Dubai Chamber of Commerce sees 69% surge in new members in Jan-Aug

Some 27,100 companies joined Dubai Chamber of Commerce, one of three chambers operating under Dubai Chambers, as new members in the first 8 months of 2022. The figure was up 69% compared to the same period last year, and brings total membership to about 314,000, a statement by the Dubai government revealed on Monday.

H.E. Abdul Aziz Al Ghurair, Chairman of Dubai Chambers, was quoted as saying that the growth reflects the positive impact of the Chambers’ “specialised approach” to support members with their global expansion plans as well as improving ease of doing business in the emirate.

He said these efforts enhance the Chambers’ ability to serve the business community and identify attractive trade opportunities for members.

He also believed this positive momentum will continue as Dubai Chambers makes headway on meeting objectives outlined in its 2022-2024 strategy, while it continues to launch initiatives to enhance economic competitiveness, attract promising businesses to Dubai and expand the city’s trade ties with high-potential markets.

Dubai has historically looked to becoming an attractive destination for businesses, eager to attract foreign investment with its favourable tax laws, economic free zones plus access to funding and new markets.

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Earlier this year, Dubai Chambers President and CEO H.E. Hamad Buamim told Business Recorder that more than 15,000 Pakistani companies registered with the Dubai Chamber of Commerce.

Dubai Chambers is a non-profit public organisation set up in 1965 that looks after the interests of the business community in Dubai. In its most recent statement, it also revealed that between January and August 2022, member exports and re-exports increased over 20% y-o-y to reach AED 177 billion.

More than 476,000 Certificates of Origin were issued by the Chamber in this time period, a growth of 9.8% compared to the same period last year.

A total of 2,674 ATA Carnets, an international customs document allowing the temporary import of goods for a period of one year imposing without any fees or taxes, were issued by the Chamber and received by the UAE. They were up 22.2% y-o-y over the same period and accounted for a value of AED 1.33 billion.

Meanwhile, over 642,000 electronic transactions were processed by the Chamber, increasing 12.7% year-on-year, following the 100% digital transformation of the Chamber core’s services as part of the Dubai Paperless Strategy.

Pakistan companies are well-represented within Dubai’s business community, operating in a wide variety of sectors, such as real estate, finance, industrial machinery, automobiles, education, media, and technology.

The Pakistan Business Council in Dubai, established under the umbrella of the Dubai Chamber of Commerce, is a business policy advocacy platform with 600 members that includes Pakistani businesspersons, investors and professionals based in the UAE.