32% of SMEs attracted to Dubai last year were from Middle East & Eurasia

Dubai Web Desk

DUBAI, UAE: The Dubai International Chamber has revealed that 32% of the total number of Small and Medium-sized Enterprises (SMEs) attracted to Dubai during 2023 were from the Middle East and Eurasia, with Asia and Australia following close behind at 29%.

The growing number of SMEs setting up in Dubai from Countries around the world underlines the emirate’s importance as a key global hub for trade and investments.

The figures highlight the diverse range of SMEs from various nationalities and markets that the chamber has attracted to Dubai through its network of international representative offices around the world.

Latin America and Europe accounted for 26% of the total number of SMEs attracted during 2023, while African markets represented 13% of the total.

The Chamber also revealed that 17% of these SMEs operate within the trade and logistics sector.

Additionally, 13% operate in the IT sector, specialising in areas such as artificial intelligence, blockchain, robotics, and software.

The food and agricultural sector ranked third, accounting for 10% of the total number of SMEs attracted. Healthcare and pharmaceuticals followed with 9% of the total, while the public services sector came fifth, representing 7% of the SMEs attracted. The financial services sector, which includes banking, asset and wealth management, fintech, insurance, and consulting firms, ranked sixth at 6%.

The real estate companies ranked seventh in terms of SMEs attracted, representing 4% of the total. The retail, fashion, travel, hospitality, and tourism sectors also accounted for 4% of the SMEs attracted.