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31.03.24 11:45
Economics

In UAE city, number of SMEs grew by 550 per cent in a year

Trade and logistics are the most popular areas for start-ups

The number of SMEs established in Dubai in 2023 has increased by 550 per cent compared to 2022. These are mainly firms involved in trade, logistics and IT. This is reported by Arab News.

Emirates authorities said 104 SMEs opened in Dubai over the 12 months.

The largest number of new companies appeared in the areas of trade and logistics (17 per cent), followed by IT (13 per cent) and food producers and agricultural companies (10 per cent).

Experts attribute this trend to the fact that the Emirates has a favourable business climate, including through legislation. The publication notes that the total number of Dubai International Chamber of Commerce offices worldwide has increased in 2023. At the moment, there are 31 representative offices.

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