15,000+ new Indian companies join Dubai Chamber of Commerce in ’23

A recent analysis by Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has revealed that Indian investors topped the list of nationalities of new non-UAE businesses joining the chamber last year. A total of 15,481 new Indian-owned companies became members in 2023, representing year-over-year (YoY) growth of 38 percent and underlining Dubai’s continuing attractiveness among Indian businesses and investors.

Pakistan ranked second in terms of new company memberships in 2023, with the chamber welcoming 8,036 new Pakistani businesses in 2023 - a remarkable growth rate of 71.2 percent compared to the previous year. Egypt ranked third, with 4,837 new members registering, representing YoY growth of 63.2 percent.

Prominent destination for investments: Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, “During the past year, Dubai has consistently attracted foreign direct investment from many different nations and sectors, underlining the diversity of the emirate’s business environment and its broad economic appeal as a global business destination.”

Lootah added that the chamber is committed to providing specialised value-added services that support its strategic priorities, facilitate business activity, and enhance the competitiveness of companies in the emirate, stating, “The remarkable increase in the diversity of nationalities represented among the owners of member companies reflects Dubai’s growing prominence within the global business landscape, especially since the announcement of the Dubai Economic Agenda (D33).”

Dynamic growth trajectory

The number of new Syrian-owned companies joining Dubai Chamber of Commerce reached 2,755 in 2023, representing YoY growth of 28.8 percent. The country ranked fourth among the top investor nationalities for new company registrations.

The United Kingdom ranked fifth with a total of 2,267 new companies, up from 1,503 in 2022 to achieve YoY growth of 50.8 percent. The number of new Bangladeshi-owned member companies increased by 42.8 percent to reach 2,252. China ranked seventh on the list with 1,560 new companies joining the chamber in 2023, achieving an annual growth rate of 66.5 percent.

The number of new Jordanian companies increased by 31.6 percent to reach 1,469, compared to 1,116 in 2022. Iraqi companies ranked ninth on the list, with 1,247 new companies registered during 2023. This represented YoY growth of 95.5 percent compared to the 638 companies that joined in 2022. Yemeni companies ranked tenth with 1,214 new companies, achieving an annual growth rate of 57.5 percent over the 771 companies that joined in 2022.The number of new Syrian-owned companies joining Dubai Chamber of Commerce reached 2,755 in 2023, representing YoY growth of 28.8 percent.

Increases across diverse sectors: The majority of new companies that registered with Dubai Chamber of Commerce in 2023 operate within the wholesale and retail trade and repair of motor vehicles sector, which accounted for 44.2 percent of new memberships. This was followed by companies from the real estate, renting, and business activities sector, which represented 32 percent of the total. The construction sector ranked third with 8.3 percent of total new companies, while the transport, storage, and communications sector came fourth, accounting for 8.1 percent of the new companies joining as chamber members.

Mubadala to anchor Blue Opal Capital’s ventures fund II:  Mubadala Investment Company has entered into a strategic partnership with US-based fund-of-funds venture capital firm Blue Opal Capital and will be an anchor investor in their second venture capital fund.

Blue Opal Capital recently launched a Fund-of-Fund platform that focuses on identifying and investing in exceptional entrepreneurial venture capitalists, with particular emphasis on opportunities within the United States.

Faris al Mazrui, Head of Growth Investments at Mubadala, commented, “We are excited to back the Blue Opal Capital team, led by Ahmed Al Mosa, Sebastien de Jong and Federico Jost. The team has a solid track record and a demonstrated ability to identify emerging managers who have matured into top-quartile VC firms. We see this partnership as an opportunity to continue building on Mubadala’s commitment to the space and are confident in Blue Opal Capital’s ability to anchor the next wave of VC managers in the US.”

Ahmed Al Mosa, Partner at Blue Opal Capital, stated, “Blue Opal Capital is thrilled to announce this partnership with Mubadala, which is rooted in a shared commitment to innovation and the continued growth of strategic sectors. With over two decades of experience in the VC ecosystem, our team at Blue Opal Capital is more empowered than ever to deliver on its mandate.”

WAM