Indian investors have topped the list of nationalities of new non-UAE businesses joining the Dubai Chamber of Commerce in 2023. A total 15,481 new Indian-owned companies have become members last year, representing year-over-year (YoY) growth of 38%, highlighting Dubai’s consistent lure amid investors and businesses from India. Pakistan and Egypt ranked second and third respectively.

An analysis by the Dubai Chamber of Commerce revealed the data recently. The findings also pointed out that a majority of the new companies operated within the wholesale and retail trade and repair of motor vehicles sector. A large percentage – 44.2% – was taken by this sector, while companies from real estate and renting trailed second with 32%. The construction sector ranked third with 8.3% of total new companies, followed by transport, storage, and communications sector accounting for 8.1%.

The Dubai Chamber of Commerce, established in 1965, represents, supports, and protects the interests of the business community in Dubai. The non-profit public organization, whose vision is “to be the best chamber in the world on driving competitiveness and business growth by 2024”, actively promotes Dubai as a global business hub. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, said, “During the past year, Dubai has consistently attracted foreign direct investment from many different nations and sectors, underlining the diversity of the Emirates’ business environment and its broad economic appeal. 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.”