Dubai Chamber of Commerce saw a 20 per cent increase in membership and exports topped AED272.7bn ($74.2bn) last year according to official statistics.
Dubai Chambers unveiled a series of accomplishments for 2022 as it demonstrated its diverse initiatives to support the business business community and dedication to realising its strategic goals in alignment with the city’s future development plans.
The Chamber of Commerce saw a 20 percent increase in membership to 347,600, with 56,000 new members joining it during the year.
Dubai Chambers success in 2022
In addition, the exports and re-exports of Chamber of Commerce members grew by 20 percent in 2022, totalling AED272.7bn ($74.2bn), demonstrating the resilience of the city’s traders and their capacity to expand their exports into new markets.
The city’s 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.
Another significant accomplishment for the chamber was attracting five multinational corporations and 16 small and medium-sized enterprises (SMEs) to the city, as well as assisting nine 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 the UAE.
The 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.
At the event Abdul Aziz Al Ghurair, the Chairman of Dubai Chambers; Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, and Chairman of the Chamber of Digital Economy; Sultan Ahmed bin Sulayem, the Chairman of the International Chamber: and Mohammad Ali Rashed Lootah, the President and CEO of Dubai Chambers participated in a panel discussion, where they discussed various topics related to the economy, including opportunities and challenges.
Abdul Aziz Al Ghurair said: “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.
“Despite the global economic uncertainty witnessed in 2022, Dubai’s economy is expected to grow by 4-4.5% 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 AED32tn over the next 10 years,” he added.
Commenting on the sustainability of family-owned businesses in the emirate, Al Ghurair said that a roadmap for the newly announced Centre for Family Businesses has been approved to mobilise family-owned companies and ensure they stay relevant and continue to contribute to the emirate’s economic vision.
Omar Al Olama highlighted the city’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 a digital transformation agenda.
He said: “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.”
Bin Sulayem highlighted Dubai Global, an initiative led by International Chamber, which aims to attract foreign direct investment to the emirate by showcasing the its 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.
A presentation by Lootah highlighted the chambers’ achievements in 2022.
During the panel discussion, Lootah said, “The 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.”
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