During the first half of the year, Pakistan emerged as the second-largest group in the Dubai Chamber of Commerce, with over 3,900 Pakistani companies signing up, as reported by the chamber. India took the top spot, adding 7,860 new companies.
This surge of Pakistani companies joining the Dubai Chamber sheds light on the challenges Pakistan faces in fostering a robust business environment at home. Issues like political instability, erratic policymaking, and an emphasis on non-productive sectors have hindered the nation’s ability to attract and sustain investments, even with a large domestic market of more than 240 million people.
Reliance on IMF bailouts and susceptibility to economic shocks further complicate Pakistan’s investment climate, especially when compared to its regional counterparts.
Dubai, with its reputation as a global business hub, continues to lure foreign investors, and the increasing number of Pakistani firms joining the Dubai Chamber underscores the strategic benefits offered by the city. These include a supportive business environment, unparalleled connectivity, and access to both regional and international markets.
For Pakistani businesses, becoming part of the Dubai Chamber of Commerce not only simplifies access to the Gulf market but also opens doors to networking, investment opportunities, and growth in a fiercely competitive global landscape.
Among the new non-Emirati companies joining the chamber in early 2024, Pakistan ranked second. Egypt followed closely with 2,355 new companies.
While the specific sectors of the Pakistani companies were not detailed, the chamber noted that the trade and repairing services sector dominated with 41.5% of total new memberships. The real estate, renting, and business services sector made up 33.6%, with construction at 9.4%, and the transport, storage, and communications sector at 8.4%. The social and personal services sector comprised 6.6% of the newcomers.
Syria came in fourth with 1,358 new Syrian companies, followed by the United Kingdom with 1,245 new firms. Bangladesh was sixth with 1,119 new member companies.
Iraq took seventh place with 799 new companies, while China was eighth with 742 new entries. Sudan ranked ninth with 683 new Sudanese companies, and Jordan rounded out the top ten with 674 new companies joining the chamber in the first half of the year.
