UAE’s Dubai Multi Commodities Centre (DMCC) reports that 665 new companies have registered in the freezone for the first quarter of 2022.
The latest figures represent a 25 percent increase compared to the five-year average, according to Dubai Media Office.
DMCC’s key markets such as India, the UK, Germany, and France reportedly performed stronger than the corresponding period in previous years.
DMCC also witnessed a 34 percent increase in Dubai company formation from China in Q1 compared to the same period last year. DMCC has already opened a representative office in Shenzhen and has rolled out several Mandarin engagement programmes.
Outreach programmes to markets such as Israel and Turkey have also led to an increase in quarterly company registrations by 350 percent and 100 percent during the quarter, respectively. DMCC has also registered interest from emerging trade hubs such as Indonesia and Vietnam.
Following the launch of the DMCC Crypto Centre in May 2021, DMCC has seen a surge in the number of crypto and blockchain businesses joining its freezone. In the first quarter of 2022 alone, 16 percent of all company registrations were for crypto-related activities.
“Registering 665 new companies in the first three months of 2022 is another record broken for DMCC, and serves to show the huge potential on offer when joining our freezone in Dubai,” said Ahmed Bin Sulayem, executive chairman and CEO of DMCC.
The DMCC Authority previously confirmed that it achieved its best year on record, attracting 2,485 companies, representing 146 geographies, to Dubai in 2021. The record-breaking performance follows from the 2,025 companies that joined the business district in 2020.
“Following the overwhelming success of Expo 2020 Dubai, these are exciting times for the emirate, and DMCC will push ahead and continue to promote the huge commercial potential that Dubai possesses,” added Bin Sulayem.
Therefore, the Expo 2020 proved to be a boon to businesses in Dubai and across the UAE. Furthermore, the Dubai Chamber of Commerce’s report states that 6.5 percent of the companies in Dubai have recorded growth in their businesses during the Expo, whereas, 73.5 percent have managed to build new business connections over the period of the Expo.
