DIC attracts 24 multinational companies during H1 of 2024

Dubai International Chamber (DIC), one of the three chambers operating under Dubai Chambers, has achieved a year-over-year (YoY) growth of 54 per cent in the number of multinational companies (MNCs) and small and medium enterprises (SMEs) it attracted to the emirate, which increased from 56 in the first half of 2023 to 86 during H1, 2024.

The companies attracted during the first six months of this year included 24 MNCs, up from eight in H1, 2023, representing 200 per cent YoY growth.

In H1 of 2024, 62 SMEs were attracted to Dubai, an increase of 29 per cent compared to the 48 that were attracted during the same period last year.

Dubai International Chamber also supported 34 local companies in expanding into new global markets during H1 of 2024 through its international offices and various programmes and initiatives.

The chamber assisted these companies with exporting to new countries and establishing their presence overseas.

The number of companies assisted with international expansion increased by 127 per cent compared to H1 2023’s figure of 15 businesses.

Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber, commented, “The remarkable performance achieved during the first half of the year comes as a result of Dubai International Chamber’s ongoing efforts to contribute to achieving the objectives of the Dubai Economic Agenda (D33), which seeks to double the size of the emirate’s economy over the next decade and consolidate Dubai’s position among the top three global cities.”

During H1, the chamber organised two trade missions to Southeast Asia and West Africa with 38 companies from Dubai as part of the ‘New Horizons’ initiative, which enables Dubai-based companies to join trade missions to selected international markets.

More than 830 B2B meetings were organised to explore investment opportunities and joint economic partnerships.

As part of the Southeast Asia trade mission, 200 B2B meetings were organised for Dubai-based companies with their counterparts in Indonesia on the first leg of the mission. The chamber arranged 180 meetings between companies from Dubai and Vietnam during the second leg of the mission. The trade mission to Africa included visits to Senegal and Morocco, with more than 150 B2B meetings organised between companies from Dubai and their counterparts in the Senegalese capital, Dakar.

Dubai International Chamber also signed a Memorandum of Understanding (MoU) with the Dakar Chamber of Commerce, Industry, and Agriculture to strengthen cooperation.

During the visit to Morocco, more than 300 B2B meetings were organised in Casablanca between the Dubai delegation and Moroccan companies to discuss business development.

Dubai Chambers also signed four MoUs to further enhance cooperation with the Moroccan Agency for Investment and Export Development; the General Confederation of Moroccan Enterprises; the Chamber of Commerce, Industry and Services of Casablanca-Settat; and the Chamber of Commerce, Industry and Services of Rabat-Salé-Kenitra.

Meanwhile Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has supported Kilimanjaro Energy’s expansion into China.

The chamber’s efforts contributed to signing a Memorandum of Understanding (MoU) between the Dubai-based renewable energy group and Skyworth Photovoltaic Technology, a Shenzhen-based company specialising in residential and commercial solar energy solutions.

Under the agreement’s terms, signed at Dubai Chambers’ headquarters recently in the presence of representatives from Dubai International Chamber and the government of Shenzhen’s Guangming District, the two companies will collaborate in photovoltaic energy and energy storage for commercial and industrial projects in global markets. The MoU will enable both parties to explore and implement mutually beneficial cooperation models for new energy projects.

Kilimanjaro Energy is set to open a branch in China to provide specialised advice to Chinese companies, including those seeking to expand into Dubai and the wider region.

Dubai International Chamber’s representative office in Shenzhen played a major role in establishing the successful cooperation between the two companies.

Dubai’s Kilimanjaro Energy is among the leading supporters of climate neutrality efforts and specialises in identifying and evaluating top-tier renewable energy projects across Africa and the Middle East. The company provides various services, including business and project advisory, structuring and facilitating energy commodity deals, project development, and fund mobilisation.