Pakistan ranks three in Dubai Chamber of Commerce registered companies

ISLAMABAD: Pakistan secured the third place on a ranking of companies that joined the Dubai Chamber of Commerce during the first half of 2023, with 3,395 new entities registered.

This represents a substantial growth of 59 percent compared to the same timeframe in the previous year. According to an announcement made by the Government of Dubai Media Office the total count of Pakistani companies within the chamber has now reached 40,315.

The Dubai Chamber of Commerce, one of the three chambers operating under the Dubai Chambers umbrella, disclosed that India secured the top spot with 6,717 new Indian-owned companies joining as members in first half of 2023, showing a 39 percent increase from the 4,845 registrations in first half of 2022.

The UAE took the second position with 4,445 new companies successfully registering.

Interim PM says Saudi Arabia to invest $25b over next five years

The President and CEO of Dubai Chambers, Mohammad Ali Rashed Lootah, emphasized the diversity of nationalities represented among the new chamber members as a testament to Dubai’s vibrant business environment and its ability to attract foreign direct investment consistently. He noted that the number of new chamber members grew by 43 percent in the first half of 2023.

Other countries also experienced substantial growth in new memberships, including Egypt, where 2,154 new companies joined the chamber. Furthermore, 1,184 new Syrian-owned companies became members during H1 2022, while the number of new Bangladeshi companies registering with the chamber saw a remarkable year-over-year increase of 47 percent, rising from 711 to 1,044 in 2023.

China was another notable contributor to the list of new chamber members, with 664 new companies joining in first half of 2023. Japan witnessed an outstanding growth rate of 253 percent, increasing its member count to 60, up from 17 new companies registered in 2022.

Among the various activities within the new member company registrations during first half of 2023, trading and repair services accounted for the largest share at 42.4 percent, closely followed by the real estate, renting, and business service sector.