Dubai International Chamber, one of the three chambers operating under the Dubai Chambers umbrella, has disclosed that half of the Multinational Corporations (MNCs) it drew to Dubai in 2023 hail from Asia and Australia.
The increasing presence of significant international enterprises from various countries underscores the emirate’s significance as a pivotal trade and investment center.
The statistics vividly demonstrate the broad spectrum of markets encompassed by the Multinational Corporations (MNCs) that the chamber successfully drew to Dubai utilizing its network of international representative offices worldwide.
In 2023, Latin America and Europe collectively accounted for 23.5% of the total MNCs attracted, showcasing the diverse origins of these companies. Similarly, the Middle East and Eurasia regions each contributed an equal share of 23.5% to the total number of MNCs attracted, highlighting the extensive reach of Dubai’s appeal as a trade and investment destination.
Furthermore, companies from Africa constituted 3% of the total MNCs attracted by the chamber, albeit representing a smaller proportion compared to other regions. This distribution underscores Dubai’s global prominence and its ability to attract businesses from various continents, reaffirming its position as a thriving hub for international commerce and investment.
The chamber also disclosed that in 2023, 18% of the Multinational Corporations (MNCs) drawn to Dubai were operating within the financial services sector. These companies encompassed various areas such as banking, asset, and wealth management, as well as fintech. Following closely behind, the trade and logistics sector secured the second position, constituting 15% of the total MNCs attracted.
In third place, the IT sector held a significant presence, representing 12% of the MNCs attracted to Dubai. This sector included companies specializing in artificial intelligence, blockchain technology, robotics, and software development.
The retail, fashion, travel, and tourism sectors collectively ranked fourth, contributing 9% to the total number of MNCs attracted to the emirate.
Meanwhile, the manufacturing, mobility (encompassing aerospace, space, and autonomous, and conventional vehicles), and real estate sectors shared the fifth position, with each sector accounting for 6% of the total MNCs attracted. This diverse array of sectors underscores Dubai’s appeal as a multifaceted business hub, catering to a wide range of industries and interests.
His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, remarked: “Dubai holds global acclaim as one of the most appealing cities for multinational corporations across all industries. This allure stems from the emirate’s plethora of competitive advantages, including its business-friendly atmosphere, economic and cultural inclusivity, favorable legislative framework, economic strategies, and policies, as well as its unparalleled ease of conducting business.”
His Excellency emphasized: “We remain dedicated to bolstering Dubai’s appeal as a premier investment destination, facilitated by our expanding network of international representative offices. Additionally, Dubai International Chamber’s endeavors to link the global business community with the myriad opportunities for advancement, expansion, and success in Dubai further strengthen our commitment.”
In 2023, the Dubai International Chamber achieved a significant milestone by successfully attracting 34 Multinational Corporations (MNCs) to the emirate. This accomplishment marked an extraordinary annual growth rate of 580% when compared to the previous year. Such a substantial increase highlights the chamber’s continued dedication and effectiveness in fostering international business relationships and attracting foreign investment to Dubai.
This remarkable growth serves as a testament to the chamber’s pivotal role in contributing to the objectives outlined in the Dubai Economic Agenda (D33). The D33 initiative aims to propel Dubai’s economic growth by doubling the size of its economy over the next decade. By attracting a diverse array of MNCs, the Dubai International Chamber is actively supporting the agenda’s objectives, helping to strengthen the emirate’s economic landscape and position it as a global hub for commerce and investment.
Moreover, the chamber’s success in attracting MNCs underscores Dubai’s attractiveness as a preferred destination for international businesses seeking opportunities for growth and expansion. The emirate’s strategic location, business-friendly environment, progressive policies, and infrastructure development initiatives all contribute to its appeal as a prime location for multinational corporations looking to establish a presence in the region.
As of now, the Dubai International Chamber operates a total of 31 international representative offices, with an impressive addition of 16 new offices launched during 2023 alone. This expanding network is a key component of the ‘Dubai Global’ initiative, which has set ambitious targets to establish 50 representative offices worldwide by 2030.
The primary objective of the ‘Dubai Global’ initiative is to bolster efforts in attracting international investments, companies, and talent to Dubai. By strategically positioning representative offices in key global locations, the Dubai International Chamber aims to enhance connectivity and foster stronger relationships with international businesses and investors.
Each new office launched contributes to Dubai’s broader strategy of positioning itself as a global hub for trade, commerce, and investment. These offices serve as vital platforms for promoting Dubai’s unique advantages, including its business-friendly environment, infrastructure, regulatory framework, and strategic location.
Furthermore, the establishment of these representative offices aligns with Dubai’s overarching economic development goals, including the diversification of its economy and the expansion of its global footprint. By increasing its presence in key international markets, the Dubai International Chamber aims to attract a diverse range of businesses and talent to the emirate, ultimately contributing to its long-term economic growth and prosperity.
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