Record numbers of Indian-owned companies became members of the Dubai Chamber of Commerce last year, followed by Pakistan and Egypt.
This is according to data published by the Dubai Chamber of Commerce this week which points to growing levels of Foreign Direct Investment (FDI) from nations across Asia, the Middle East and Europe.
The latest data published by the Dubai Chamber of Commerce highlights the nationalities of new non-UAE businesses who joined the chamber last year.
“During the past year, Dubai has consistently attracted foreign direct investment from many different nations and sectors, underlining the diversity of the emirate’s business environment and its broad economic appeal as a global business destination,”
said Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers.
“The remarkable increase in the diversity of nationalities represented among the owners of member companies reflects Dubai’s growing prominence within the global business landscape, especially since the announcement of the Dubai Economic Agenda (D33),”
said Lootah in a statement.
According to data from the Dubai Chamber of Commerce, the 10 countries that topped the list of new signups with the body last year were as follows:
- India – 15,481 new companies
- Pakistan – 8,036 new companies
- Egypt – 4,837 new companies
- Syria – 2,755 new companies
- United Kingdom – 2,267 new companies
- Bangladesh – 2,252 new companies
- China – 1,560 new companies
- Jordan – 1,469 new companies
- Iraq – 1,247 new companies
- Yemen – 1,214 new companies
The vast majority of new company registrants came from the wholesale, retail trade, and motor vehicle repairs sectors, as this accounted for 44.2 percent of all new memberships. This was followed by the real estate, renting, and business activities sector (32 percent), construction (8.3 percent), and transport, storage, and communications (8.1 percent) of the new members.
India, Pakistan dominate
Over 15,000 Indian-owned companies became members of the Dubai Chamber of Commerce last year, far outstripping listings from any other country.
This is according to data released by the Dubai Chamber of Commerce this week which points to how the number of Indian-owned businesses listed on the DCC grew by 38 percent year-on-year.
Meanwhile, Pakistan recorded an even faster growth rate of 71.2 percent compared to the previous year, while Syria recorded 28.8 percent, Bangladesh (50.8 percent growth), China (66.5 percent), Iraq (95.5 percent), and Yemen (57.5 percent).
The Dubai Chamber of Commerce was established in 1965 and it is a non-profit public organization tasked with representing, supporting, and protecting the interests of the business community in Dubai.
News Source: Gulf Business
