In the first quarter of 2023, more than 3,300 Pakistani companies became members of the Dubai Chamber of Commerce (DCC), as confirmed by Pakistan’s top diplomat in the United Arab Emirates (UAE). This development reflects the dynamic nature of Pakistani businesses and the growing appeal of the UAE as an investment destination.
During this period, the DCC welcomed a total of 30,146 new companies, with the UAE registering 4,445 firms and Pakistan contributing 3,395 new business entities, marking a substantial 59 percent increase from the previous year’s first quarter. The total number of Pakistani companies affiliated with the DCC now stands at 40,315.
Mohammad Ali Rashed Lootah, the DCC President and CEO, emphasized the diverse nationalities represented among these new companies, highlighting the vibrancy of Dubai’s business environment.
Pakistan’s Ambassador to the UAE, Faisal Niaz Tirmizi, described this development as a testament to the resilience and entrepreneurial potential of the Pakistani business community and the strong economic fundamentals of the UAE. He noted that the UAE’s leadership was actively diversifying its economy through global economic partnerships, offering profitable opportunities in various sectors in the medium term.
Dubai’s strategic location makes it an ideal hub for Pakistani businesses to engage with other Gulf states and the broader Middle East. Ambassador Tirmizi pointed out that the Pakistani expatriate population in the UAE had increased from 1.6 million to 1.8 million in the past year, with Pakistanis actively participating in various sectors of the UAE’s economy.
The Pakistani diplomatic mission played a pivotal role in facilitating business opportunities by maintaining close ties with the DCC and informing Pakistani businesses and the diaspora of new prospects. Trade relations between Pakistan and the UAE have expanded in recent years, leading many Pakistani companies to establish local offices and join local chambers in Dubai.
Additionally, the embassy organized trade fairs that allowed Pakistani firms from various sectors, including healthcare, food, information technology, and tourism, to gain exposure to UAE markets. This exposure led to many businesses establishing a presence in Dubai.
Ambassador Tirmizi also mentioned that a bilateral economic partnership agreement between Pakistan and the UAE was in the pipeline, set to be signed by the end of September. This agreement would offer opportunities in both goods and services sectors, and businesses were gearing up to benefit from this partnership.
Fakhruddin Diwan, Chairman of the Pakistan-UAE Business Council at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), hailed the inclusion of more Pakistani companies in the DCC as a significant achievement. He anticipated that this opening of the UAE market for Pakistani products would boost exports and strengthen foreign reserves, given Dubai’s status as a hub of international activities and tourism, providing access to a global consumer base for Pakistani companies.
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