DUBAI, 1st July, 2022 (WAM) — Dubai Multi Commodities Centre (DMCC) has reported its best ever performance in the first half of a year, registering 1,469 new companies in the first six months of 2022. This represents a 19 percent increase over the same period last year.
In June alone, DMCC welcomed 323 new businesses to its Free Zone and business district, 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.
DMCC’s persistent growth was driven by strong demand from international markets including Europe, China, and India, demonstrating Dubai’s continued commercial appeal and the ease of setting up and doing business at DMCC. Growth was also buoyed by continued interest in the DMCC Crypto Centre, and high volumes of trade for a range of commodities, predominantly diamonds, tea, and coffee.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “DMCC is constantly striving to further enhance Dubai’s status as a hub for doing business across the globe. This ethos has enabled us to grow from zero to over 21,000 member companies in the space of just two decades. 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.”
“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,” he added.
DMCC continued to promote Dubai as a prime destination for FDI, conducting roadshows in six key markets including the UK, Spain, Turkey, Poland, Brazil and Colombia, highlighting the opportunities on offer in the emirate. The outreach programmes proved to be highly effective, with 40 percent of new companies in H1 originating from Europe and South America. China and India continue to be crucial target markets for DMCC, comprising a combined 20 percent of new members in 2022 so far.
In the first half of 2022, DMCC has continued to reinforce Dubai as a leading hub for global commodities trade. The volume of diamonds traded through the UAE reached a total of US$11 billion in the first quarter, up 36 percent from the same period last year. The polished segment saw an 80 percent increase in trade value, with rough diamond trade simultaneously increasing 20 percent 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.