Dubai Chamber of Commerce Enrol 15,366 New Companies in Q1-2023

Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, on Monday announced that 15,366 new companies have registered with the Chamber in the first quarter of 2023.

This represents a record growth of 48.7% compared with the same period last year, underlining the Emirate’s strong appeal among investors and the competitiveness of its business environment.

Even the total value of exports and re-exports reported by members of the Chamber reached $19.52 billion during Q1 of 2023, around 17.3% higher than the $16.63 billion recorded in the corresponding period last year.

This growth reflected the Chamber’s continuous efforts to support its members and their commercial activities in markets across the globe through its network of international offices, full calendar of events, and economic studies on business opportunities.

Abdul Aziz Al Ghurair, Chairman of Dubai Chambers, said that their primary focus at Dubai Chambers was to achieve the strategic priorities we have set as part of our strategy for the 2022-2024 period. Shaping the future requires concerted efforts and a unified vision to achieve the goals needed for the stages ahead.

The Chamber also issued 182,266 Certificates of Origin during the first quarter of 2023, achieving annual growth of around 2% compared with the same period last year. In addition, 1,527 ATA Carnets worth $300 million were issued and received in Q1 2023.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said that they were committed to support the private sector and enhance its competitiveness to achieve the wise leadership’s vision and strengthen partnerships between the public and private sectors.

Lootah also revealed that this year will see the launch of numerous new initiatives designed to bring added value to the emirate’s business community, in line with the chambers’ strategic priorities.

Over 100 Business Groups

The first quarter of the year also saw Dubai Chamber of Commerce achieve its goal of establishing more than 100 Business Groups representing various sectors and economic activities in the Emirate. The groups seek to enhance the private sector’s contribution towards drafting policies and legislation related to the local business environment.

Currently, there are a total of 105 Business Groups, reflecting a high level of private sector representation, the agility of the emirate’s economy, and the notable role the private sector plays in supporting sustainable growth.

The Chamber reviewed more than 32 laws and draft laws during the first three months of the year as part of its efforts to protect the interests of the business community and received 18 cases for mediation.

Al Ghurair emphasised Dubai Chambers’ strong commitment to achieving its strategic objectives, which include improving the business environment in the emirate, increasing the effectiveness of advocacy, supporting members in expanding their businesses globally, attracting foreign business and investment into Dubai, growing the digital economy, and sustaining institutional and customer excellence. He also underlined the importance of enhancing the competitiveness of Dubai’s economy in line with the vision of the emirate’s wise leadership.

Dubai Chamber of Commerce also launched the Business Sectors Platform. The new platform offers an innovative package of quality services designed specifically to meet the needs of Business Groups and Business Councils to enable them to operate effectively and achieve their objectives.