30% of Dubai’s startups are owned by Indians: Dubai Chambers CEO
By end 2022, 83,000 Indian-owned companies are registered with Dubai Chambers
Dubai: As of end 2022, over 83,000 Indian companies are registered with the Dubai Chambers, its CEO has said.
Mohammad Ali bin Rashed Lootah, President and CEO of Dubai Chambers, said more 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 per cent of the population). And 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.
“India was among the Top 3 countries in agrotech investment in2020,” said Lootah on the sidelines of the India-UAE Partnership Agreement. “It is a useful exercise to explore the synergies between UAE food security initiatives and India in the tech ecosystem.
“Dubai can be used as a trusted, reliable platform to really expose goods to Africa, Asia Europe.”