Dubai: A total of 216 new Filipino companies joined the Dubai Chamber of Commerce during the first quarter of this year, adding to over 800 new Filipino firms that registered with the chamber in 2024.
According to Emirates News Agency, Salem Al Shamsi, Vice President - International Relations, Dubai Chambers, stated that the number of new Filipino companies joining the chamber in 2024 increased by 18 percent compared to 2023. This growth indicates sustained momentum in economic relations between the two regions.
In statements made during a trade mission organized by Dubai Chamber of Commerce to Manila from 25th to 27th May, Al Shamsi highlighted that the strong growth in registered Filipino companies reflects growing confidence in Dubai's business environment. This trend reinforces the emirate's position as a global investment hub.
Al Shamsi discussed the investment volumes, noting that direct investments from Dubai to the Philippines reached approximately US$193 million between 2021 and 2024. Filipino investments in Dubai amounted to around US$35 million from 2020 to 2024. These figures highlight the attractiveness of the Philippine market to Dubai-based investors and demonstrate Dubai's ability to attract Filipino companies seeking international expansion.
The Dubai Chamber's trade mission is part of the 'New Horizons' initiative for overseas expansion, aligning with the chamber's efforts to open new markets for Dubai companies and strengthen the emirate's economic footprint in Southeast Asia. Dubai Chambers participated in the trade mission alongside 17 Emirati companies operating in sectors including food, agriculture, technology, industrial security, and manufacturing, aiming to foster economic ties and explore trade and investment opportunities in the Philippine market.
Al Shamsi emphasized the effectiveness of B2B meetings held between Emirati and Filipino companies, which help maximize partnership prospects, save time and resources for entrepreneurs, and ensure the missions deliver tangible economic outcomes. He described the Philippine market as strategic for Emirati businesses due to its geographical location, diversified economy, large and youthful population, and increasing openness to foreign direct investment.
Further, he highlighted the Philippines as a vital gateway to Southeast Asian markets, noting the opportunities for Emirati companies to capitalize on the growing demand for high-quality products and services from Dubai. Al Shamsi reaffirmed Dubai Chambers' commitment to supporting the local business community in expanding into key global markets.
"We at Dubai Chambers are focused on building sustainable economic bridges with global markets. Trade missions like this one help open effective channels of cooperation and turn opportunities into real partnerships," Al Shamsi stated.