The number of Dubai Chamber of Commerce companies has surged by nearly half, as exports and re-exports exceeded AED200 billion ($54 billion) during the first nine months of the year.

New member companies registered between January and September reached 48,616, up by 42.9% compared to the same period last year, the chamber reported on Monday-

The total value of exports and re-exports of Dubai Chamber of Commerce member companies also “surged” to AED210 billion ($57.18 billion), with certificates of origin hitting 544,538 during the nine-month period.

The chamber did not provide year-on-year comparison on member exports and re-exports, but the latest figure is a huge jump from the AED177 billion recorded between January and August 2022.

The strong growth in new member companies highlights Dubai’s attractiveness among both companies and investors, as well as Dubai’s growing reputation as a leading global business destination, the chamber said.

The chamber also recorded 3,209 ATA Carnets for goods and commodities during the nine-month period, up from 2,919 a year earlier. The value of ATA Carnets surged by 123.6% to AED3.3 billion during the same period.

Dubai has recently reported a 3.2% growth in the local economy during the first half of the year, driven by significant growth in key sectors such as transportation, real estate, wholesale and retail trade, financial and insurance, accommodation and food services, among others.

(Writing by Cleofe Maceda; editing by Seban Scaria)