Dubai has witnessed a remarkable surge in the registration of foreign companies during the first half of 2023, with Pakistan securing the third spot with a significant influx of 3,395 new companies, marking a substantial 59% increase compared to the same period in 2022. This surge has propelled the total number of Pakistani companies in Dubai to an impressive 40,315.

The Dubai Chamber of Commerce shared this noteworthy data, underscoring that Indian investors led the charge among nationalities forming new businesses in Dubai during H1 2023. A staggering 6,717 Indian-owned companies joined the chamber during this period, a remarkable 39% increase compared to the same duration in the previous year. Indian companies accounted for a substantial 22.3% of the 30,146 new enterprises that became chamber members in H1 2023, strengthening their pivotal role in Dubai's economic growth.

The total count of Indian companies registered in Dubai reached an impressive 90,118 by the end of June 2023, showcasing their significant contribution to the emirate's thriving economy.

The United Arab Emirates itself secured the second spot in terms of new companies joining the chamber in the first half of 2023, with a total of 4,445 new companies successfully registered.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, emphasized the vibrant and dynamic business environment of Dubai. He noted that the diversity of nationalities represented among these new entrants is a testament to the city's robust economic landscape and its ability to consistently attract diverse foreign investments.

Mr. Lootah also highlighted the significant growth in new chamber memberships, which surged by an impressive 43% during the first half of 2023. He added that the comprehensive facilities, services, and activities provided by the chamber offer immense value to businesses and align with Dubai's strategic priorities and economic goals.

Apart from Pakistan and India, several other countries also demonstrated substantial growth in new member registrations. Egypt reported a remarkable 102% increase, adding 2,154 new companies to the Dubai Chamber of Commerce during H1 2023, bringing the total number of Egyptian member companies to 18,028. Syria witnessed a 24% rise with 1,184 new Syrian-owned companies becoming chamber members, reaching an overall count of 10,678. Bangladesh contributed 1,044 new companies, reflecting a 47% year-over-year increase and bringing their total to 10,975.

The United Kingdom, China, Jordan, Lebanon, Japan, Kyrgyzstan, Tanzania, and Hungary were among other countries with notable growth rates in new member company registrations, highlighting Dubai's ever-evolving and diverse business landscape.

In terms of business sectors, trading and repair services dominated the scene, accounting for 42.4% of new member activities during H1 2023. The real estate, renting, and business services sector followed closely with a 30.8% share, while the construction industry held third place with 7.2%. The transport, storage, and telecommunications sectors ranked fourth, constituting 6.3% of the total activity among new companies joining the chamber in the first half of the year. Dubai's allure as a global business hub continues to attract a diverse range of companies from across the globe.

Written By Hurmat Majid