23,204 new companies launched in real estate and services, marking 8.4 percent annual growth
A recent analysis conducted by Dubai Chamber of Commerce, one of the three chambers functioning under the umbrella of Dubai Chambers, has disclosed that 29,000 new companies operating in the trading and services sector became members of the chamber during 2024. This noteworthy growth underscores the sector’s crucial role in Dubai’s economic diversification.
The construction sector also experienced remarkable growth in memberships, with 7,434 new companies joining the chamber in 2024, signifying an increase of 33 percent compared to 2023.
A total of 23,204 new companies operating in the real estate, renting, and business services sector joined the chamber last year, indicating annual growth of 8.4 percent, while 5,901 new companies in the transport, storage, and communication sector became members, marking an increase of 8.3 percent over 2023’s figure.
The financial intermediation sector also expanded, with 1,830 new companies joining the chamber, reflecting growth of 8.3 percent.
In total, 70,500 new companies joined Dubai Chamber of Commerce during 2024, reinforcing Dubai’s status as a global investment hub that provides exceptional competitive advantages for businesses worldwide.
Read more: Dubai Courts, Dubai Chambers sign MoU to strengthen emirate’s role as global commercial dispute resolution hub
Approving new boards of directors for Dubai Chambers and its three divisions
Earlier in February, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved the Board of Directors of Dubai Chambers, the overarching organization for the Dubai Chamber of Commerce, the Dubai International Chamber, and the Dubai Chamber of Digital Economy. Sheikh Mohammed also endorsed the Boards of Directors and Advisory Councils of the Dubai Chamber of Commerce, the Dubai International Chamber, and the Dubai Chamber of Digital Economy. This initiative aims to enhance the chambers’ role in promoting economic development and business growth in Dubai, driving international partnerships, and accelerating the growth of the digital economy to solidify the emirate’s position as a leading global hub for business, trade, and investment.
MoU with the U.S. Chamber of Commerce
Also last month, Dubai Chambers signed a memorandum of understanding with the United States Chamber of Commerce to strengthen trade relations and enhance the ties between the business communities of Dubai and the United States. The agreement aims to support the growth of bilateral trade and expand economic cooperation. Under the terms of the agreement, Dubai Chambers will assist the United States Chamber of Commerce members in establishing and investing in Dubai, as well as offer strategic services to expedite the investment process. In return, the U.S. Chamber of Commerce will also help Dubai Chambers’ members expand into the United States, in addition to facilitating business matching and networking activities.
Total UAE investment in the United States already tops $35 billion, said Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade recently. This represents more than 50 percent of the total FDI from Arab countries in the United States at the end of 2023. Meanwhile, American investments in the UAE exceeded $5 billion by the end of 2022. The agreement also outlines cooperation in several key areas, including mutual support in presenting and participating in trade fairs, investment missions, conferences, and exhibitions in both Dubai and the United States, along with the regular exchange of information and reports on bilateral trade between the two markets.
Commitment to strategic priorities and digital economy growth
With this partnership, Dubai Chambers remains dedicated to achieving its strategic priorities, which include enhancing Dubai’s business environment, attracting international businesses and investments, and driving the international expansion of its members. The chamber also focuses on accelerating the growth of Dubai’s digital economy, increasing the effectiveness of advocacy, and maintaining a climate of institutional and customer excellence.
