Dubai, UAE — Nearly 50 percent of the Multinational Corporations (MNCs) that opened businesses in Dubai during 2023 are based in Asia and Australia, according to the Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers.
The Chamber said in a statement that growing number of major international businesses attracted from countries across the globe underlines the emirate’s importance as a key trade and investment hub.
Latin America and Europe, and the Middle East and Eurasia, accounted for 23.5 percent each of the total number of MNCs attracted during 2023. Companies from Africa represented 3 percent of the total number of corporations attracted by the chamber.
The chamber also revealed that 18 percent of the MNCs attracted to Dubai in 2023 operate within the financial services sector in areas including banking, asset and wealth management, and fintech.
The trade and logistics sector ranked second with 15 percent, followed by the IT sector in third place, which accounted for 12 percent with MNCs specializing in artificial intelligence, blockchain, robotics, and software.
The retail, fashion, and travel and tourism sector ranked in fourth place, accounting for 9 percent of the total number of MNCs attracted to the emirate. The manufacturing, mobility (including aerospace, space, and autonomous and conventional vehicles), and real estate sectors shared fifth place on the list, with each sector accounting for 6 percent of the total.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said, “Dubai is globally recognized as one of the most attractive cities for multinational corporations operating in all sectors. This attraction is driven by the emirate’s numerous competitive advantages, which include a business-friendly environment; economic and cultural openness; favorable legislation, economic strategies, and policies; and the exceptional ease of doing business.”
Dubai International Chamber successfully attracted 34 MNCs to the emirate during 2023, achieving an annual growth rate of 580 percent compared to the previous year. The Chamber said this increase reflects the chamber’s ongoing contribution to achieving the objectives of the Dubai Economic Agenda (D33), which aims to double the size of the emirate’s economy over the coming decade and consolidate Dubai’s position among the world’s top three economic cities.
The total number of international representative offices operated by Dubai International Chamber now stands at 31, with 16 new offices launched during 2023 alone. This growing network comes as part of the ‘Dubai Global’ initiative, which aims to establish 50 representative offices worldwide by 2030 to support efforts to attract international investments, companies, and talent to Dubai.