Dubai Emerged as an Attraction for Multinational Corporations in 2023
The Dubai International Chamber, a part of the Dubai Chambers, announced that half of the multinational corporations (MNCs) it drew to Dubai, in 2023, were headquartered in Asia and Australia.
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This achievement highlights the geographic diversity of the companies the Dubai International Chamber has managed to attract through its global network of representative offices. Specifically, 23.5% of these MNCs came from Latin America and Europe, another 23.5% from the Middle East and Eurasia, and 3% from Africa.
The data also provided insights into the sectors these MNCs operate in, with 18% belonging to the financial services industry, including banking, asset, wealth management, and fintech.
The trade and logistics sector made up 15%, the IT sector, including areas like artificial intelligence, blockchain, robotics, and software, accounted for 12%, while retail, fashion, and travel and tourism comprised 9%. The manufacturing, mobility (covering aerospace, space, and both autonomous and conventional vehicles), and real estate sectors each represented 6% of the total MNCs attracted to Dubai.
Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, lauded Dubai’s global appeal to MNCs across various sectors, attributing this allure to the emirate’s competitive advantages such as its business-friendly climate, economic and cultural openness, supportive legislation and policies, and the overall ease of conducting business. He emphasized the commitment to boosting Dubai’s appeal to investors through an expanding network of international offices.
Dubai International Chamber’s efforts in 2023 led to a significant 580% annual growth in the number of MNCs established in Dubai, with a total of 34 new MNCs, marking a substantial contribution towards the Dubai Economic Agenda (D33)’s goal to double the emirate’s economy size and establish Dubai among the top three global economic cities within the next decade.
With 16 new international offices opened in 2023, bringing the total to 31, the Chamber advances the ‘Dubai Global’ initiative’s aim to set up 50 representative offices worldwide by 2030 to enhance Dubai’s position as a prime location for global businesses and talent.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
