83 thousand Indian companies in Dubai: 11 thousand were registered last year

Standing amidst the bustling Meenabazar in Dubai, you do not feel that you are hundreds of kilometres away from Mumbai. The bylanes of the market are dotted with names like Biryani Wala & Co, Mini Punjab Restaurant and Tanishq Jewellery.
Signboards of shops are seen in Hindi, Malayalam and Arabic languages. Meenabazar gives a glimpse of the growing vast network of Indian businesses. According to the local business chamber, 11,000 companies owned by Indians have been registered in 2022. Including these, the total number of Indian companies has increased to 83 thousand.
3.5 million Indians living in the United Arab Emirates (UAE) stand behind Indian companies. These immigrants have sent more than 1.63 lakh crore rupees to India in 2021. India is a source of food, gems, jewellery, leather goods, medicines and investment opportunities for the UAE. UAE is an important source of capital for India.
Such a situation was unimaginable in 1973 when a store carrying Indian sarees was named Meenabazar. Abu Dhabi was very poor. Until 1966, a version of the Indian rupee was the currency here - the external rupee. The entire international business was done through Bombay. Fifty years later the situation has completely changed.
Emirati shopping malls are brimming with products from around the world. Dubai's 68-storey Almas Tower houses a large number of Indian jam traders. Trade between India and the Emirates is growing rapidly. A survey by the Indian Embassy found that 60% of chief financial officers in major companies are Indians. Fund manager Pankaj Gupta says Indians occupy high positions in Emirates industries. Trade between the two countries grew by 16% last year.
Investment is increasing due to the tax system of the UAE. There is no personal tax. Since the beginning of 2020, when Mukesh Ambani raised billions of dollars from several sovereign wealth funds of the UAE, it is being considered as a major source of capital.
According to consultancy company Bains, between 2018 and 2022, Emirati sovereign wealth funds and other private equity companies have invested more than Rs 2.78 lakh crore in India. Capital is being pumped into India's leading banks, manufacturers and startups.
There are speculations that if India's second richest Gautam Adani were to expand his business, Abu Dhabi would be the main source of finance. Abu Dhabi Sovereign Wealth Funds have invested money in many Adani companies. From this, it can be said that Emirates is emerging as the financial capital of India.
India's richest businessman Mukesh Ambani bought a property in Dubai in August for about Rs 650 crore. He has bought another property in October for Rs 1300 crore. Last year, Indians spent over Rs 35,000 crore on the purchase of residential properties in Dubai. It is difficult to trace the details of the purchase of commercial property.