How Are Dubai’s New Horizons Initiatives Opening Doors to Global Business?
Dubai International Chamber, one of the three chambers under Dubai Chambers, has been making significant progress in attracting foreign direct investments to Dubai and helping local companies expand globally, aligning with the goals of the Dubai Economic Agenda (D33).
They’ve seen a 54 percent year-over-year growth in attracting MNCs and SMEs to Dubai. Specifically, they went from attracting 56 companies in the first half of 2023 to 86 in the first half of 2024. This growth underscores Dubai's reputation as a top global investment destination and a thriving business hub.
Breaking it down, 24 of these were MNCs, up from just eight in the same period last year, marking a 200 percent increase. Additionally, they attracted 62 SMEs, up 29 percent from the 48 attracted in H1 2023.
Moreover, the chamber played a crucial role in helping 34 local companies expand into new global markets in the first half of 2024. This support, provided through their international offices and various programs, resulted in a 127 percent increase compared to H1 2023, when they assisted 15 businesses.
His Excellency Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber, highlighted that these achievements align with the objectives of the Dubai Economic Agenda (D33). This agenda aims to double Dubai's economy size over the next decade and position the city among the top three global cities.
Bin Sulayem emphasised the importance of the chamber's international offices in promoting Dubai’s competitive advantages, which make the emirate a preferred destination for foreign direct investment. Additionally, the chamber is committed to supporting local companies in expanding into promising global markets, contributing to the sustainable growth of Dubai's business community.
In the first half of the year, the chamber organised trade missions to Southeast Asia and West Africa, involving 38 companies from Dubai. These missions, part of the 'New Horizons' initiative, facilitated over 830 B2B meetings to explore investment opportunities and foster economic partnerships.
In Southeast Asia, they organised 200 B2B meetings in Indonesia and 180 in Vietnam. The West Africa trade mission included visits to Senegal and Morocco, where they organised 150 B2B meetings in Dakar and over 300 in Casablanca. The chamber also signed several MoUs to strengthen bilateral cooperation, including one with the Dakar Chamber of Commerce, Industry, and Agriculture, and four in Morocco to enhance cooperation with various Moroccan business entities.
