Pakistan has become the second-largest national group to join the Dubai Chamber of Commerce in the first half of 2024, with over 3,900 Pakistani companies registering, according to a statement released by the chamber.
This development follows India, which led the list with 7,860 new companies.
The increase in Pakistani companies joining the Dubai Chamber of Commerce indicates the challenges Pakistan faces in cultivating a conducive business environment domestically. Factors such as political instability, inconsistent policymaking, and a focus on non-productive sectors have hindered the country’s ability to attract and retain investment, despite having a large domestic market of over 240 million people.
Pakistan’s reliance on International Monetary Fund (IMF) bailouts and its vulnerability to economic shocks further highlight the difficulties in maintaining a stable investment climate compared to regional peers.
The UAE’s status as a global business hub continues to attract foreign investors, and the growing number of Pakistani firms joining the Dubai Chamber highlights the strategic advantages offered by Dubai. These include a favorable business environment, connectivity, and access to both regional and international markets.
For Pakistani companies, membership in the Dubai Chamber of Commerce not only facilitates easier access to the Gulf market but also provides opportunities for networking, investment, and growth in a highly competitive global arena.
The Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, revealed that Pakistan ranked second on the list of new non-Emirati companies joining the chamber in the first half of 2024.
Egypt followed with 2,355 new companies registering as members.
The chamber’s statement noted that while the specific sectors of Pakistani companies were not disclosed, the overall sectoral distribution saw the trade and repairing services sector leading with 41.5% of the total new memberships. The real estate, renting, and business services sector accounted for 33.6%, followed by construction at 9.4%, and the transport, storage, and communications sector at 8.4%. The social and personal services sector made up 6.6% of the new members.
Syria came in fourth with 1,358 new Syrian companies, while the United Kingdom ranked fifth with 1,245 new UK-based firms. Bangladesh was sixth with 1,119 new member companies.
Iraq secured seventh place with 799 new companies, followed by China in eighth with 742 new registrations. Sudan ranked ninth with 683 new Sudanese companies, and Jordan completed the top ten with 674 new companies joining the chamber in the first half of the year.
