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Dubai is increasingly becoming a magnet for foreign businesses, with the number of American firms setting up shops in the emirate posting a double-digit growth last year.
The Dubai Multi-Commodities Centre (DMCC) reported on Friday that it saw a rise of more than 10% in the number of American companies joining its international business district in 2023, taking the total US membership to 679.
The US firms that have set up offices in DMCC represent nearly half (45%) of the 1,500 American businesses spread across the UAE.
“With a rise of 10% year-on-year, the US continues to be a major source of foreign investment to DMCC,” said Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC.
“Last year was our second most successful on record from a growth perspective, with over 60 American companies joining a global intake of almost 2,700. This high level of interest is reflective of the major infrastructural investments we have made in our district.”
The DMCC has recently concluded its “Made for Trade Live” roadshow in the US, which highlights opportunities on offer in Dubai to foreign businesses looking to expand internationally.
As of 2022, the value of US foreign direct investment (FDI) in the UAE stood at $16.9 billion, up by 5.5% from 2021, according to the Office of the US Trade Representative.
(Writing by Cleofe Maceda; editing by Brinda Darasha)
