DUBAI, 6th September, 2023 (WAM) -- Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has revealed that Indian investors topped the list of nationalities behind new companies joining the chamber during the first half of 2023.
A total of 6,717 new Indian-owned companies signed up for membership in H1 2023, compared to 4,845 in H1 2022, representing year-over-year growth of 39%.
In total, Indian companies accounted for 22.3% of the 30,146 new companies that joined the chamber in H1 2023. The number of Indian companies registered by the end of June 2023 increased to 90,118, reflecting the important role Indian companies play in supporting the sustainable growth of Dubai's economy.
The UAE ranked second in the number of new companies joining the chamber during the first half of this year, with 4,445 new companies registered. Pakistan ranked third with 3,395 new companies, an increase of 59% compared to H1 2022, bringing the total number of Pakistani companies registered to 40,315.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, "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."
Lootah highlighted that the number of new chamber members increased by 43% during the first half of 2023, adding, "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. This represents an increase of 102% compared to H1 2022 and brings the total number of Egyptian member companies to 18,028.
Additionally, 1,184 new Syrian-owned companies joined during H1 2022, an increase of 24% from the 956 recorded during H1 2022. The overall number of Syrian companies registered with the chamber now stands at 10,678.
The 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, contributing to 10,975 companies. Meanwhile, the United Kingdom saw an increase of 40%, with the chamber welcoming 963 new UK-owned member companies during H1 2023 to bring the total number to 10,010.
China was also among the top nationalities for new chamber members, with 664 new companies joining in H1 2023, up 69% from the H1 2022 figure and bringing the number of Chinese-owned enterprises to 8,265. Six hundred thirty-nine new Jordanian companies joined during H1 2023, a 36% increase from the 469 recorded during H1 2022, bringing the number of Jordanian businesses registered with the chamber to 8,368.
The number of Lebanese businesses registering witnessed year-over-year growth of 26% in H1 2023, with 588 new members compared to the 468 businesses that joined during the same period last year. This brought the total number of Lebanese businesses registered as chamber members at the end of June 2023 to 6,175.
The list of countries with the highest growth rates in new member company ownership during H1 2023 included Japan, which increased by 253% to reach 60 - up from 17 new companies registered in H1 2022. New Kyrgyzstan-owned company registrations increased 167%, rising from 21 in H1 2022 to 56 in H1 2023.
Tanzania's new business registrations increased from 14 companies in H1 2022 to 34 in H1 2023, while Hungary saw a 138% increase from 16 businesses in H1 2022 to 38 during H1 2023.
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 sectors, which made up 30.8% of new member companies.
Businesses in the construction industry took third place with 7.2%, while the transport, storage, and telecommunications sectors ranked fourth, accounting for 6.3% of the total activity among new companies joining the chamber during the first half of the year.