Pakistanis rank third on the list of nationalities who set up the most number of companies in Dubai, UAE this year.
A report in a foreign media outlet claims that in the first half of 2023, Dubai saw an increase in the number of new firms registered by foreign investors, with Pakistan coming in third with 3,395 new businesses.
The overall number of Pakistani enterprises now stands at 40,315 – showing a growth of 59% as compared to the first half of 2022.
According to data from the Dubai Chamber of Commerce, the largest number of new enterprises joining the chamber in the first half of 2023 were primarily funded by Indian investors.
In the first half of this year, a total of 6,717 new Indian-owned enterprises applied to join the chamber of commerce, compared to 4,845 in the same period last year, showing a 39% increase year over year.
The 30,146 new companies that joined the chamber in the first half of 2023 included 22,3% Indian companies.
By the end of June, there were 90,118 Indian companies registered with the Dubai chamber.
On the other hand, with 4,445 new firms established during the first half of this year, the UAE came in second place in terms of the number of new companies entering the Dubai chamber.
The Dubai chambers president and CEO, Mohammad Ali Rashed Lootah, revealed that the number of new chamber members increased by 43% during the first half of 2023.
Another nation with a significant increase in new memberships was Egypt with 2,154 new businesses entering the Dubai chamber. This raises the overall number of Egyptian companies registered in Dubai to 18,028.
The number of companies registered by the British with the Dubai chamber saw a jump of 40% with 963 new entrants during this period. The total number of UK-owned companies in Dubai has risen to 10,010.
Another country prominently featuring in the top 10 nationalities setting up most new companies in Dubai in the first half of 2023 was China, with 664.
This number brings the number of Chinese companies up 69% from the same period last year, and the total number of Chinese firms to 8,265.