In a significant development, Pakistan has emerged as the second-largest contributor of new non-Emirati companies joining the Dubai Chamber of Commerce in the first half of 2024.

According to a statement released by the Government of Dubai Media Office and the Dubai Chamber of Commerce, 3,968 Pakistani companies registered with the chamber during this period. This marks a 17% increase from the 3,395 companies registered in the same time in 2023.

The surge in Pakistani companies setting up in Dubai highlights the challenges facing Pakistan’s economy, which has struggled with instability, inconsistent policymaking, and a focus on non-productive sectors. These issues have deterred investment, despite the country’s large population of over 240 million.

The Dubai Chamber of Commerce also reported that Indian investors topped the list of new non-Emirati companies, with 7,860 new registrations in the first half of 2024. Egypt followed Pakistan with 2,355 new companies, while Syria, the United Kingdom, and Bangladesh rounded out the top five with 1,358, 1,245, and 1,119 new companies, respectively.

Other notable contributors included Iraq with 799 new companies, China with 742, Sudan with 683, and Jordan with 674.

In terms of sectoral distribution, the trade and repairing services sector led the way, accounting for 41.5% of new member companies.

The real estate, renting, and business services sector followed with 33.6%, while the construction sector, which showed the strongest growth at 23.5%, came in third. The transport, storage, and communications sector and the social and personal services sector completed the top five.

Overall, the Dubai Chamber of Commerce welcomed 34,075 new companies in the first half of 2024, reflecting a year-over-year growth of 5%. The value of members’ exports and re-exports during this period reached AED 145.9 billion, representing a 6.7% increase from the previous year.