DMCC maintained an almost identical performance in H1 2023 compared to last year, with 1,456 new companies registering in the free zone. Image Credit: Supplied

Dubai: The emirate’s flagship free zone DMCC, has reported a strong performance in the first-half of 2023, registering 1,456 new member companies. This is almost identical to its record-breaking performance in the same period of 2022. The total number of member companies in DMCC has now exceeded 23,000.

The free zone experienced increased interest from key markets such as Israel, China, and India.

“DMCC continues to play a vital role in global commodities trade, facilitating the exchange of diverse commodities such as gold, diamonds, precious metals and stones, as well as agricultural produce like tea and coffee,” it said in a statement.

Read more

To strengthen Dubai’s position as a leading diamond trading hub, DMCC established the Tender Best Practice Forum Code of Conduct under the Dubai Diamond Exchange. This groundbreaking initiative aims to advance industry best practices worldwide. DMCC also supported the International Coloured Gemstone Association (ICA) Congress 2023, focusing on the future of coloured gemstones.

Uptown and JLT-1688546903979
Uptown Tower is nearing completion, with work to commence on phase two of the much-anticipated Uptown Dubai district. Image Credit: Supplied

“We are proud of our remarkable journey and registering strong achievements across every sector we operate in,” said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC. “Today, we stand at an unprecedented 23,000 companies while also contributing over 11 per cent to Dubai’s FDI.”

Crypto technologies

In the technology front, DMCC remains at the forefront by nurturing the crypto industry through strategic partnerships and agreements. The DMCC Crypto Centre formed a partnership with global crypto giant Bybit, offering financial support for new crypto businesses and becoming the official listing partner for the DMCC Crypto Centre. Additionally, DMCC’s Gaming Centre has emerged as a prominent cluster for gaming and esports businesses in the MENA region, providing comprehensive support for companies of all sizes.

“We have created an ecosystem where the ease of doing business attracts and enables record-breaking numbers of companies from around the world to settle in Dubai and succeed,” said Feryal Ahmadi, Chief Operating Officer, DMCC. “By facilitating trade, attracting foreign direct investment and cultivating strategic partnerships, DMCC is propelling the evolution of Dubai as a thriving hub for business.”

Taps into ecommerce sector

To capitalize on the flourishing e-commerce sector, DMCC launched the DMCC E-Commerce Ecosystem in collaboration with The Box, the largest self-storage provider in the Middle East. This initiative aims to accelerate the growth of over 290 e-commerce companies, including well-known names like Deliveroo, Instashop, and Class Pass.