Dubai International Chamber attracts growing number of SMEs

Tuesday, 26 March 2024 15:26

By ARN News Staff

A growing number of SMEs representing diverse nationalities and international markets are setting up shop in Dubai.

The Dubai International Chamber successfully attracted 104 SMEs to the emirate in 2023, achieving a year-over-year (YoY) growth rate of 550 per cent.

Businesses from the Middle East and Eurasia accounted for 32 per cent of SMEs attracted by the chamber in 2023, with Asia and Australia following close behind at 29 per cent.

Seventeen per cent of these SMEs operate within the trade and logistics sector, while 13 per cent operate in the IT sector, specialising in areas such as artificial intelligence, blockchain, robotics and software.

The food and agricultural sector ranked third, accounting for 10 per cent of the total. Healthcare and pharmaceuticals followed with 9 per cent, while the public services sector represent 7 per cent of the SMEs attracted.

The financial services sector, which includes banking, asset and wealth management, fintech, insurance, and consulting firms, ranked sixth at 6 per cent.

Real estate companies ranked seventh in terms of SMEs attracted, representing 4 per cent of the total, while the retail, fashion, travel, hospitality and tourism sectors accounted for 4 per cent.

"Our network of international representative offices in key global markets has effectively promoted Dubai’s business community and highlighted the emirate’s value for companies seeking global expansion," said Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers.

The total number of global representative offices operated by the Dubai International Chamber currently stands at 31 following the launch of 16 new ones in 2023.

This growing network comes as part of the ‘Dubai Global’ initiative, which seeks to establish 50 representative offices worldwide by 2030 to support efforts to attract international investments and companies to the emirate.

.@DxbChamberIntl reveals that 32% of the total number of Small and Medium-sized Enterprises attracted to #Dubai during 2023 were from the Middle East and Eurasia, with Asia and Australia following close behind at 29%. The growing number of SMEs setting up in Dubai from countries… pic.twitter.com/Phw1f3Ys4x
— Dubai Media Office (@DXBMediaOffice) March 26, 2024

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