Dubai's DMCC welcomes 3,049 businesses in 2022
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Dubai’s DMCC witnesses ‘best-ever’ year for registrations, welcomes 3,049 businesses in 2022

Dubai’s DMCC witnesses ‘best-ever’ year for registrations, welcomes 3,049 businesses in 2022

This marks a year-on-year increase of 23 per cent, breaking the previous record set in 2021 when DMCC registered 2,485 new members

DMCC attracts record number of companies in 2022

Dubai Multi Commodities Centre (DMCC) achieved its “best-ever” year for new member company registrations, attracting 3,049 new businesses to Dubai in 2022.

This marks a year-on-year increase of 23 per cent, breaking the previous record set in 2021 when DMCC registered 2,485 new members.

Factors driving the growth included international demand, the freezone’s continued work within key commodities sectors, and the growing demand from blockchain and web3 businesses for space at the DMCC Crypto Centre. The Crypto Centre is now home to more than 500 companies.

Ahmed Bin Sulayem, executive chairman and CEO, DMCC, said: “Backed by a strong regional macroeconomic landscape, DMCC has been efficiently accelerating its growth strategy throughout 2022, focusing on supporting its member companies in high-impact sectors such as web3 and blockchain technologies, commodities and global trade. The unprecedented performance this year reflects this growth acceleration and highlights the significant value that DMCC adds to each of its members.

“I often view our member company registrations as a barometer for commercial and FDI activity in Dubai – these record-high numbers demonstrate burgeoning investor confidence in the emirate and the growing number of opportunities that Dubai presents.”

Feryal Ahmadi, COO DMCC, added: “With a number of exciting new projects in the pipeline and the unwavering dedication of the entire DMCC team, I am confident that we can carry this momentum forward into 2023. Next year will see DMCC build on its position of strength by further enhancing its services and offerings and forging new partnerships across the globe, all with the ultimate aim of driving new trade flows through Dubai.”

Highlights of DMCC’s performance

Blockchain and web3: The DMCC Crypto Centre represents the largest concentration of crypto and blockchain companies in the region.

The centre partnered with global VC firm Brinc to provide its members with access to their $150m accelerator fund. Brinc is a portfolio company of Animoca Brands, a global leader in web3 and blockchain investment. The partnership supports the long-term and rapid growth of the companies that develop web3 and blockchain technologies and associated value-added services at the centre.

Read: DMCC Crypto Centre, VC firm Brinc to provide members access to $150m accelerator fund

DMCC also partnered with SafeGold and ComTech Gold to tokenise gold bars based in UAE facilities. Each gold bar will be backed by a DMCC Tradeflow warrant, meaning that the increased ease of trading a tokenised asset is combined with the additional security, transparency and real-asset allocation provided by the Tradeflow warrant.

Read: Dubai’s DMCC digitises gold trading in partnership with ComTech Gold

Global commodities trade: The Dubai Diamond Exchange (DDE), the world’s largest diamond tender facility, saw strong demand from companies hosting tenders and auctions of diamonds and precious stones. Dubai is one of the leading trade hubs for both rough and polished diamonds and is growing in prominence for coloured gemstones and lab-grown diamonds as well.

Read: UAE becomes world’s largest rough diamond trading hub

The UAE was also nominated as the Kimberley Process Chair in 2024, providing support as Vice Chair in 2023. DMCC continues to be the official partner of the second edition of the Jewellery Gems & Technology (J in February) and is also hosting the International Colored Gemstone Association (ICA) Congress in February.

The DMCC Tea Centre handled over 42,000 metric tonnes of bulk tea last year, with an overall value addition volume of 8,200 metric tonnes of packaged tea, including around 400 million tea bags. This represents a 27 per cent increase from 2021 and is a new record for the Tea Centre for the volume of tea handled.

The DMCC Coffee Centre stored and processed more than 4,000 metric tonnes of green and roasted coffee from a broad range of producing markets across Central and South America, Asia and Africa.

The centre welcomed 57 new members in the year.

The DMCC Coffee Centre also supported the industry by hosting a range of events, including the first-ever Middle East Coffee Roasting Championship and the UAE Aeropress Championship. Additionally, it partnered with COEX and Vicofa for the 2022 edition of the Vietnamese Coffee Expo.

DMCC Tradeflow, a fully digital registry for the possession and ownership of commodities stored in UAE-based facilities, recorded a total value of Dhs1.63tn ($445bn), a 48 per cent increase over 2021.

Uptown Tower and the JLT Community: Uptown Dubai, with Uptown Tower set for completion and handovers this year. Investor confidence in the project was demonstrated through the successful pre-leasing of all 22 floors of Grade A commercial offices.

DMCC continued to roll out a series of initiatives aimed at enhancing the offerings of the JLT community. This included a project for all car park sunshades to be replaced with solar panel shades, resulting in a saving of 7,612 MWh energy each year, as well as general community enhancements and the launch of various sports and wellness facilities.

Trade and FDI: DMCC continued to promote Dubai as a prime destination for foreign direct investment (FDI) during 2022, conducting roadshows physically and online in 21 markets across the world. Highlighting the opportunities in the emirate, 15 Made For Trade Live events were held in 10 different countries, alongside seven virtual events, attracting a total of 217 high-level attendees.

DMCC also launched the fourth edition of its Future of Trade report, providing key recommendations for governments and businesses across the world to advance global trade. The report was downloaded almost 200,000 times following its launch in early July.

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