“Remarkable Surge: Pakistan Achieves 3,300+ Company Registrations in Dubai Chamber of Commerce for 2023”

“Pakistan Sees Surge in Business Presence: Over 3,300 Companies Join Dubai Chamber of Commerce in Q1 2023”

In the first quarter of 2023, more than 3,300 Pakistani companies joined the Dubai Chamber of Commerce (DCC), according to the country’s top diplomat in the United Arab Emirates (UAE). This development highlights the dynamic nature of Pakistani businesses and the growing appeal of the UAE as an investment destination.

The DCC reported a total of 30,146 new companies joining in the first quarter, with India leading with 6,717 companies, followed by the UAE with 4,445 firms. Pakistan secured the third position with 3,395 new business entities, marking a significant 59 percent increase from the same period last year. The overall count of Pakistani companies with DCC membership has now reached 40,315.

Mohammad Ali Rashed Lootah, the DCC president and CEO, emphasized the diversity of nationalities among the new companies, highlighting Dubai’s vibrant business environment. Ambassador Faisal Niaz Tirmizi praised this positive development, emphasizing the resilience and entrepreneurial potential of the Pakistani business community and diaspora.

The ambassador highlighted the strong economic fundamentals of the UAE’s economy, with a focus on diversification and global economic partnerships. He emphasized Dubai’s strategic position for Pakistani businesses to engage with other Gulf states and the Middle East.

Tirmizi noted the significant increase in the number of Pakistani expatriates in the UAE, spanning various sectors. The embassy played a crucial role in facilitating business by maintaining active communication with the DCC and sharing opportunities with Pakistani chambers and the diaspora.

Trade linkages between Pakistan and the UAE have expanded, leading to Pakistani businesses establishing local offices and registering with local chambers. The mission addressed issues such as non-tariff barriers and facilitated Pakistani firms’ participation in trade fairs, enhancing exposure to UAE markets.

The ambassador revealed plans for a bilateral economic partnership agreement with the UAE by the end of September, presenting potential opportunities in goods and services sectors. Fakhruddin Diwan, chairman of the Pakistan-UAE business council, sees the inclusion of more Pakistani companies in the DCC as a significant achievement, anticipating strengthened foreign reserves and increased global exposure for Pakistani products.