The investment from Armenia in Dubai has reached approximately $383 million from 2018 to 2024, according to Salem Al Shamsi, the Deputy CEO of International Relations at the Dubai Chamber of Commerce.
Al Shamsi stated during an interview with the Emirates News Agency that 79 new Armenian companies registered with the Dubai Chamber in the first half of this year, bringing the total number of Armenian firms in the chamber to around 500.
He added that the significant increase in registered Armenian companies reflects growing confidence in Dubai’s business environment and enhances the emirate’s position as a global investment hub. This statement was made on the sidelines of a trade mission organized by the Dubai Chamber to Yerevan, Armenia, on October 22 and 23.
Furthermore, he noted that economic relations are experiencing rapid growth, with non-oil trade between Dubai and Armenia reaching $7 billion (25.7 billion AED) in 2024, an increase of 76% from the previous year. This robust growth illustrates the rising levels of trust and cooperation between the two markets.
Al Shamsi explained that the Dubai Chamber’s organization of this trade mission is part of the “New Horizons for External Expansion” initiative, which aims to open new markets for Dubai companies and enhance the emirate’s economic presence in Southeast Asia.
The Dubai Chamber is participating in this trade mission alongside 16 Emirati companies representing various sectors, with the goal of strengthening economic ties and exploring business and investment opportunities in the Armenian market.
He emphasized the importance and effectiveness of bilateral business meetings between UAE and Armenian companies, as these interactions maximize partnership and collaboration opportunities while saving time and effort for entrepreneurs and businesses alike, making such visits practical and economically beneficial.
According to Al Shamsi, Armenia’s strategic location and competitive business environment offer tremendous opportunities for investors and entrepreneurs from Dubai. Meanwhile, Dubai provides Armenian companies with a world-class platform for international expansion, thanks to its conducive business ecosystem and access to rapidly growing markets in the Middle East, Africa, and Asia, positioning Dubai as a global gateway for Armenian firms seeking to expand beyond their borders.
He also pointed out that the Armenian market is one of the most important strategic markets for UAE companies, especially with Armenia increasingly opening up to foreign direct investments in sectors such as consumer goods, logistics, hospitality, food and beverages, as well as information technology and related consulting services.
Al Shamsi reaffirmed the Dubai Chamber’s commitment to supporting the aspirations of the local business community to expand into strategically significant global markets, noting that such trade missions help create new channels and build sustainable economic bridges with worldwide markets.