Pakistani investors came in second in a ranking of nationalities of new non-UAE businesses joining the Dubai Chamber of Commerce in 2023.
In a statement released on Tuesday, the chamber said it welcomed 8,036 new Pakistani businesses in 2023, “a remarkable growth rate of 71.2% compared to the previous year.”
Dubai Chamber of Commerce is one of the three chambers operating under the umbrella of Dubai Chambers.
Meanwhile, India came in top place, with 15,481 Indian-owned companies joining the chamber last year, a year-over-year increase of 38%. In third place was Egypt, with 4,837 new members, up 63.2% from the previous year.
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Companies from Syria, the UK and Bangladesh rounded off the top 5 ranking.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said, “Dubai has consistently attracted foreign direct investment from many different nations and sectors, underlining the diversity of the emirate’s business environment and its broad economic appeal as a global business destination.”
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“The remarkable increase in the diversity of nationalities represented among the owners of member companies reflects Dubai’s growing prominence within the global business landscape, especially since the announcement of the Dubai Economic Agenda (D33).” he added.
The agenda aims to double the size of the emirate’s economy over the next decade, and reinforce its position amongst the world’s top global cities.
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The majority (44%) of new companies that registered with Dubai Chamber of Commerce in 2023 operate within the wholesale and retail trade and repair of motor vehicles sector. This was followed by real estate, renting, and business activities sectors.
The construction sector ranked third with 8.3% of total new companies, while the transport, storage, and communications sector came fourth.
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Earlier, the Chambers had revealed that a total of 67,222 new companies became members in 2023 - the highest number during any year in its history, representing year-over-year growth of 20 percent.