DUBAI, 9th January 2023 (WAM) –
The world’s most flagship free zone and the Dubai government’s Commodities Trading and Enterprise Authority (DMCC) announced it achieved its best year ever in terms of new member company registrations, attracting 3,049 new businesses to Dubai in 2022.
A 23% year-over-year increase, breaking the previous record set in 2021, when the DMCC enrolled 2,485 new members.
This record growth was spurred by strong international demand, DMCC’s continued work in key commodity sectors, and growing demand from blockchain and web3 companies for space at DMCC’s Crypto Center, to the extent that the latter now hosts more than 500 companies.
Each of these areas has been supported by DMCC’s efforts to increase the ease of settling down and doing business in Dubai.
DMCC Executive Chairman & Chief Executive Officer Ahmed bin Sulayem said, “Supported by a strong regional macroeconomic landscape, DMCC has effectively accelerated its growth strategy throughout 2022 by focusing on supporting its member firms in high-impact sectors such as web3 and blockchain technologies, commodities and global trade”.
He added: “I often view our member company registrations as a barometer of commercial activity and FDI in Dubai. These record numbers demonstrate growing investor confidence in the emirate and the growing number of opportunities Dubai offers.”
Feryal Ahmadi, Chief Operating Officer of DMCC, commented: “The 23% increase in annual business registrations sets a new benchmark for DMCC. With a number of exciting new projects in the pipeline and the unwavering dedication of the entire DMCC, I am confident we can build on this momentum in 2023.”
“Next year, DMCC will build on its strong position by further enhancing its services and offerings and forging new partnerships around the world, all with the ultimate goal of bringing new trade flows through Dubai.”
As blockchain and web3 technologies create increasingly positive economic and social impacts across sectors and industries, the DMCC Crypto Center has seen its community grow rapidly in 2022. Now, with over 500 members, it represents the largest concentration of crypto and blockchain companies in the region.
The DMCC Crypto Center has partnered with global venture capital firm Brinc to provide members with access to their $150 million accelerator fund. Brinc is a portfolio company of Animoca Brands, a global leader in web3 and blockchain investing.
This important partnership supports the rapid and long-term growth of companies developing web3 and blockchain technologies and the value-added services associated with the DMCC Crypto Center.
Reflecting DMCC’s desire to add value at the intersection of technology and raw materials, DMCC has partnered with SafeGold and Comtech Gold to tokenize gold bars based at facilities in the UAE.
Each gold bar will be backed by a DMCC Tradeflow Mandate, meaning that the increased ease of trading a tokenized asset is combined with the added security, transparency and real asset allocation provided by the Tradeflow Mandate.
The Dubai Diamond Exchange (DDE), the largest diamond bidding facility in the world, has seen strong demand from companies conducting diamond and gemstone bidding and gemstone auctions.
Dubai is a major hub for the trade in rough and polished diamonds and is becoming increasingly important for colored stones and lab-produced diamonds. The UAE was also appointed Chair of the Kimberley Process in 2024 and provided support as Vice Chairs in 2023.
The DMCC remains the official partner of the second edition of the Jewelery Gems & Technology exhibition (JGT Dubai, February 2023) and hosts the International Colored Gemstone Association (ICA) congress in February 2023.
The 10th Dubai Precious Metals Conference (DPMC) brought together hundreds of global leaders in the precious metals industry to discuss the challenges and opportunities present in today’s gold and precious metals industry.
The DMCC Tea Center processed over 42,000 tons of loose tea, with a total added value of 8,200 tons of packaged tea, including approximately 400 million tea bags. This represents a 27% increase over 2021 and sets a new Tea Center record for volume of tea processed.
The DMCC Coffee Center has stored and processed over 4,000 tons of green and roasted coffees from a wide range of growing markets in Central and South America, Asia and Africa. The center welcomed 57 new members during the year, demonstrating the significant value the center adds to the global coffee supply chain.
The DMCC Coffee Center has also supported the industry by hosting a number of events including the first ever Middle East Roasting Championship and the UAE Airpress Championship. Furthermore, it collaborated with COEX and Vicofa for the 2022 edition of the Venetian Coffee Expo.
The DMCC Tradeflow, a fully digital ledger for possession and ownership of assets stored in UAE-based facilities, recorded a total value of AED1.63 trillion ($445 billion), an increase of 48 % compared to 2021.
Important milestones were achieved for DMCC’s latest development, Uptown Dubai, with the completion and handover of the Uptown Tower in 2023. Investor confidence in the project, DMCC and Dubai was confirmed by the successful pre-lease of 22 category A commercial office floors
As prime contractor for Jumeirah Lakes Towers (JLT), DMCC has continued to roll out a number of community-improvement initiatives to strengthen its status as a world-class destination to live, work and visit.
These include a project to replace all parking umbrellas with solar panels, which will save 7,612 MWh of energy each year, as well as general community improvements and the start-up of several sports and wellness facilities.
The DMCC continued to promote Dubai as a top destination for foreign direct investment (FDI) in 2022, hosting physical and online roadshows in 21 markets around the world.
Highlighting the opportunities offered by the emirate, 15 Made For Trade Live events were held in 10 different countries, as well as seven virtual events, attracting a total of 217 high-profile attendees.
The DMCC also launched the fourth edition of its Future of Trade report, which provides key recommendations to governments and businesses around the world to move global trade forward. The report has been downloaded nearly 200,000 times since its launch in early July.
In recognition of its continued efforts to enhance its business ecosystem, DMCC has been named Global Free Zone of the Year by Financial Times magazine fDi for the eighth consecutive year.
The DMCC has also been recognized for its support of multinational corporations and SMEs, as well as its work in areas such as sustainability and social impact, with awards such as Free Zone for Large Tenant of the Year – World, the SME Free Zone of the Year – Middle East, and an Excellence Award for ESG Practices – World, among others.
Translated by: Gihane Fawzi.