The world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise has reported its best ever performance in the first half of the year, registering 1,469 new companies in the first six months of 2022, which represents a 19% increase over the same period last year.
In June alone, DMCC welcomed 323 new businesses to its Free Zone and business district, the best monthly performance since its inception. Following on from the record-breaking 2021, in which DMCC attracted 2,485 new members, it is now home to over 21,000 businesses.
DMCC’s persistent growth was driven by strong demand from international markets including Europe, China, and India, demonstrating Dubai’s continued commercial appeal and the ease of setting up and doing business at DMCC. Growth was also buoyed by continued interest in the DMCC Crypto Centre, and high volumes of trade for a range of commodities, predominantly diamonds, tea, and coffee.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “DMCC is constantly striving to further enhance Dubai’s status as a hub for doing business across the globe. This ethos has enabled us to grow from zero to over 21,000 member companies in the space of just two decades. By providing a hyper-connected community for trade and constantly striving to improve our services, we will continue to work with our member companies towards new growth in the years to come”.
“With our facilities and services truly representing the centre of global commodities trade, DMCC continues to be a core partner to its members, having a significant positive impact on the Emirate’s thriving economy”, he continued.
Feryal Ahmadi, Chief Operating Officer, DMCC, added, “Surpassing yet another record is a proud moment for everyone at DMCC – it reflects their hard work and dedication to making DMCC the world’s premier business district. Now home to over 21,000 companies, our sense of purpose and duty to each member has never been stronger. Throughout the remainder of the year, we will continue to invest in talent, sustainability, and innovation to ensure efficient delivery of our ambitious strategy, providing a leading environment for businesses to trade and connect with the world”.
Attracting FDI through international outreach
DMCC continued to promote Dubai as a prime destination for FDI, conducting roadshows in six key markets including the UK, Spain, Turkey, Poland, Brazil and Colombia, highlighting the opportunities on offer in the Emirates. The outreach programs proved to be highly effective, with 40% of new companies in H1 originating from Europe and South America. China and India continue to be crucial target markets for DMCC, comprising a combined 20% of new members in 2022 so far.
Leading global commodities trade
In the first half of 2022, DMCC has continued to reinforce Dubai as a leading hub for global commodities trade.
The volume of diamonds traded through the UAE reached a total of USD 11 billion in the first quarter, up 36% from the same period last year. The polished segment saw an 80% increase in trade value, with rough diamond trade simultaneously increasing 20% year-on-year. Already the world’s largest rough diamond trading hub, Dubai is currently looking to become the leading hub for rough and polished combined.
The DMCC Tea Centre and DMCC Coffee Centre also saw strong growth in H1 2022. The tea and coffee industries are increasingly turning to DMCC because of its world-class facilities, which include superior logistical and processing support for all stages of the value chain, cutting out intermediaries to deliver increased value for farmers, producers, and consumers alike.
Advancing crypto technologies in Dubai
As a comprehensive ecosystem for the development and operation of blockchain and other cryptographic technologies, the DMCC Crypto Centre has seen significant interest since its launch in mid-2021. This growth has continued into 2022, with 14% of new company registrations in H1 relating to crypto activities. The Crypto Centre offers a home to all types and sizes of crypto businesses, from companies developing blockchain-enabled platforms, NFTs and Metaverse environments, through to firms trading crypto assets.