New entrants into DMCC are from Europe and South America, while India and China continuing to provide steady numbers. Image Credit: Supplied

Dubai: The Dubai free zone DMCC reported its best ever performance in the first-half of 2022, registering 1,469 new companies. This represents a 19 per cent increase over the same period last year. In June alone, DMCC had 323 new businesses sign up - the best monthly performance since its inception.

“Following on from the record-breaking 2021, in which DMCC attracted 2,485 new members, DMCC is now home to over 21,000 businesses,” it said in a statement. DMCC’s growth was driven by strong demand from international markets, including Europe, China, and India. Growth was also buoyed by continued interest in the DMCC Crypto Centre, and high volume of trade for commodities, predominantly diamonds, tea, and coffee.

“By providing a hyper-connected community for trade and constantly striving to improve our services, we will continue to work with our member companies towards new growth in the years to come,” said Ahmed Bin Sulayem, Executive Chairman and CEO, DMCC. “With our facilities and services truly representing the centre of global commodities trade, DMCC continues to be a core partner to its members, having a significant positive impact on the emirate’s thriving economy.”

DMCC continued to promote Dubai as a prime destination for FDI, conducting roadshows in the UK, Spain, Turkey, Poland, Brazil and Colombia. The outreach programmes proved to be highly effective, with 40 per cent of new companies originating from Europe and South America. China and India continue to be crucial target markets for DMCC, comprising a combined 20 per cent of new members in 2022 so far.

“Now home to over 21,000 companies, our sense of purpose and duty to each member has never been stronger,” said Feryal Ahmadi, Chief Operating Officer, DMCC. “Through the remainder of the year, we will continue to invest in talent, sustainability, and innovation to ensure efficient delivery of our ambitious strategy, providing a leading environment for businesses to trade and connect with the world.”

Commodities trade

The volume of diamonds traded through the UAE reached a total of $11 billion in the first quarter, up 36 per cent from the same period last year. The polished segment saw an 80 per cent increase in trade value, with rough diamond trade simultaneously increasing 20 per cent year-on-year. “Already the world’s largest rough diamond trading hub, Dubai is currently looking to become the leading hub for rough and polished combined,” said DMCC.

The DMCC Crypto Centre has seen significant interest since its launch in mid-2021. This growth has continued into 2022, with 14 per cent of new company registrations in H1 relating to crypto activities.