Over 19,000 Companies In Dubai Chamber of Commerce in Q1 2024

Photo : Dubai Government Media office

Dubai Chamber of Commerce, operating as one of the three chambers under the Dubai Chambers umbrella, has unveiled significant accomplishments for the first quarter of 2024. These achievements underscore the chamber's robust performance in advancing Dubai's economic development, bolstering its competitiveness, supporting the private sector, and aligning with the objectives of the Dubai Economic Agenda (D33).

During Q1 2024, an impressive total of 19,056 new companies became members of the Dubai Chamber of Commerce, reflecting a remarkable year-over-year growth of 17.6%. This surge underscores Dubai's increasing allure among businesses and investors, highlighting the emirate's exceptionally conducive business environment.

Moreover, the value of exports and re-exports by chamber members during Q1 2024 reached AED 73.5 billion, marking a notable year-over-year growth of 4.5%. The chamber also witnessed a 7.3% increase in the number of exporting members, rising from 8,848 in Q1 2023 to 9,496 in Q1 2024. This uptick underscores Dubai's robust trade relationships globally and the local private sector's adeptness in serving international markets efficiently.

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Furthermore, the issuance of 191,013 certificates of origin during the quarter, representing around 7% year-over-year growth, indicates Dubai's sustained trade momentum. Additionally, the issuance and reception of 1,416 ATA Carnets, totaling AED 804.9 million, further bolstered Dubai's trade facilitation efforts.

His Excellency Abdul Aziz Abdulla Al Ghurair, Chairman of Dubai Chambers, emphasized the chamber's commitment to the Dubai Economic Agenda (D33), aimed at doubling the emirate's economy over the next decade. He highlighted the chamber's strategic priorities, including enhancing the business environment, attracting foreign investment, facilitating global expansion for Dubai-based companies, and fostering the digital economy.

During Q1 2024, Dubai Chamber of Commerce actively engaged with Business Groups to review 33 laws and draft laws, with 45% of recommendations being adopted. Additionally, the establishment of four new Business Councils underscores the chamber's dedication to representing diverse stakeholders and fostering sustainable economic growth.

Moreover, the chamber's mediation efforts saw a significant increase, with 33 cases received, marking an 83.3% year-over-year growth. Notably, 84% of cases were successfully resolved, amounting to AED 2.6 million.

In line with supporting family businesses, the Dubai Centre for Family Businesses, under Dubai Chambers, launched the 'Corporate Governance Guidelines for Family Businesses' toolkit. This initiative aims to enhance governance structures and regulatory compliance, promoting the sustainable growth of family-owned enterprises.

Furthermore, the centre's collaboration with prominent family businesses to host educational workshops underscores its commitment to nurturing the growth, sustainability, and competitiveness of family businesses in Dubai. These efforts align with Dubai Chamber of Commerce's broader mission to foster a thriving business ecosystem and drive economic prosperity in the emirate.