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21 April 2024

Businesses from the Middle East and Eurasia account for 32% of SMEs attracted by Dubai International Chamber during 2023

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By E247

Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has revealed that 32% of the total number of Small and Medium-sized Enterprises (SMEs) attracted to Dubai during 2023 were from the Middle East and Eurasia, with Asia and Australia following close behind at 29%. The growing number of SMEs setting up in Dubai from countries around the world underlines the emirate’s importance as a key global hub for trade and investments.

The figures highlight the diverse range of SMEs from various nationalities and markets that the chamber has attracted to Dubai through its network of international representative offices around the world. Latin America and Europe accounted for 26% of the total number of SMEs attracted during 2023, while African markets represented 13% of the total.

The chamber also revealed that 17% of these SMEs operate within the trade and logistics sector. Additionally, 13% operate in the IT sector, specialising in areas such as artificial intelligence, blockchain, robotics, and software.

The food and agricultural sector ranked third, accounting for 10% of the total number of SMEs attracted. Healthcare and pharmaceuticals followed with 9% of the total, while the public services sector came fifth, representing 7% of the SMEs attracted. The financial services sector, which includes banking, asset and wealth management, fintech, insurance, and consulting firms, ranked sixth at 6%.

Real estate companies ranked seventh in terms of SMEs attracted, representing 4% of the total. The retail, fashion, travel, hospitality, and tourism sectors also accounted for 4% of the SMEs attracted.

Commenting on the figures, His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, emphasised Dubai’s reputation on the global stage as a destination for high-value investments. His Excellency stated that Dubai’s competitiveness stems from the wise and forward-thinking vision of its leadership, the emirate's business-friendly environment, and the ongoing development of services, together with favourable legislation, and the diverse range of investment opportunities available.

His Excellency added: “Our network of international representative offices in key global markets has effectively promoted Dubai’s business community and highlighted the emirate’s value for companies seeking global expansion. We remain dedicated to contributing to the objectives of the Dubai Economic Agenda (D33), with a primary focus on attracting foreign direct investments in both traditional and emerging sectors.”

Dubai International Chamber successfully attracted 104 SMEs to the emirate during 2023, achieving a remarkable year-over-year (YoY) growth rate of 550%. This impressive increase reflects the chamber’s ongoing contribution to achieving the goals of the Dubai Economic Agenda (D33), which aims to double the size of the emirate’s economy over the coming decade and consolidate Dubai’s position among the top three global cities.

The total number of international representative offices operated by the Dubai International Chamber currently stands at 31 following the launch of 16 new offices in 2023. This growing network comes as part of the ‘Dubai Global’ initiative, which seeks to establish 50 representative offices worldwide by 2030 to support efforts to attract international investments and companies to Dubai.