Dubai International Chamber has achieved a year-over-year (YoY) growth of 54% in the number of multinational companies (MNCs) and small and medium enterprises (SMEs) it attracted to the emirate, which increased from 56 in the first half of 2023 to 86 during H1 2024, a report said.

The companies attracted during the first six months of this year included 24 MNCs, up from eight in H1 2023, representing 200% YoY growth, Emirates News Agency, WAM, said.

In H1 2024, 62 SMEs were attracted to Dubai, an increase of 29% compared to the 48 that were attracted during the same period last year.

Dubai International Chamber, one of the three chambers operating under Dubai Chambers, also supported 34 local companies in expanding into new global markets during H1 2024 through its international offices and various programmes and initiatives.

The chamber assisted these companies with exporting to new countries and establishing their presence overseas.

The number of companies assisted with international expansion increased by 127% compared to H1 2023's figure of 15 businesses.

Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber, said: "The remarkable performance achieved during the first half of the year comes as a result of Dubai International Chamber's ongoing efforts to contribute to achieving the objectives of the Dubai Economic Agenda (D33), which seeks to double the size of the emirate's economy over the next decade and consolidate Dubai's position among the top three global cities."

During H1, the chamber organised two trade missions to Southeast Asia and West Africa with 38 companies from Dubai as part of the 'New Horizons' initiative, which enables Dubai-based companies to join trade missions to selected international markets.

More than 830 B2B meetings were organised to explore investment opportunities and joint economic partnerships.

As part of the Southeast Asia trade mission, 200 B2B meetings were organised for Dubai-based companies with their counterparts in Indonesia on the first leg of the mission. The chamber arranged 180 meetings between companies from Dubai and Vietnam during the second leg of the mission.

The trade mission to Africa included visits to Senegal and Morocco, with more than 150 B2B meetings organised between companies from Dubai and their counterparts in the Senegalese capital, Dakar.

Dubai International Chamber also signed a Memorandum of Understanding (MoU) with the Dakar Chamber of Commerce, Industry, and Agriculture to strengthen cooperation.

During the visit to Morocco, more than 300 B2B meetings were organised in Casablanca between the Dubai delegation and Moroccan companies to discuss business development.

Dubai Chambers also signed four MoUs to further enhance cooperation with the Moroccan Agency for Investment and Export Development; the General Confederation of Moroccan Enterprises; the Chamber of Commerce, Industry and Services of Casablanca-Settat; and the Chamber of Commerce, Industry and Services of Rabat-Salé-Kenitra.