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Dubai sees surge in new companies

Dubai - The value of ATA Carnets between January and August 2021 reached Dh2.2 billion, a growth of 47 per cent

Dubai’s improving business confidence, economic competitiveness and growing appeal among investors and companies from around the world are boosting the emirate’s vibrant and diversified economy.

Dubai Chamber on Monday revealed that a total of 16,000 new companies joined in the first eight months of 2021, bringing its total membership to over 275,000, posting a year on year growth of 68.5 per cent.

The value of ATA Carnets — international customs documents that permit temporary import of duty-free and tax-free goods — issued by Dubai Chamber and received by the country between January and August 2021, reached Dh2.2 billion, a growth of 47 per cent. This reflects an uptick in activity in the Meetings, Incentives, Conferences & Exhibitions (MICE) industry.

Meanwhile, the number of ATA Carnets issued by the Chamber and received by the country, increased 5.1 per cent over the same period, reaching 2,188 in the first eight months of 2021. The ATA Carnet system is managed by Dubai Chamber in cooperation with Dubai Customs, facilitating the temporary entry of imports to Dubai.

Hamad Buamim, President and CEO of Dubai Chamber, said: “The membership growth is also a result of the various business-friendly measures and incentives introduced by the government in recent years.”

Expo 2020 Dubai and the recently announced ‘Projects of the 50’, an initiative that aims to launch a new series of ambitious national strategic projects, will further add to Dubai’s growth momentum. Such projects are expected to drive the next phase of the UAE’s economic development. In addition, Buamim highlighted Dubai Chamber’s ongoing efforts to attract promising and innovative companies from around the world, facilitate Dubai’s trade with other markets, meet the changing needs of the business community and implement the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to enhance the competitiveness of the private sector.

The number of electronic transactions processed by the Chamber increased seven per cent to reach 450,000 in the January-August 2021 period, compared to about 419,000 transactions in the same period last year.

“It is a great vote of confidence to see a year on year growth of 68 per cent in the membership of Dubai Chamber. This is a reflection of the growing popularity of Dubai as destination for business due to its strategic location and highest level of ease and speed of doing business. With Expo round the corner, Dubai shall be attracting many more prospective investors to set up business in this oasis of peace and prosperity,” said Dr Azad Moopen, founder chairman and managing director, Aster DM Healthcare, who was nominated to the new Board of Directors and Advisory Council of the Dubai International Chamber as a representative from the private healthcare provider sector in July 2021.

— sandhya@khaleejtimes.com