27/07/2016 05:48 AST
More businesses continue to set up shop in Dubai, despite the economic pressure from low oil prices.
In its report on Tuesday, the Dubai Chamber of Commerce and Industry said it has welcomed 8,000 new companies so far this year, expanding its membership base to 193,000, up 4.3 per cent. A spokesperson told Gulf News that the majority of newly opened companies are small and medium enterprises.
The number of newly enlisted members, which have just opened their business in Dubai this year, is a clear indication that the emirate is still an attractive destination for global investors.
Hamad Bu Amim, president and CEO of Dubai Chamber, said the latest addition is proof that the global challenges have not dented the local economy, thanks to the emirate’s strategy to diversify its revenue sources.
“Dubai has a diversified economic structure supported by its strong pillars of trade, tourism, logistics and financial services. Thanks to the excellent performance of these widely diversified sectors, the emirate withstands the negative effects of low oil prices and the overall economic slowdown,” Bu Amim told Gulf News in an emailed statement.
Bu Amim said the chamber attracts more than 15,000 new companies every year, adding that the growth in membership base is indicative of Dubai’s steady economic performance.
“On average, we have around over 15,000 new companies joining as members of the chamber annually, which was the case last year as well as up to the [first half of 2016], when we had 8,000 new companies on board.”
“This trend is indicative of Dubai’s steady economic performance spearheaded by the government’s various ambitious plans, projects and initiatives which are the real driving forces for the emirate’s consistent economic growth for now and well into the future,” added Bu Amim.
Businesses registered under the chamber achieved Dh138 billion in total exports and re-exports during the first half of the year. Saudi Arabia emerged as the number one trade destination, with members’ exports and re-exports in the region at Dh44 billion.
The Dubai Chamber also reported that the number of certificates of origin (COOs) it issued in the first half of the year went up by 2 per cent to 478,000, from 469,000 a year earlier.
The chamber is set to launch its new strategy for 2016 to 2021, which will be in line with the Dubai Plan 2021, to further enhance the emirate’s “lucrative business environment” as well as the competitiveness of its companies in markets overseas.
Gulfnews
Please wait...
