Dubai Witnessed A Significant Increase (550%) In The Number Of Global SMEs - Smart Zones® UAE

Dubai witnessed a significant increase (550%) in the number of global SMEs establishing operations in the emirate during the past year.

A significant increase (550%) in small and medium-sized enterprises (SMEs) establishing operations in Dubai during 2023 was driven in part by a surge in interest from Asian and Australian businesses, as reported by the Dubai Chamber of Commerce. This development aligns with Dubai’s strategic goals of doubling its economic size and becoming a top-three global city.

Data from the Chamber reveals that 104 SMEs relocated to Dubai within the past year. Geographically, 29% originated from Asia and Australia, followed by the Middle East and Eurasia (32%), Latin America and Europe (26%), and Africa (13%).

The most popular sectors for these incoming SMEs were trade and logistics (17%), IT (13%), and food and agriculture (10%).

Dubai Chambers President and CEO, Mohammad Ali Rashed Lootah, attributed this growth to the emirate’s business-friendly environment, ongoing development of services and supportive legislation, and the breadth of available investment opportunities. He further emphasized the effectiveness of the Chamber’s international network in promoting Dubai’s business community and value proposition to companies seeking global expansion.

Dubai’s leadership is committed to supporting the Dubai Economic Agenda, with a particular focus on attracting foreign direct investment across established and emerging sectors.

This influx of international SMEs coincides with an initiative to assist homegrown Dubai businesses in expanding overseas. The Dubai International Chamber’s global network of representative offices expanded by 16 in 2023, reaching a total of 31. Further support came in January 2024 with the announcement of a 500 million dirham ($136.16 million) plan by Dubai’s Crown Prince to assist SMEs in accessing international markets. This initiative, launched in collaboration with Emirates NBD (Dubai’s leading lender), will provide participating companies with access to competitive financing. It’s noteworthy that SMEs currently contribute to 60% of Dubai’s workforce.

Publish 27 Mar 2024


Connect with our Business Setup Experts to know more:
+971 529604444 / +971 43614555

error: Content is protected !!