India tops list of new Dubai Chamber of Commerce members in first half of 2023

They accounted for 22.3% of the 30,146 new companies that joined the chamber during the six-month period

The total number of new chamber members increased by 43 per cent annually during the first half of 2023, Mohammad Ali Lootah, president and chief executive of Dubai Chambers, said. Pawan Singh / The NationalShow less

Indian companies topped the list of 30,146 new members joining the Dubai Chamber of Commerce during the first half of this year, as the emirate continues to attract foreign investment and expands its non-oil private sector.

The total number of new Indian companies signing up for membership of the chamber increased by 39 per cent on an annual basis to 6,717 during the first half of 2023, Dubai Chamber of Commerce said in a statement on Wednesday.

Dubai Chamber of Commerce is one of the three chambers operating under the umbrella of Dubai Chambers.

Indian companies accounted for 22.3 per cent of new registrations during the first half, bringing the total number of Indian member companies to 90,118.

“The number of Indian companies registered by the end of June 2023 increased to 90,118, reflecting the important role Indian companies play in supporting the sustainable growth of Dubai’s economy,” the chamber said.

The UAE ranked second in terms of the number of new companies joining the chamber during the six-month period, with 4,445 new companies registered.

Pakistan ranked third with 3,395 new companies, an increase of 59 per cent year-on-year, bringing the total number of registered Pakistani companies to 40,315.

Dubai strengthened its status as a major global economic centre in the first half of 2023, as it continued to perform strongly across sectors from tourism to property, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, said in July.

The emirate's economy grew an annual 2.8 per cent in the first quarter of the year to Dh111.3 billion ($30.3 billion), extending the “robust momentum of growth” achieved in 2022, when it expanded by 4.4 per cent.

It is forecast to increase by 3.5 per cent in 2023, according to Emirates NBD.

The Comprehensive Economic Partnership Agreements that the UAE is concluding with various countries is also stimulating trade flows and increasing the value of non-oil foreign trade, strengthening the UAE’s position as a major global trading hub.

Growth rate

Other countries which saw a sharp rise in the number of new memberships in the first half include Egypt, with 2,154 new companies joining the chamber, clocking a growth rate of 102 per cent year on year. The total number of Egyptian member companies now stand at 18,028.

The UK saw an increase of 40 per cent, with the chamber registering 963 new UK-owned member companies during the first half, bringing the total number to 10,010.

China was also among the top nationalities for new chamber members with 664 new companies joining in the first half, up 69 per cent annually. This brings the total number of Chinese-owned enterprises to 8,265.

The number of Jordanian companies registered with the chamber reached 8,368, with 639 new firms, while 588 new Lebanese businesses became members of the chamber taking the total number of registered Lebanese companies to 6,175 at the end of June 2023.

“The diversity of nationalities represented among the new companies joining the chamber reflects the vibrancy of Dubai's dynamic business environment, together with the emirate’s strong ability to consistently attract a broad range of foreign direct investment,” Mohammad Ali Lootah, president and chief executive of Dubai Chambers, said.

The total number of new chamber members increased by 43 per cent annually during the first half of 2023, Mr Lootah said.

In terms of growth rate, the number of new Japanese companies joining the chamber recorded the highest year-on-year growth of 253 per cent to reach 60 during the first half, followed by new Kyrgyzstan-owned company registrations that jumped 167 per cent annually to 56.

Trading and repair services cornered the lion’s share (42.4 per cent) of business activities of new members in the first half.

This was followed closely by the real estate, renting, and business service sector, which accounted for 30.8 per cent of the total business activities of new members.

The construction industry came up as the third most popular business activity, with 7.2 per cent share, while the transport, storage, and telecommunications sector ranked fourth, accounting for 6.3 per cent of the total activity among new companies in the first six months of the year.