DMCC is now home to nearly 23,000 companies. Image Credit: Supplied

Dubai: The emirate’s flagship free zone DMCC said on Monday that 708 new companies joined the business district during the first quarter of this year. This represents an 8.4 per cent year-on-year increase and an average annual increase of 13.7 per cent over the last five years. DMCC is now home to nearly 23,000 companies.

Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, said: “Records show DMCC contributes roughly 10 per cent to Dubai’s GDP, and with over 90 per cent of our registered companies coming from outside the UAE, DMCC is the business district of choice for global companies setting up in the emirate.”

Traditional core markets for DMCC continued outperforming previous quarters, with solid numbers of businesses from India, the UK, Germany, China, and France. DMCC also saw robust results from continuing its outreach programmes in markets including Israel, Spain and Korea.

“With several high-growth areas in our sights, including Web3 and gaming, we are efficiently utilising this momentum to target long-term growth across the board,” said Bin Sulayem.

The DMCC Crypto Centre and DMCC Gaming Centre, launched in December 2022, are also witnessing considerable gains.