The value of member exports and re-exports in the first half of 2022 amounted to $35.23 billion, marking a 17.8% increase compared to the same period last year. The number of certificates of origin issued in H1-2022 rose 8.9% y-o-y to exceed 357,000.
The growth momentum reflects the Chamber’s ongoing efforts to expand and improve its services that are designed to facilitate Dubai’s trade with other markets and enhance the competitiveness of the private sector, as well as new initiatives launched under the new Dubai Chambers strategy.
Commenting on the latest performance figures, Hamad Buamim, President & CEO of Dubai Chambers, described said Dubai International Chamber’s representative offices played a crucial role in supporting the growth of member exports as these offices identify high-potential trade opportunities in promising markets, in addition to Dubai Chamber of Commerce’s smart services and expanded efforts to promote Dubai as a preferred business hub in the global arena.
Dubai Foreign Trade Plan
He reiterated Dubai Chambers’ strong commitment to achieving the goals of the Dubai Foreign Trade Plan announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, which aims to boost Dubai’s foreign trade to $540 billion by 2026, adding that newly launched initiatives such as Dubai Global are expected to fast track progress towards achieving this target.
He added that 2022 is forecast to be a record and exceptional year for member companies trade performance as the three chambers operating under Dubai Chambers – Dubai Chamber of Commerce, Dubai International Chamber and Dubai Chamber of Digital Economy align their efforts and implement a focused approach to supporting Dubai’s business community and cementing its position as a global trade hub.
New Business Licences
Dubai issued 45,653 new business licences in H1 of 2022, a growth of 25% compared with H1 of 2021 when 36,647 licenses were issued. The numbers reaffirm the success of the government’s innovative new strategic approaches and policy amendments that have revitalised the economy and stimulated a strong flow of local and foreign investment, enabling the emirate to accelerate the pace of its sustainable economic growth and diversification.
According to the sector data, 55% of the new business licences issued during the first six months were professional and 45% were commercial. Bur Dubai accounted for the largest share with 31,604 of new licences issued, followed by Deira with 14,022 licences, and Hatta (27), while the top sub-regions were: Al Fahidi, Burj Khalifa, Al Marrar, Port Saeed, Dubai Investment Park 1, Naif, Al Quoz 3, Trade Centre 1, Al Barsha 1, and Jebel Ali Industrial 1.
Among the legal forms of the new licences issued, sole establishment companies topped the list with 30%, followed by civil companies with 25%, and limited liability companies (LLCs) with 22%. The legal forms also included: One-Person Limited Liability Companies, Branches of companies based in other emirates; Branches of Foreign Companies; Branches of Free Zone Companies; Branches of GCC Companies, General Partnership Companies; Public Shareholding Companies; and Private Joint-Stock Companies.
A total of 261,958 business registration and licensing transactions were completed in H1 of 2022, a growth of 33% compared with H1 of 2021, when total transactions reached 197,052. Additionally, the number of renewal transactions during the first half of 2022 reached 92,948, a growth of 22% compared with the first half of 2021, in which 75,950 transactions were recorded.