Pakistan’s Second Place Ranking for New Non-Emirati Companies Registering with Dubai Chamber of Commerce in the First Half of 2024 Marks a Significant Shift in Dubai’s Business Landscape. However, at the same time, it may not be that good for the local economy. Recently, a number of bussiness entities are finding it hard to run their businesses in Pakistan due to a number of reasons.
An official statement released on Wednesday by the Government of Dubai Media Office and the Dubai Chamber of Commerce revealed a significant achievement for Pakistan. The country secured the second position for new non-Emirati companies joining the Dubai Chamber of Commerce in the first half of 2024, with an impressive 3,968 entities registering themselves with the Gulf country’s body. This marked a notable 17% increase compared to the same period in 2023, a testament to the growing potential of Pakistani businesses in Dubai.
The growing influx of Pakistani companies into Dubai’s business-friendly environment highlights the stark challenges facing Pakistan’s economic landscape. Factors such as enduring instability, inconsistent policymaking, and a propensity for non-productive expenditure have deterred potential investors, exacerbating the struggle to attract sustainable investment.
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This surge in registrations aligns with a broader trend of economic diversification, with a substantial increase in various sectors such as trade and repairing services, real estate, renting and business services, construction, transport, storage, and communications, and social and personal services.
The data from the Dubai Chamber of Commerce underscores the remarkable growth of Dubai as a magnet for international businesses. Member companies witnessed a noteworthy year-over-year growth of 5%, a clear indication of Dubai’s increasing appeal as a business destination. Moreover, the value of members’ exports and re-exports during the same period amounted to AED 145.9 billion, signifying a robust year-over-year growth of 6.7%, further reinforcing Dubai’s status as a thriving business hub.
