The number of new businesses setting up in the UAE through Dubai Multi Commodities Centre (DMCC), the emirate’s flagship free zone, went up by 19 percent during the first half of the year, driven by strong demand from markets in Europe and Asia.
The world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise have reported their best-ever performance in the first half of a year, registering 1,469 new companies in the first six months of 2022. This represents a 19% increase over the same period last year. Following on from the record-breaking 2021, in which DMCC attracted 2,485 new members, DMCC is now home to over 21,000 businesses.
The high turnout of new businesses has been due to Dubai’s continued commercial appeal to foreign investors. “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,” DMCC said. 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.”
China and India remain the crucial target markets for the zone, comprising a combined 20 percent of new members in 2022 so far. During the first half of the year, however, 40 percent of new companies that have set up their business at DMCC are from Europe and South America. The free zone has been promoting Dubai as a prime destination for foreign direct investment, holding roadshows in major markets like the UK, Spain, Turkey, Poland, Brazil, and Colombia.
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, to firms trading crypto assets.
