Dubai International Chamber Reports Impressive Growth in Foreign Direct Investment and Global Expansion Support
Dubai International Chamber, a key player under Dubai Chambers, has recently shared some exciting news regarding its achievements in the first quarter of 2024. The chamber has been successful in attracting foreign direct investment to Dubai and supporting local companies in their efforts to expand into global markets, aligning with the goals of the Dubai Economic Agenda (D33).
One of the standout achievements of the chamber is the significant year-over-year growth of 48% in the number of multinational companies (MNCs) and small and medium enterprises (SMEs) it attracted to the emirate. The number increased from 25 in Q1 2023 to 37 in Q1 2024, showcasing Dubai’s increasing appeal among global investors and its position as a top destination for businesses across various sectors.
In particular, the chamber successfully attracted eight MNCs in Q1 2024, a notable increase from five in the same period last year, representing a 60% growth. Additionally, 29 SMEs were drawn to Dubai in the first quarter of this year, marking a 45% increase compared to Q1 2023.
Moreover, Dubai International Chamber played a crucial role in supporting the expansion of 21 local companies into new global markets during Q1 2024 through various programs and initiatives. This assistance included helping these companies export to new countries, establish their presence overseas, and engage in joint ventures with local businesses in their target markets. The number of companies supported with international expansion saw a remarkable 200% increase compared to Q1 2023.
His Excellency Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber, expressed his satisfaction with the chamber’s achievements, stating, “We are continuing to step up our efforts to attract international companies and investors to the emirate, while advancing the expansion of local companies into promising global markets. These activities form a key part of our drive to contribute to advancing sustainable development and achieving the objectives of the Dubai Economic Agenda (D33).”
He further emphasized the importance of the chamber’s growing network of 31 international representative offices in promoting Dubai as an ideal city for global talent, high-net-worth individuals, and companies of all sizes across diverse sectors. These offices play a central role in consolidating Dubai’s position as a leading global destination for foreign direct investments and a launchpad for expansion into new markets worldwide.
During the first quarter, the chamber organized two ‘In Focus’ sessions for private sector companies to explore trade and investment opportunities in Senegal, Morocco, Vietnam, and Indonesia. These sessions provide a platform for Dubai businesses to engage with leaders from selected markets, promoting cross-border partnerships and mutual business growth.
The chamber’s initiatives, such as ‘In Focus’ events and the ‘New Horizons’ initiative, aim to facilitate Dubai-based companies in exploring investment opportunities and economic partnerships in targeted markets through tailored trade missions and pre-arranged B2B meetings.
In addition, Dubai International Chamber arranged a meeting with Emirati entrepreneurs from various sectors to support their global expansion efforts. The chamber also organized a special business event during the Gulfood exhibition, attracting 400 representatives from local and international companies in the food and beverage sector to discuss industry trends and opportunities in Dubai.
Overall, Dubai International Chamber’s efforts in attracting foreign direct investment and supporting local companies in expanding globally are contributing significantly to Dubai’s economic growth and positioning the emirate as a hub for international business opportunities.