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UAE fast becoming a prime destination for investors, 15,000 Indian Businesses join Dubai Chamber in 2023

March 13, 2024 8:50 AM IST

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Indian companies are flocking to Dubai, with a staggering 15,481 new Indian-owned businesses joining the Dubai Chamber of Commerce in 2023. This surge represents a 38% year-over-year increase, solidifying Dubai’s position as a prime destination for Indian investors. The analysis, conducted by the Dubai Chamber of commerce itself, highlights the strong ties between the UAE and India.

This news comes amid the implementation of the India-UAE Comprehensive Economic Partnership Agreement (CEPA), which came into force from April 2022, aiming to further boost trade and investment between the two nations.

The CEPA streamlined procedures, reduced tariffs, and created a more favorable environment for businesses on both sides. The non-oil bilateral trade between India and the UAE has seen a sizable jump to over $50 billion since the signing of the CEPA agreement, with the aim now to take it close to $100 billion by the end of this decade.

The majority of new companies that registered with the Dubai Chamber of Commerce in 2023 operate within the wholesale and retail trade and repair of motor vehicles sector, which accounted for 44.2 percent of new memberships.

This was followed by companies from the real estate, renting, and business activities sector, which represented 32 percent of the total. With the CEPA in effect and a record number of Indian companies joining the Dubai Chamber, the future looks bright for India-UAE economic cooperation.

Dubai Chambers is a non-profit public entity that supports Dubai’s vision as a global player by empowering businesses, providing innovative value-added services and access to influential networks.

Vinod Kumar, Dubai

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Last updated on: 16th June 2024