South African Investment in Dubai Hits $294 Million to Expand Non-Oil Trade

South African foreign direct investment (FDI) into Dubai reached $294 million between 2019 and 2023, according to data released by Dubai Chambers. The capital flow supported 21 projects across the emirate, creating approximately 727 jobs during the five-year period. Rising Corporate Presence and Trade Volume The first half of 2024 saw a significant increase in business activity, with 681 new South African companies joining the Dubai Chamber of Commerce. This represents a 20% growth compared to the same period in 2023. By the end of June 2024, the total number of South African companies registered in Dubai reached 2,335. Bilateral non-oil trade between Dubai and South Africa reached AED 14.6 billion ($3.97 billion) in 2023. Trade remains concentrated in key commodities including precious stones, diamonds, gold, and coal, alongside growing volumes in the food and beverage sector. Strategic Expansion via Dubai Business Forum The data was shared during the "Dubai Business Forum - South Africa" held recently in Johannesburg. The event, organized by Dubai Chambers, serves as a platform to attract international investment and support the Dubai Economic Agenda D33. The D33 program aims…