UNLOCKING DUBAI’S

GROWTH AMBITIONS

ANNUAL REPORT 2023

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Table of Contents

Dubai Chambers Annual Report 2023

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Chapter 01

Vision, Mission
& Strategic Priorities

Dubai Chambers Annual Report 2023

Chapter 01: Vision, Mission & Strategic Priorities

Vision

VISION, MISSION
& STRATEGIC PRIORITIES

To be the best chamber in the world on driving competitiveness and business growth by 2024

Mission

Represent, support, and protect the interests of the business community in Dubai

Dubai Chambers Annual Report 2023

Chapter 01: Vision, Mission & Strategic Priorities

Strategic Priorities

Improve Dubai’s favourable business environment

01

Attract international businesses & investments into Dubai

02

Drive international expansion of Dubai Chambers’ members

03

Grow Dubai’s digital
economy

04

Increase effectiveness
of advocacy

05

Sustain institutional
& customer excellence

06

Chapter 02

Board Members
& Advisory Councils

Dubai Chambers Annual Report 2023

Chapter 02: Board Members & Advisory Councils

Boosting Growth through Visionary Leadership

BOARD

MEMBERS

Dubai Chambers Annual Report 2023

Chapter 02: Board Members & Advisory Councils

As part of the organisation’s innovative three-chamber structure, three additional boards guide Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy towards their strategic priorities.

The Dubai Chambers board brings together several of the emirate’s most prominent business leaders to steer the chambers’ strategic direction, ensure operational effectiveness, and amplify sustainable economic impact. Harnessing extensive experience across diverse sectors and leveraging access to influential networks, the board members support the chambers’ drive to achieve its vision for Dubai’s ambitious future.

Dubai Chambers Annual Report 2023

Chapter 02: Board Members & Advisory Councils

Dubai Chambers

Board

Dubai Chambers Annual Report 2023

Chapter 02: Board Members & Advisory Councils

Dubai Chamber of Commerce

Board

Dubai Chambers Annual Report 2023

Chapter 02: Board Members & Advisory Councils

Dubai Chamber of Digital Economy

Board

Dubai Chambers Annual Report 2023

Chapter 02: Board Members & Advisory Councils

Dubai International Chamber

Board

Strengthening
Advocacy through Strategic Advisory

ADVISORY

COUNCILS

Dubai Chambers Annual Report 2023

Chapter 02: Board Members & Advisory Councils

Working closely with Dubai Chambers’ leadership and Boards of Directors, the Advisory Councils create a platform for the private sector to contribute expert guidance and help shape policies, initiatives, and projects that advance the chambers' strategic priorities.

The Advisory Councils of Dubai Chamber of Commerce, Dubai International Chamber, and Dubai Chamber of Digital Economy play an instrumental role in driving impact through advocacy and ensuring a favourable environment in which business can flourish.

Dubai Chambers Annual Report 2023

Chapter 02: Board Members & Advisory Councils

The Advisory Council of

Dubai Chamber of Commerce

Dubai Chambers Annual Report 2023

Chapter 02: Board Members & Advisory Councils

The Advisory Council of

Dubai Chamber of Digital Economy

Dubai Chambers Annual Report 2023

Chapter 02: Board Members & Advisory Councils

The Advisory Council of

Dubai International Chamber

Chapter 03

Forewords

Dubai Chambers Annual Report 2023

Chapter 03: Forewords

Bringing Dubai’s Visionary Economic Agenda to Life

CHAIRMAN’S
FOREWORD

AS WE SET OUR SIGHTS ON EVEN GREATER MILESTONES AHEAD, WE WILL CONTINUE TO ENCOURAGE THE PUBLIC AND PRIVATE SECTORS TO COLLABORATE AND INVEST IN ADVANCED TECHNOLOGIES THAT WILL FUTURE-PROOF DUBAI'S ECONOMY.

H.E. Abdul Aziz Abdulla Al Ghurair
Chairman, Dubai Chambers

Dubai Chambers Annual Report 2023

Chapter 03: Forewords

The emirate’s positive economic performance was driven by exceptional growth across sectors including Accommodation & Food; Transportation & Storage; ICT; Real Estate; Finance & Insurance; Education, and Manufacturing. Both the number of visitors to Dubai and property transactions exceeded pre-pandemic levels in 2023, signalling a renewed and sustained business confidence.

Against the backdrop of a rapidly evolving global landscape, Dubai's dynamic economy demonstrated remarkable resilience to achieve 3.3% year-over-year growth during the first nine months of 2023. This encouraging momentum was supported by several key factors and emerging growth sectors as the emirate continued to embrace diversification, digital transformation, and sustainability.

Unlocking Sustainable Economic Growth

PRESIDENT & CEO'S
FOREWORD

Dubai Chambers Annual Report 2023

Chapter 03: Forewords

EACH OF THE THREE CHAMBERS MADE SIGNIFICANT STRIDES TOWARDS THEIR STRATEGIC PRIORITIES BY EMPOWERING THE LOCAL BUSINESS COMMUNITY, BUILDING AND REINFORCING INTERNATIONAL PARTNERSHIPS, AND ACCELERATING THE GROWTH OF THE DIGITAL ECONOMY.

H.E. Mohammad Ali Rashed Lootah
President and CEO, Dubai Chambers

Strengthening the spirit of cooperation between the public and private sectors will play a central role in achieving our collective goals. Dubai Chambers serves as a bridge connecting the government with the emirate’s dynamic business community and strives to ensure that all stakeholders are fully aligned in their drive to unlock Dubai’s ambitious future.

As the leading representative of Dubai’s private sector, Dubai Chambers scaled up its efforts in 2023 to boost competitiveness, improve the ease of doing business, and advance Dubai’s digital economy to fulfil the promise of the Dubai Economic Agenda (D33), a bold new economic vision that aims to double the emirate’s GDP within a decade.

Chapter 04

Dubai’s Economic Outlook

Dubai Chambers Annual Report 2023

Chapter 04: Dubai's Economic Outlook

Dubai’s Boundless Growth Trajectory

DUBAI'S

ECONOMIC OUTLOOK

Dubai Chambers Annual Report 2023

Chapter 04: Dubai's Economic Outlook

The emirate’s impressive economic performance is on track to continue, bolstered by visionary steps to accelerate positive momentum in the legislative system, strengthen Dubai’s world-class infrastructure, elevate the quality of services, boost the city’s attractiveness to investors, and advance the government’s digital transformation agenda.

Dubai’s economy continued to expand in 2023, with key non-oil sectors playing a vital role in driving the emirate’s robust post-pandemic recovery. The emirate's GDP bucked global trends to achieve year-over-year (YoY) growth of 3.3% during Q1 – Q3 2023, further cementing Dubai's position as a global economic powerhouse.

Dubai Chambers Annual Report 2023

Chapter 04: Dubai's Economic Outlook

Dubai's GDP

Source: Digital Dubai

(Q1 - Q3 2023)

3.3 %

GDP value

YoY growth

11.1 %

Accommodation & Food Services

YoY growth

10.9 %

Transportation & Storage Services

YoY growth

13.1 %

Contribution to GDP

3.4 %

Contribution to GDP

Dubai's FDI

(H1 2023)

Dubai Chambers Annual Report 2023

Chapter 04: Dubai's Economic Outlook

Source: Dubai Department of Economy and Tourism

880

Announced FDI projects attracted

AED 20.87 bn

FDI inflows

70 %

YoY growth

511

Greenfield projects

63 %

FDI share of medium & high-tech investment projects

6.58 %

Global share in attracting greenfield FDI projects

Dubai's Tourism

(Q1 - Q3 2023)

Dubai Chambers Annual Report 2023

Chapter 04: Dubai's Economic Outlook

Source: Dubai Department of Economy and Tourism

22.5 %

YoY growth

12.4 mn

Overnight vistors

1.77 mn

Tourists from India

(No. 1 source market)

148,809

Hotel rooms (815 hotel establishments)

75.7 %

Hotel occupancy

Dubai's Aviation & Travel

(Q1 - Q3 2023)

Dubai Chambers Annual Report 2023

Chapter 04: Dubai's Economic Outlook

Source: Dubai Airports

39.3 %

YoY growth

1 %

Growth vs Q1 - Q3 2019

25.2 %

YoY growth

8.9 mn

India

4.8 mn

Saudi Arabia

4.4 mn

United Kingdom

86.8 mn

2023 forecast for passenger traffic at DXB

64.5 mn

Passengers received

(Q1 - Q3 2023)

308,000

Flights handled by DXB

(Q1 - Q3 2023)

Traffic volume top country destinations

Dubai's Real Estate

(Q1 - Q3 2023)

Dubai Chambers Annual Report 2023

Chapter 04: Dubai's Economic Outlook

Source: Dubai Land Department

50.3 %

YoY growth

116,116

Real estate transactions

AED 429.67 bn

Total transactions value

81,669

Investors registered 109,186 real estate investments worth AED 278.7 bn

36.7 %

YoY growth

33.8 %

YoY growth

COP28 Achievements

Dubai Chambers Annual Report 2023

Chapter 04: Dubai's Economic Outlook

Source: UNFCCC, WAM, Dubai Media Office

85,000

Participants

198

Parties signed ‘The UAE Consensus’ to keep 1.5°C target within reach ​

US$ 85 bn

Funding mobilised through the UAE's Action Agenda

11

Pledges & declarations launched

Chapter 05

Strategic Priorities & Achievements

Dubai Chambers Annual Report 2023

Chapter 05: Strategic Priorities & Achievements

Dubai Chambers: Scaling New Heights

STRATEGIC PRIORITIES
& ACHIEVEMENTS

WITH AN UNWAVERING FOCUS ON THEIR SPECIALISED AREAS, DUBAI CHAMBER OF COMMERCE, DUBAI INTERNATIONAL CHAMBER, AND DUBAI CHAMBER OF DIGITAL ECONOMY COLLECTIVELY DROVE THE SUCCESS OF BUSINESSES ACROSS ALL SECTORS WITHIN THE EMIRATE AND BEYOND.

H.E. Abdul Aziz Abdulla Al Ghurair
Chairman, Dubai Chambers

Guided by its comprehensive 2022-2024 strategy, the organisation aligned its vision to the goals of the Dubai Economic Agenda (D33) and proactively engaged with key public and private sector stakeholders to enhance cooperation and develop impactful initiatives.

Dubai Chambers continued to go from strength to strength during 2023, building on the positive momentum generated by the announcement of its innovative three-chamber structure in 2021.

Dubai Chambers Annual Report 2023

Chapter 05: Strategic Priorities & Achievements

STRATEGIC PRIORITY 01

Improve Dubai’s favourable business environment

Dubai Chambers Annual Report 2023

Chapter 05: Strategic Priorities & Achievements

AS THE VOICE OF THE BUSINESS COMMUNITY, DUBAI CHAMBER OF COMMERCE REMAINS COMMITTED TO EMPOWERING ITS MEMBERS TO CONTRIBUTE TOWARDS ACHIEVING THE AMBITIOUS TARGETS OUTLINED IN THE DUBAI ECONOMIC AGENDA.

H.E. Abdul Aziz Abdulla Al Ghurair
Chairman, Dubai Chambers

Throughout 2023, Dubai Chamber of Commerce played a crucial role in improving the ease of doing business in Dubai while continuing to deliver value-added services to members and companies operating in the emirate.

The chamber once again achieved significant growth in memberships, with 67,222 new member companies registering during 2023. This represented an impressive year-over-year (YoY) growth of 20% and brought the total number of active members to 217,788, an increase of 26.8% on the previous year-end figure.

Dubai Chambers Annual Report 2023

Chapter 05: Strategic Priorities & Achievements

Dubai Chamber of Commerce 2023 Performance

AED 284.5 bn

Value of member

exports & re-exports

735,155

Certificates of

Origin issued

67,222

New member companies

217,788

Total number of

active members

5,492

ATA Carnets issued

and received, with a

value of AED 5 bn

4.3 %

YoY growth

9.1 %

YoY growth in

member exporters

(13,688)

20 %

YoY growth

26.8 %

YoY growth

47 %

YoY growth in value

47

Country-specific

Business Councils

63

MoUs signed

385 %

YoY growth

76

New Business

Groups

105

Total Business Groups

128

Companies guided

and empowered to

enhance their growth

and sustainability

141

Mediation cases handled

75 %

Cases Settled

Dubai Chamber of Commerce 2023 Performance

Dubai Chambers Annual Report 2023

Chapter 05: Strategic Priorities & Achievements

Dubai Centre for Family Businesses

The Dubai Centre for Family Businesses (DCFB) was launched in May 2023 to achieve the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, by ensuring the sustainability and growth of family businesses as key contributors to the nation’s economy.
Operating under the umbrella of Dubai Chambers, the centre works closely with key public and private sector stakeholders and caters to all family businesses based in Dubai, regardless of their sizes or sectors.

Dubai Chambers Annual Report 2023

Chapter 05: Strategic Priorities & Achievements

Dubai Centre for Family Businesses

Dubai Chambers Annual Report 2023

Chapter 05: Strategic Priorities & Achievements

The Advisory Committee of the Dubai Centre

for Family Businesses

Dubai Centre for Family Businesses

Key Achievements

40

Visits to family businesses

3

Educational certification programmes

27

Participants in Family Business Advisory Certification Programme

86

Family business leaders participated in training and education programmes

6

Governance Series programme sessions

6

Toolkits launched for family enterprises

39

Large family businesses adopted sustainability systems

Centre for Responsible Business

STRENGTHENING COLLABORATION BETWEEN THE PUBLIC AND PRIVATE SECTORS IS MORE VITAL THAN EVER AS WE STRIVE TO ACHIEVE THE WISE LEADERSHIP’S VISION FOR A SUSTAINABLE FUTURE, AND DUBAI CHAMBERS IS COMMITTED TO PLAYING A KEY ROLE IN ADVANCING THESE EFFORTS.

H.E. Mohammad Ali Rashed Lootah
President and CEO, Dubai Chambers

With Dubai playing host to the landmark COP28 summit in November and December, the CRB also took the initiative to facilitate participation among the private sector through a series of events and activations. These included a special workshop aimed at raising awareness about the important role the private sector, particularly SMEs, can play in advancing the sustainability agenda.

Dubai Chamber of Commerce’s Centre for Responsible Business (CRB) made significant strides this year in promoting CSR and guiding organisations to adopt sustainable and responsible business practices.
Bolstering Dubai's image as the foremost destination for businesses that hold environmental, social, and corporate governance (ESG) as an integral ideology, the CRB hosted its annual Sustainability Week in October with a series of activations and events.

Dubai Chambers Annual Report 2023

Chapter 05: Strategic Priorities & Achievements

Launched the Dubai Circular Incubation Centre

Developed a first-of-its-kind ESG Label

Concluded the inaugural ESG Pulse Survey

3,427

Participants

14

Sustainability series events organised

STRATEGIC PRIORITY 02

Attract international businesses & investments into Dubai

Dubai International Chamber, one of the three chambers operating under the Dubai Chambers umbrella, continued to attract international businesses to the emirate and ensure Dubai remains a magnet for foreign investors in 2023, while also successfully expanding its global reach by forging new connections and further strengthening its network of international representative offices.

The chamber launched a total of 16 new international offices this year to expand its global network to 31 offices across five continents, in line with the Dubai Global initiative launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.

THE CHAMBER IS CONTINUING TO DRIVE SUSTAINABLE ECONOMIC PROGRESS BY ATTRACTING INTERNATIONAL BUSINESSES, INVESTORS, AND LEADING TALENT TO DUBAI, IN LINE WITH THE AMBITIONS OF D33 AND OUR STRATEGIC PRIORITIES.

H.E. Sultan Ahmad Bin Sulayem
Chairman, Dubai International Chamber

Dubai Chambers Annual Report 2023

Chapter 05: Strategic Priorities & Achievements

104

SMEs attracted

550 %

YoY growth

116

Outbound trade missions & events organised

68

Cities visited

237

Inbound delegations & meetings

600 +

Participants

190 %

YoY growth

44

Countries

34

MNCs attracted

580 %

YoY growth

Driving

Inward Investment

Dubai Chambers Annual Report 2023

Chapter 05: Strategic Priorities & Achievements

STRATEGIC PRIORITY 03

Drive international expansion of Dubai Chambers’ members

AS WE CONTINUE TO ADVANCE TOWARDS THE OBJECTIVES OF THE DUBAI GLOBAL INITIATIVE, DUBAI CHAMBERS REMAINS COMMITTED TO DRIVING THE INTERNATIONAL EXPANSION OF MEMBER COMPANIES AND BUILDING BRIDGES OF COOPERATION IN KEY MARKETS WORLDWIDE.

H.E. Mohammad Ali Rashed Lootah
President and CEO, Dubai Chambers

In line with the Dubai Global initiative launched by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, Dubai International Chamber continued to lead the way for businesses from the emirate seeking avenues to expand their international reach and enter global markets.

The chamber successfully supported the global expansion of 77 member companies compared to 9 companies during 2022, registering 756% YoY growth. The chamber supported the expansion plans of the business community through its growing network of 31 international offices across five continents.

Dubai Chambers Annual Report 2023

Chapter 05: Strategic Priorities & Achievements

Accelerating International Growth

25

National business figures promoted in target markets

166

Business

networking events

organised

19,000 +

Participants attracted

2,881

B2B meetings arranged

77

Dubai companies supported to expand globally

756 %

YoY growth

7

International roadshows as part of New Horizons initiative

11

Countries

3

Global Expansion Series events

228

Participants from 172 companies

1,800

B2B meetings

Dubai Chambers Annual Report 2023

Chapter 05: Strategic Priorities & Achievements

Buenos Aires, Argentina

Sydney, Australia*

Baku, Azerbaijan

São Paulo, Brazil

Hong Kong, China*

Shanghai, China

Shenzhen, China

Cairo, Egypt

Addis Ababa, Ethiopia

Paris, France*

Frankfurt, Germany*

Accra, Ghana

Mumbai, India

Jakarta, Indonesia*

Tehran, Iran*

Erbil, Iraq*

Tel Aviv, Israel

Milan, Italy*

Tokyo, Japan*

Nairobi, Kenya

Mexico City, Mexico

Maputo, Mozambique

Amsterdam, Netherlands*

Lagos, Nigeria*

Panama City, Panama

Moscow, Russia*

Singapore, Singapore*

Johannesburg, South Africa*

Istanbul, Türkiye

London, United Kingdom*

Ho Chi Minh City, Vietnam*

* New international representative offices inaugurated in 2023

6,912

Participants

3,762

Meetings conducted by international offices

50

International representative offices by 2030 (Dubai Global Target)

16

New international representative offices inaugurated during 2023

31

International representative offices

Expanding Dubai’s Global Reach

Dubai Chambers Annual Report 2023

Chapter 05: Strategic Priorities & Achievements

STRATEGIC PRIORITY 04

Grow Dubai’s
digital economy

THROUGH THE CHAMBER’S VARIOUS PROGRAMMES AND INITIATIVES, WE ARE BUILDING THE WORLD’S BEST DIGITAL INFRASTRUCTURE AND UNLOCKING DUBAI’S DIGITAL FUTURE BY FOSTERING A CULTURE OF ENTREPRENEURSHIP AND INNOVATION.

H.E. Omar Sultan Al Olama
Minister of State for Artificial Intelligence, Digital Economy and Remote Work Applications, and Chairman of Dubai Chamber of Digital Economy

As Dubai continued on its journey towards economic diversification and sustainability in 2023, the emirate forged ahead powered by digital innovations with Dubai Chamber of Digital Economy spearheading efforts to advance the growth of this vital sector. The chamber has aligned its strategic priorities with the goals of the Dubai Economic Agenda (D33), which seeks to generate an annual contribution of AED 100 billion from digital transformation projects.

During 2023, Dubai Chamber of Digital Economy succeeded in attracting 9 multinational companies (MNCs) to Dubai and supported the attraction of 549 startups in the field of advanced technology in cooperation with partners from various government entities. This represents a growth of around 916% compared to the number of digital startups attracted in 2022.

Dubai Chambers Annual Report 2023

Chapter 05: Strategic Priorities & Achievements

Consolidating Dubai's Digital Leadership

24

Roadshows and business trips across Middle East, Africa, Asia, & Europe

10

Industry sector workshops organised

6

Digital economy reports published

549

Advanced technology startups attracted