The record-breaking quarter follows on from DMCC’s best-ever year in 2021, in which it attracted 2,485 companies. Image Credit: Supplied

Dubai-based free-trade zone DMCC welcomed 665 companies during the first quarter of 2022, marking its best Q1 since its inception, it said on Tuesday.

The numbers represent a 13 per cent increase compared to the year-ago period, and a 25 per cent jump compared to the five-year average.

“The global economic climate remains challenging. However, Dubai’s reputation as a world-leading business destination is stronger than ever, and DMCC sits at the very heart of this international appeal. 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 free zone in Dubai,” said Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC.

“Looking ahead, we will keep up the momentum and go further and faster to attract the world’s most ambitious firms looking to set up and do business in Dubai. 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.”

DMCC’s key markets such as India, UK, Germany and France performed stronger than the same period in previous years. DMCC also witnessed a 34 per cent increase in Dubai company formation from China in Q1 compared to the same period last year. Success in China follows DMCC’s significant Mandarin engagement programmes that run country-wide throughout the year, and its representative office in Shenzhen.

Meanwhile, specific outreach programmes to markets such as Israel and Turkey have led to an increase in quarterly company registrations by 350 per cent and 100 per cent during the quarter, respectively. DMCC has also registered growing 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 free zone. In the first quarter of 2022 alone, 16 per cent of all company registrations were for crypto-related activities.

This record-breaking quarter follows on from DMCC’s best-ever year in 2021, in which it attracted 2,485 companies to Dubai. This milestone pushed DMCC past the 20,000 member companies milestone.