Dubai Chambers CEO reveals a 30% of the city’s startups are owned by Indians
- ByStartupStory | January 25, 2023
Mohammad Ali bin Rashed Lootah, President and CEO of Dubai Chambers, stated that as of end 2022, over 83,000 Indian companies are registered with the Dubai Chambers, i.e than 30 per cent of the startup community in Dubai comes from India and over 1 million jobs have been created by Indian firms and NRI-owned entities in the UAE.
The UAE is home to 3.5 million Indians (30 percent of the population). Lootah said the aim is to amplify bilateral opportunities to key sectors while helping domestic companies enter new markets and assisting international companies to establish a presence in one of the world’s biggest economies.
India is the UAE’s second-largest trading partner second only to China, and the UAE stands as India’s third-largest trading partner. India is a major current and potential investor in the local economy, according to Lootah. Trade volumes have grown from $100 million to $180 million in 2019 and projected to reach more than $100 billion within five years from the CEPA agreement
Lootah on the sidelines of the India-UAE Partnership Agreement “India was among the Top 3 countries in agrotech investment in2020. It is a useful exercise to explore the synergies between UAE food security initiatives and India in the tech ecosystem.
He was speaking in the wake of the India-UAE Partnership Summit, held in Dubai on January 24. The summit was inaugurated by Indian Minister of Commerce and Industry Piyush Goyal, aimed to drive economic partnerships between the two countries. It was organized by the International Business Linkage Forum (IBLF) in partnership with Dubai International Chamber.
The main discussion in the summit was about manufacturing and startups, healthcare, agritech, food processing, fintech, and investment.
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