ISLAMABAD: Pakistan saw a significant increase in the number of its companies joining the Dubai Chamber of Commerce in the first half of 2024. The Gulf country’s body registered nearly 4,000 new Pakistani entities during this period, a 17 percent rise compared to the same timeframe in 2023.
The country has long struggled to attract and retain investment due to factors such as political instability, inconsistent policymaking, and a focus on non-productive sectors rather than developing a viable domestic market of over 240 million people.
Pakistan frequently requires bailouts from the International Monetary Fund (IMF), and its economy remains more susceptible to shocks compared to its regional peers.
The surge in Pakistani companies registering with the Dubai Chamber of Commerce highlights the difficulties the country faces in fostering a favorable business environment at home.
“Pakistan ranked second on the list with 3,968 new companies joining in H1 2024, while Egypt followed with 2,355 new companies registering as members of the chamber,” the statement added.
In addition to the surge in Pakistani companies, the Dubai Chamber of Commerce also saw a significant influx of new members from several other countries during the first half of 2024.
Syria ranked fourth on the list, with 1,358 new Syrian companies joining the chamber. The United Kingdom came in fifth with 1,245 new UK-based companies, while Bangladesh was sixth with 1,119 new Bangladeshi member companies.
Iraq secured seventh place with 799 new member companies, followed by China in eighth with 742 new Chinese companies joining the chamber. Sudan ranked ninth with 683 new Sudanese companies, and Jordan rounded out the top ten with 674 new Jordanian companies becoming members during the first half of the year.
The Dubai Chamber of Commerce saw a diverse sectoral distribution among the new member companies that joined in the first half of 2024. The trade and repairing services sector emerged as the top category, accounting for 41.5% of the total new members.
The real estate, renting, and business services sector ranked second with a 33.6% share, followed by construction at 9.4% and transport, storage, and communications at 8.4%. Social and personal services rounded out the top five sectors with 6.6% of new members.
Among these leading sectors, construction saw the strongest growth, increasing by 23.5% compared to the same period in 2023. The transport, storage, and communications sector followed with a 13.6% rise, while the real estate, renting, and business services sector exhibited a 9.5% year-over-year increase.
The Dubai Chamber of Commerce onboarded a total of 34,075 new member companies during the first half of 2024, representing a 5% year-over-year expansion. This growth was accompanied by a 6.7% increase in the value of members’ exports and re-exports, which reached AED 145.9 billion.
