Dubai International Chamber successfully attracts eight multinational companies to the emirate during Q1 2024

(MENAFN- BCW Global) Dubai, UAE – Dubai International Chamber, one of the three chambers operating under Dubai Chambers, has announced details of several notable achievements during Q1 2024 in attracting foreign direct investment to Dubai and supporting the efforts of local companies to expand into global markets, in line with the objectives of the Dubai Economic Agenda (D33).

The chamber achieved a year-over-year (YoY) growth of 48% in the number of multinational companies (MNCs) and small and medium enterprises (SMEs) it attracted to the emirate, which increased from 25 in the first quarter of 2023 to 37 during Q1 2024. This impressive increase reflects Dubai’s growing attractiveness among global investors and position as a leading destination for businesses operating across diverse sectors.

The companies attracted during the first three months of this year included eight MNCs, which increased from five in Q1 2023, representing YoY growth of 60%. A total of 29 SMEs were attracted to Dubai in Q1 2024, an increase of 45% compared to the 20 that were attracted during Q1 2023.

Dubai International Chamber also supported the expansion of 21 local companies into new global markets during Q1 2024 through various programmes and initiatives. The chamber assisted these companies with exporting to new countries, establishing their presence overseas, and engaging in joint ventures with local businesses in their target markets. The number of companies assisted with international expansion increased by 200% compared to Q1 2023’s figure of seven businesses.

His Excellency Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber, commented: “We are continuing to step up our efforts to attract international companies and investors to the emirate, while advancing the expansion of local companies into promising global markets. These activities form a key part of our drive to contribute to advancing sustainable development and achieving the objectives of the Dubai Economic Agenda (D33).”

His Excellency added: “The chamber's growing network of 31 international representative offices plays a central role in promoting Dubai as an ideal city for global talent, high-net-worth individuals, and companies of all sizes across diverse sectors. Our offices are central to our plans to consolidate Dubai’s position as a leading global destination for foreign direct investments and a launchpad for expansion into new markets worldwide.”

During the first quarter, the chamber hosted two ‘In Focus’ sessions for private sector companies to explore trade and investment opportunities in Senegal, Morocco, Vietnam, and Indonesia. The ‘In Focus’ initiative provides a platform for Dubai businesses to engage with public and private sector leaders from selected markets to promote cross-border partnerships and drive mutual business growth. Participants benefit from access to first-hand information on doing business in the targeted countries and regions, in addition to expert guidance on every stage of their international expansion. The topics covered range from timely market intelligence and business introductions to company set-up processes and successfully concluding partnership agreements and business deals.

The chamber’s ‘In Focus’ events serve as an introduction to the ‘New Horizons’ initiative, which enables Dubai-based companies to join tailored trade missions and participate in pre-arranged B2B meetings in targeted markets to explore investment opportunities and economic partnerships.

During the first three months of this year, Dubai International Chamber also arranged a meeting with Emirati entrepreneurs in diverse sectors to support their efforts to expand into global markets. The productive session highlighted the various programmes and services provided by the chamber to enhance the competitiveness of local businesses in international markets.

In February, the chamber organised a special business event on the sidelines of the Gulfood exhibition, which attracted the participation of 400 representatives from local and international companies operating in the food and beverage sector. Participants learned about the latest data and key trends shaping the UAE’s flourishing food and beverage industry. The meeting also highlighted the promising opportunities available in Dubai for companies in the sector as a result of its advanced logistics capabilities and favourable business environment.

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