Dubai Chambers added 27,800 new companies in 2021

The value of exports and re-exports recorded by the organisation's members hit $61.81bn last year

Dubai Chamber's headquarters. Business conditions in the emirate's non-oil private sector economy improved sharply in February. Photo: Dubai Chamber

More than 27,800 new companies joined Dubai Chambers last year, a 66.8 per cent increase compared with 2020, bringing the organisation’s total membership to more than 287,000.

The value of exports and re-exports of Dubai Chamber members rose 23 per cent annually to Dh227 billion ($61.81bn) in 2021. A total of 669,922 certificates of origin were issued by the chamber, it said on Wednesday.

The numbers reflect “Dubai’s strengthening position as a global hub for business, trade and investment”, Hamad Buamim, president and chief executive of Dubai Chambers, said.

Dubai’s economy made a strong bounce-back from the pandemic-driven slowdown in 2021 and the growth momentum has continued this year.

The government’s mass testing and vaccination programme has helped to curb the spread of the pandemic in the country, and the number of new Covid-19 cases in recent weeks has steadily declined.

Business conditions in Dubai’s non-oil private sector economy improved sharply in February, shaking off Omicron jitters, as new orders rose and the travel and tourism sector continued to benefit from Expo 2020 Dubai, according to the emirate’s seasonally adjusted IHS Markit Purchasing Managers' Index, released on Wednesday.

The announcement of legislative reforms and measures to support the business sector will continue to “boost Dubai’s value proposition among foreign investors and companies, and enhance the emirate’s economic competitiveness in the global arena”, said Abdul Aziz Al Ghurair, chairman of Dubai Chambers.

Dubai Chambers also continued with its digital transformation strategy last year, as it processed more than 704,400 e-transactions in 2021 and managed to fully digitise its core services by 100 per cent, helping the organisation to serve its members and customers remotely.

Dubai Chamber’s 11 international offices held 2,398 online meetings in 2021 and engaged with 4,052 investors who are keen to expand their businesses in the emirate.

The chamber also issued and received ATA Carnets worth Dh4.5bn in 2021. The ATA Carnet is an international customs document that permits duty-free and tax-free temporary importation of goods for up to one year.

“Despite global challenges and Covid-related restrictions, the chamber succeeded in ensuring a favourable business environment and developing new solutions to meet the changing needs of companies in Dubai,” Mr Buamin said.