Pakistan came in third place on a ranking of companies that joined the Dubai Chamber of Commerce during the first half of 2023, with 3,395 new entities registered.
This was an increase of 59% compared to the same period last year, and brings total number of Pakistani companies in the chamber to 40,315, according to a statement released by the Government of Dubai Media Office on Wednesday.
Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, said India took top position, with 6,717 new Indian-owned companies signing up for membership in H1 2023, compared to 4,845 in H1 2022, an increase of 39%.
Meanwhile, UAE ranked second, with 4,445 new companies registered.
“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,” the statement quoted Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, as saying.
Lootah said the number of new chamber members increased by 43% during the first half of 2023.
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“Our extensive facilities, services, and activities add tremendous value for businesses and are closely aligned with the chamber’s drive to achieve the goals of the Dubai Economic Agenda and our strategic priorities.”
Other countries with large increases in new memberships included Egypt, with 2,154 new companies joining the chamber. Additionally, 1,184 new Syrian-owned companies joined during H1 2022, while total number of new Bangladeshi companies registering with the chamber witnessed a year-over-year increase of 47%, rising from 711 in H1 2022 to 1,044 in H1 2023.
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China was also among the top nationalities for new chamber members with 664 new companies joining in H1 2023.
The list of countries with the highest growth rates in new member company ownership during H1 2023 included Japan, which increased 253% to reach 60 – up from 17 new companies registered in H1 2022.
Trading and repair services accounted for 42.4% of the total activities among new member company registrations during H1 2023, followed closely by the real estate, renting, and business service sector.