Middle East and Eurasia Businesses Constitute 32% of SMEs Attracted by Dubai International Chamber in 2023

Middle East and Eurasia Businesses Constitute 32% of SMEs Attracted by Dubai International Chamber in 2023 

Dubai International Chamber, a key entity within Dubai Chambers, disclosed that in 2023, 32% of the Small and Medium-sized Enterprises (SMEs) drawn to Dubai hailed from the Middle East and Eurasia, with Asia and Australia close behind at 29%. This surge underscores Dubai's pivotal role as a global trade and investment hub.

The statistics underscore the diverse array of SMEs from different nationalities and markets that the chamber has enticed to Dubai through its international representative offices. Latin America and Europe constituted 26% of the SMEs attracted, while African markets represented 13%.

The chamber also unveiled that 17% of these SMEs are engaged in trade and logistics, with another 13% operating in the IT sector, specialising in areas such as artificial intelligence, blockchain, robotics, and software.

In terms of sectors, the food and agricultural sector ranked third, comprising 10% of the total SMEs attracted, followed by healthcare and pharmaceuticals at 9%. The public services sector accounted for 7%, while financial services, including banking, asset management, fintech, insurance, and consulting firms, stood at 6%.

Real estate companies constituted 4% of the SMEs attracted, alongside the retail, fashion, travel, hospitality, and tourism sectors.

His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, highlighted Dubai’s standing as a destination for high-value investments. He attributed Dubai’s competitiveness to its visionary leadership, business-friendly environment, ongoing service development, favourable legislation, and diverse investment opportunities.

His Excellency emphasised the effective promotion of Dubai’s business community by the chamber's international representative offices, aligning with the Dubai Economic Agenda (D33) to attract foreign direct investments.

Dubai International Chamber successfully drew 104 SMEs to the emirate in 2023, achieving a notable year-over-year growth rate of 550%. This expansion reflects the chamber’s commitment to doubling the emirate’s economy size over the coming decade, consolidating Dubai’s position among the top three global cities.

The Dubai International Chamber currently operates 31 international representative offices, with 16 new offices launched in 2023 as part of the ‘Dubai Global’ initiative. This initiative aims to establish 50 representative offices worldwide by 2030 to bolster efforts to attract international investments and companies to Dubai.

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