Total number of companies in DMCC’s business district surpasses 24,000 members. Image Credit: Supplied

Dubai: A total of 2,692 new companies joined Dubai free zone Dubai Multi Commodities Centre (DMCC) last year, bringing the total number of companies in DMCC to over 24,000, its 2023 Annual Report revealed.

The report attributed the reason for growth to the Uptown Dubai district with the launch of Uptown Tower. DMCC accounted for 11 per cent of Dubai’s total foreign direct investment (FDI) inflows.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “Attracting 2,692 new companies is testament to our efforts to continuously enhance our value proposition year after year, reinforcing the role we and our members play in driving trade and investment, contributing up to 11 per cent of all FDI inflows to Dubai."

Dubai’s pillar of FDI

Dubai remains a global destination for FDI and DMCC plays a pivotal role in attracting investments, accounting for 11 per cent of total FDI inflows. Key growth was noted in particular for the energy sector, as the UAE’s competitive advantage in the global energy transition further cemented Dubai’s attractiveness. Over 460 new energy companies joined DMCC in 2023, bringing the total tally of energy members in the district to over 3,230.