education, games, and fintech industries worldwide are zeroing in on Dubai. Over 30,000 new businesses registered with the Dubai Chamber of Commerce during the first half of 2023, an increase from around 21,000 in 2022. 

They like that Dubai is business-friendly and global-minded and, most of all, upholds the rule of law. Dubai has become a strong rival to Singapore and Hong Kong as a place for entrepreneurs to register separate entities for their international operations. Some entrepreneurs want to build their global brands by identifying as local companies.

The jump in the new amount of businesses sky-rocketed by 43%, a growth credited to Dubai’s ever-evolving business environment and its strong attraction of foreign direct investments (FDIs.)

Interest from countries such as India, China, Pakistan, Bangladesh, and Japan recorded a more than two-fold growth during H1 compared to last year.

Indian businesses dominate the list with 22% of the total, followed by the UAE, registering 4,445 firms, and Pakistan with 3,395 entities. Markets from the UK, Kyrgyzstan, Tanzania, Lebanon, Jordan, Egypt, and Hungary similarly improved the number of businesses.

Additionally, the new number of Indian businesses increased by 39%, reaching 6,717, while Pakistan and China recorded 59% and 60% business growth rates. Around 1,044 Bangladeshi enterprises also joined during the first half, registering a 47% growth compared to last year.

Meanwhile, at least 60 new businesses joined from Japan, registering a growth of 253% from the previous year’s 17 enterprises, while new joiners from Egypt, Lebanon, and Jordan climbed up by 102%, 26%, and 36%, respectively.

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