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Middle East, Eurasia make 32% of SMEs drawn to Dubai in 2023

Middle East, Eurasia make 32% of SMEs drawn to Dubai in 2023
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UAE – Mubasher: Around 32% of the Small and Medium-sized Enterprises (SMEs) attracted by Dubai in 2023 originated from the Middle East and Eurasia.

Meanwhile, 29% of SMEs drawn to the emirate come from Asia and Australia, according to data released by the Dubai International Chamber (DIC), one of the three chambers under Dubai Chambers.

The mounting influx of SMEs to Dubai from across the globe underscores the emirate’s pivotal role as a premier global trade and investment hub.

In 2023, Latin America and Europe constituted 26% of the total SMEs attracted, while African markets represented 13%.

Additionally, DIC disclosed that 17% of these international SMEs operate within the trade and logistics sector. Moreover, 13% specialise in the IT sector, focusing on areas such as artificial intelligence, blockchain, robotics, and software.

The food and agricultural sector accounted for 10% of the total SMEs attracted, while healthcare and pharmaceuticals followed closely behind at 9%.

The public services sector ranked fifth, representing 7% of the SMEs attracted. Financial services, encompassing banking, asset and wealth management, fintech, insurance, and consulting firms, stood at 6%.

Real estate companies comprised 4% of the total SMEs attracted, whereas the retail, fashion, travel, hospitality, and tourism sectors collectively made up 4%.

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, highlighted Dubai's global status as an investment destination for high-value ventures.

Lootah underscored Dubai’s competitive edge, which stems from the forward-thinking vision of its leadership, business-friendly environment, ongoing service enhancements, favourable legislation, and diverse investment opportunities.

He added: “We are steadfast in our commitment to advancing the objectives of the Dubai Economic Agenda (D33), with a particular focus on attracting foreign direct investments across traditional and emerging sectors.”

Dubai International Chamber successfully drew 104 SMEs to the emirate in 2023, registering an impressive year-over-year growth rate of 550%.

DIC currently operates 31 international representative offices, with 16 new offices inaugurated in 2023.

It is worth noting that the Dubai Chamber of Commerce (DCC) attracted 67,222 new members in 2023, a  20% year-on-year (YoY) surge in their number from 2022.