Dubai International Chamber Achieves 54% Growth in Attracting Global Investments in H1 2024

Dubai International Chamber, one of the three chambers under Dubai Chambers, has significantly advanced in attracting foreign direct investments to Dubai and supporting local companies' global market expansion, aligning with the Dubai Economic Agenda (D33).

The chamber saw a 54% year-over-year (YoY) growth in the number of multinational companies (MNCs) and small and medium enterprises (SMEs) it attracted to the emirate, increasing from 56 in H1 2023 to 86 in H1 2024. This growth underscores Dubai's status as a premier global investment destination and a bustling business hub.

Among the companies attracted in the first half of 2024 were 24 MNCs, up from eight in H1 2023, marking a 200% YoY growth. Additionally, 62 SMEs were attracted to Dubai in H1 2024, a 29% increase from the 48 in the same period last year.

Dubai International Chamber also facilitated the expansion of 34 local companies into new global markets during H1 2024 through its international offices and various programmes. These efforts led to a 127% increase in the number of companies assisted with international expansion, compared to 15 businesses in H1 2023.

His Excellency Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber, stated:

The remarkable performance achieved during the first half of the year comes as a result of Dubai International Chamber's ongoing efforts to contribute to achieving the objectives of the Dubai Economic Agenda (D33), which seeks to double the size of the emirate's economy over the next decade and consolidate Dubai's position among the top three global cities.

His Excellency added:

We remain committed to enhancing the role of the chamber's growing network of international representative offices in promoting Dubai’s competitive advantages, which position the emirate as a preferred destination for foreign direct investment and a global capital for growth and opportunities in all sectors. In addition, the chamber is dedicated to supporting the expansion of companies operating in the emirate into promising global markets to contribute to the sustainable growth of the local business community.

In H1 2024, the chamber organized two trade missions to Southeast Asia and West Africa, involving 38 Dubai-based companies as part of the 'New Horizons’ initiative. Over 830 B2B meetings were arranged to explore investment opportunities and joint economic partnerships.

In Southeast Asia, 200 B2B meetings were organized in Indonesia, followed by 180 meetings in Vietnam. The West Africa trade mission included visits to Senegal and Morocco, with more than 150 B2B meetings in Dakar and over 300 meetings in Casablanca.

Dubai International Chamber also signed multiple Memoranda of Understanding (MoUs) to bolster bilateral cooperation, including agreements with the Dakar Chamber of Commerce, Industry and Agriculture, the Moroccan Agency for Investment and Export Development, the General Confederation of Moroccan Enterprises, the Chamber of Commerce, Industry and Services of Casablanca-Settat, and the Chamber of Commerce, Industry and Services of Rabat-Salé-Kenitra.

News Source: Dubai Media Office