Dubai Chambers’ members rise by 20% in 2022, bringing the number to…

Dubai Chambers president and CEO Mohammad Ali Rashed Lootah shared the key achievements of the chamber at a media briefing held on Tuesday at the chamber’s headquarters.

Dubai Chamber of Commerce saw a 20 per cent increase in membership to 347,600, with 56,000 new members joining in 2022, reported the Dubai Media Office.

In addition, the exports and re-exports of Dubai Chamber of Commerce members grew by 20 per cent in 2022, totalling Dhs272.7bn.

Dubai Chambers’ top achievements

Last year, Dubai Chambers announced its rebranding and unveiled its new corporate identity reflecting the organisation’s restructuring.

Under the new structure, three chambers of commerce now operate under Dubai Chambers, namely Dubai Chamber of Commerce, Dubai International Chamber and Dubai Chamber of Digital Economy – each of which has their own individual brands, strategies and specialised approach.

Read: Dubai Chambers rebrands and showcases new corporate identity

Dubai International Chamber opened four new international offices in 2022, growing its international network to 15 offices. During the year, the international offices conducted 2,031 meetings with investors.

Read: Dubai Chambers inaugurates new office in Hong Kong

The chamber attracted five multinational corporations and 16 small and medium-sized enterprises (SMEs) to Dubai, as well as assisting nine Dubai-based companies in expanding to new global markets.

Dubai Chamber of Digital Economy conducted international outreach in collaboration with other relevant government entities, which resulted in attracting 203 tech entrepreneurs and experts as well as 54 high-potential start-ups to Dubai.

Dubai Chamber of Digital Economy was the strategic partner of North Star Dubai 2022, an event that drew 100,000 attendees from 170 countries, including 800 startups.

The event also hosted 600 investors with a portfolio of over $500bn and 35 global unicorns which had a combined market value of $216bn.

#Dubai Chambers’ membership grows by 20% to 347,600 while members’ exports and re-exports grow 20% to exceed AED272 billion in 2022. The increase reflect the private sector’s increasing role in realising the Dubai Economic Agenda D33. https://t.co/6j7vadZBFy pic.twitter.com/WokGmAioNz

— Dubai Media Office (@DXBMediaOffice) February 21, 2023

Opportunities galore

A panel discussion was also held at the event where they discussed various topics related to Dubai’s economy, including opportunities and challenges.

“Dubai Chambers works to realise Dubai’s economic vision and strategic agenda. Our strategic priorities include improving Dubai’s business environment, advocating for its interests, supporting our members in their global expansion, attracting foreign businesses and investments into Dubai, and promoting the growth of our digital economy,” said Abdul Aziz Al Ghurair, chairman of Dubai Chambers.

“Despite the global economic uncertainty witnessed in 2022, Dubai’s economy is expected to grow by 4-4.5 per cent in 2023, outperforming global and regional growth estimates for the year. These positive economic indicators are aligned with the Dubai Economic Agenda D33, which aims to double the size of Dubai’s economy to Dhs32tn over the next 10 years,” he added.

Read: Sheikh Hamdan, Sheikh Maktoum review roadmap for D33, first 10 projects

Al Ghurair said that a roadmap for the newly announced Dubai Centre for Family Businesses has been approved to mobilise family-owned companies and ensure they stay relevant and continue to contribute to Dubai’s economic vision.

Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, and chairman of the Dubai Chamber of Digital Economy highlighted Dubai’s ongoing support for entrepreneurs and SMEs in various areas of innovation, technology, and the digital economy.

He emphasised that providing capital to new projects and business incubation is essential for the growth of the sector and key to Dubai’s digital transformation agenda.

He added, “Dubai Chamber of Digital Economy implemented plans to support Dubai’s goal of becoming a leading global destination for advanced sectors of the future – one that embraces pioneering technologies and encourages innovation in various areas of the digital economy.”

Sultan Ahmed bin Sulayem, chairman of Dubai International Chamber, highlighted Dubai Global, an initiative led by Dubai International Chamber, which aims to attract foreign direct investment to Dubai by showcasing the emirate’s competitive advantages, sharing investment intelligence and engaging with overseas stakeholders. “This reflects the investors’ confidence in the emirate’s stability, safety, and ease of doing business,” he added.

During the panel discussion, Lootah said, “The Dubai Chamber of Commerce facilitated the establishment of seven new sector-focused business groups in 2022. The chamber is committed to increasing the number of economic sectors and activities represented by business groups to 100. This reflects the diversity and agility of the emirate’s economy.”

In 2022, Dubai Chambers also revealed plans to establish new country-specific business councils operating in the emirate.

The plan would expand the roles of the councils to boost Dubai’s non-oil foreign trade. It would also create new channels of economic cooperation between business communities in the emirate and worldwide markets.

Read: Dubai Chambers unveils plans to expand role of business councils