New businesses from Asia, Central Asia, MENA surge, with Japan leading the growth
Over 30,000 new businesses opened in Dubai during the first half of the year, driven by a surge in interest from entrepreneurs in Asia, Central Asia and MENA markets, new data showed.
The number of new enterprises from India, China, Pakistan, Bangladesh and Japan, registered double-digit to more than two-fold growths during the first half of the year compared to the previous year.
A total of 30,146 new businesses registered with the Dubai Chamber of Commerce during the first half of the year, up from around 21,000 a year ago.
The list of new joiners has been dominated by Indian businesses, accounting for around 22% of the total, followed by the UAE with 4,445 firms and Pakistan with 3,395 entities.
Other markets, including the United Kingdom, Kyrgyzstan,Tanzania, Lebanon, Jordan, Egypt and Hungary also posted significant jumps in the number of new businesses.
The total number of new businesses went up by 43%, a growth that has been attributed to the emirate’s dynamic business environment and strong ability to attract foreign direct investments (FDIs).
The number of new Indian businesses went up by 39% to 6,717, while those from Pakistan and China registered growths of 59% and 69%, respectively. New chamber members from China reached 664, bringing the number of Chinese-owned enterprises to 8,265.
A total of 1,044 Bangladeshi enterprises also joined during the first half, registering a 47% growth compared to the same period last year.
At least 60 new businesses joined from Japan, registering a growth of 253% from the previous year’s 17 enterprises.
Kyrgyzstan-owned enterprises posted a 167% growth, while the number of new joiners from Tanzania more than doubled from 14 last year to 34 this year.
New joiners from Egypt, Lebanon and Jordan went up by 102%, 26% and 36%, respectively.
Outside Asia and the Middle East, more entrepreneurs from the United Kingdom have set up businesses in Dubai as well. UK businesses registered a 40% growth, with Dubai Chamber recording 963 new British companies, while those from Hungary went up by 138%.