11 Sep Over 2,200 Indian companies join Dubai Chamber in H1 2019Email This Post
India is Dubai’s second-largest trading partner due to bilateral non-oil trade between the two countries. So if you are thinking of new business setup in Dubai, then this is surely a good idea.
Approximately 2,208 Indian firms joined as new members in Dubai Chamber of Commerce and Industry (DCCI) in the very first six months of this year. This marked an almost 18 percent increase as compared to same time period in last year and also highlighted a mounting confidence in the emirate as an investment hub.
Indian companies accounted for about 24.4 percent of new member firms that got registered with DCCI in the time period between January to June 2019, thus bringing the total figure of Indian members to 38,704.
The latest numbers were released by the DCCI before the official visit of Indian Prime Minister Narendra Modi to the UAE last week.
Hamad Buamim, the President and CEO of DCCI, said that the rise in Indian members joining the Chamber ensues important developments that have reinforced the India-UAE relationship in the past few years, which includes various high-level visits and meetings, strategic cooperation agreements being signed by both the governments, a stable upsurge in bilateral trade and the flow of investment and expansion of direct flights. All these steps taken by both the countries have pulled in more people to go in for Dubai company formation.
India is still Dubai’s second-largest trading partner as it clocked a figure of $31.6 billion (116 billion UAE dirhams) worth of bilateral non-oil trade last year. As per data, currently, the bilateral trade is dominated by mineral products and base metals, precious metals and pearls.
Recent DCCI analysis suggested that there are many areas where India could potentially enhance its exports to the UAE such as pharmaceuticals, vehicles, electrical machinery, apparels and clothing accessories.
Besides that, printed books, carpets, natural pearls and textiles were recognised as high-potential products that could be exported from the UAE to India in the near future.
This year, according to data, almost 9,062 firms joined DCCI as new members in the H1 of 2019, thus marking a year-over-year (y-o-y) increase of approximately 22 percent and getting the organisation’s total membership 240,000 plus.