More than 19,000 new companies become members of Dubai Chamber of Commerce during Q1 2024

- More than 19,000 new companies become members of Dubai Chamber of Commerce during Q1 2024, representing YoY growth of 17.6%

Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has announced details of several notable achievements during the first quarter of 2024. The chamber’s continuing strong performance reflects the positive impact of its drive to advance Dubai’s economic development, enhance the emirate’s competitiveness, support the private sector, and achieve the ambitions of the Dubai Economic Agenda (D33).

A total of 19,056 new companies joined as members of Dubai Chamber of Commerce during Q1 2024, representing year-over-year (YoY) growth of 17.6%. The figures underline Dubai’s growing attraction among companies and investors and the competitiveness of the emirate’s highly favourable business environment.

The value of members’ exports and re-exports during Q1 2024 amounted to AED 73.5 billion, representing a YoY growth of 4.5%. The chamber also recorded an increase of 7.3% in the number of exporting members, which grew from 8,848 in Q1 2023 to 9,496 in Q1 2024. This increase reflects the strength of Dubai’s trade ties with countries across the globe, as well as the local private sector’s competitiveness and its ability to serve the needs of international markets efficiently and effectively.

A total of 191,013 certificates of origin were issued during the three-month period, representing YoY growth of around 7%. In addition, 1,416 ATA Carnets were issued and received, with a combined value of AED 804.9 million.

His Excellency Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, commented: “The strong performance recorded during the first quarter of this year indicates Dubai Chamber of Commerce is moving steadily towards achieving the goals of the Dubai Economic Agenda (D33), which focuses on accelerating the growth of international trade and foreign direct investment to double the size of the emirate’s economy over the coming decade and consolidate Dubai’s position among the top three global cities.”

His Excellency added: “In line with our strategic priorities, Dubai Chamber of Commerce is working to enhance Dubai’s favourable business environment, attract foreign businesses and investments to the emirate, lead the global expansion of Dubai-based companies into new markets, and develop the digital economy, in addition to enhancing the efficiency of the legislative and regulatory system. Guided by the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, we are continuing to represent the private sector, support its interests, and enhance its global competitiveness.”

Advancing the interests of the business community

Dubai Chamber of Commerce reviewed 33 laws and draft laws in cooperation with Business Groups during Q1 2024, with the resulting recommendations achieving an adoption rate of 45%. A total of 24 meetings were held with Business Groups and Business Councils. In addition, the chamber established four new Business Councils representing the interests of stakeholders from specific countries, reflecting the growing role played by investors in driving sustainable economic development.

The chamber hosted this year’s first quarterly roundtable meeting for Business Groups and Business Councils, which explored ways to enhance the contribution of the private sector to efforts to improve Dubai’s dynamic investment environment. Participants learned more about the chamber’s various programmes and initiatives aimed at supporting the interests of the business community.

The chamber received 33 mediation cases during Q1 2024, representing YoY growth of 83.3% compared to the 18 cases received in the same period last year. 84% of cases received during Q1 2024 were successfully resolved, with a total value of AED 2.6 million.

Supporting the growth of family businesses

The Dubai Centre for Family Businesses, which operates under the umbrella of Dubai Chambers, continued its efforts to enhance the growth and continuity of family businesses in Dubai. The centre published a new ‘Corporate Governance Guidelines for Family Businesses’ toolkit, which focuses on governance structures, governance frameworks, and key regulatory guidelines for family businesses. The innovative platform is designed to help family-owned enterprises assess the maturity of core governance aspects and promote their sustainable growth.

The centre also announced it will cooperate with prominent family businesses in Dubai to host educational workshops as part of its ‘Governance Series’ initiative. The sessions are aimed at enhancing the sustainability, continuity, and competitiveness of family businesses, as well as strengthening communication and connections between family-owned companies in Dubai.

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