UAE’s DMCC records 665 new company registrations in Q1 2022

The Dubai Multi Commodities Centre said that 665 new companies registered in the freezone in Q1 2022 – making it the best first quarter since its inception 20 years ago.

The latest figures represent a 25 per cent increase compared to the five-year average, according to Dubai Media Office.

DMCC’s key markets such as India, UK, Germany and France reportedly performed stronger than the corresponding period in previous years.

DMCC also witnessed 34 percent increase in Dubai company formation from China in Q1 compared to the same period last year. DMCC has already opened a representative office in Shenzhen and has rolled out several Mandarin engagement programmes.

.@DMCCAuthority welcomed 665 companies to its Free Zone in #Dubai during Q1 of 2022. This represents DMCC’s best first quarter since its inception over 20 years ago, a 13% year-on-year increase, & a 25% increase compared to the five-year average.https://t.co/Q4tKEyW50N pic.twitter.com/hAmfu3nFDC

— Dubai Media Office (@DXBMediaOffice) April 12, 2022

Outreach programmes to markets such as Israel and Turkey have also led to an increase in quarterly company registrations by 350 per cent and 100 per cent during the quarter, respectively. DMCC has also registered interest from emerging trade hubs such as Indonesia and Vietnam.

Following the launch of the DMCC Crypto Centre in May 2021, DMCC has seen a surge in the number of crypto and blockchain businesses joining its freezone. In the first quarter of 2022 alone, 16 per cent of all company registrations were for crypto-related activities.

“Registering 665 new companies in the first three months of 2022 is another record broken for DMCC, and serves to show the huge potential on offer when joining our freezone in Dubai,” said Ahmed Bin Sulayem, executive chairman and CEO of DMCC.

Read: Dubai Multi Commodities Centre achieves record growth

The DMCC Authority previously confirmed that it achieved its best year on record, attracting 2,485 companies, representing 146 geographies, to Dubai in 2021. The record-breaking performance follows from the 2,025 companies that joined the business district in 2020.

“Following the overwhelming success of Expo 2020 Dubai, these are exciting times for the emirate and DMCC will push ahead and continue to promote the huge commercial potential that Dubai possesses,” added Bin Sulayem.

The Expo has proved a significant bon to businesses within Dubai and the UAE. According to a report commissioned by Dubai Chamber of Commerce, 76.5 per cent of companies in Dubai registered growth in their businesses during Expo 2020, while 73.5 per cent managed to build new business relations over the course of the Expo.

Read: Over 24 million visits recorded at recently concluded Expo 2020 Dubai