Dubai Chamber of Commerce Sees Surge in New Indian-Owned Companies

Indian companies in Dubai surge in H1 2023, surpassing previously-recorded numbers :

In the first half of 2023, the Dubai Chamber of Commerce witnessed a remarkable increase in the number of new Indian-owned companies joining its ranks. A staggering 6,717 Indian companies became members, representing a significant 39% year-over-year growth compared to the 4,845 in the same period of 2022. This surge in Indian-owned companies accounted for 22.3% of the total 30,146 new companies that joined the chamber in H1 2023, solidifying the crucial role they play in Dubai’s economy.

Notably, the United Arab Emirates ranked second, with 4,445 new companies joining the chamber in the first half of the year. Pakistan followed closely in third place, experiencing a remarkable 59% increase compared to H1 2022, with 3,395 new companies joining the chamber. This brought the total number of Pakistani companies registered to 40,315.

Diversity of nationalities in Dubai business elite reflects strong business climate and attracting foreign direct investment :

The diversity of nationalities among the new member companies reflects Dubai’s dynamic business environment and its ability to attract foreign direct investment. Egypt witnessed a notable increase, with 2,154 new companies joining, marking a remarkable 102% year-over-year growth, and bringing the total number of Egyptian member companies to 18,028. Syrian-owned companies also saw a 24% increase from H1 2022, with 1,184 new companies joining and a total of 10,678 Syrian companies now registered.

Bangladeshi companies contributed significantly to the growth, with a 47% increase from H1 2022 to H1 2023. This rise brought the total number of Bangladeshi companies to 10,975. The United Kingdom also experienced a 40% increase, with 963 new UK-owned member companies joining the chamber in H1 2023, reaching a total of 10,010. China stood among the top nationalities, with 664 new companies joining, marking a 69% increase from H1 2022 and bringing the total number of Chinese-owned enterprises registered to 8,265.

Jordan and Lebanon also witnessed notable increases, with 639 new Jordanian companies and 588 Lebanese companies joining during H1 2023. Moreover, high growth rates were observed in companies from Japan, with a remarkable 253% increase, Kyrgyzstan with a 167% increase, Tanzania with a growth from 14 to 34 companies, and Hungary with a 138% increase.

In terms of sectors, trading and repair services accounted for 42.4% of new member company registrations during H1 2023. Real estate, renting, and business services followed closely at 30.8%. Construction ranked third at 7.2%, while the transport, storage, and telecommunications sector accounted for 6.3% of new companies joining the chamber in the first half of the year.