Dubai Multi Commodities Centre (DMCC), the world’s leading free zone and the authority under the Dubai Government specializing in commodity trade and projects, released its annual report for the year 2023, marking one of its best years ever with a significant influx of new companies into its business district.
In the past year alone, 2,692 new companies joined the center, bringing the total number of registered companies to over 24,000.
This growth witnessed by the DMCC is attributed to the launch of new business ecosystems, an increase in the range of services offered by the center, and the expansion of the capacity in the Dubai’s Jumeirah Lakes Towers (JLT) area with the opening of the Almas Tower.
This reaffirms the pivotal role played by the center in attracting foreign direct investments, contributing to 11% of Dubai’s total FDI inflows and bolstering the emirate’s status as a global hub for diverse commodities trade such as diamonds, precious stones, gold, energy, and essential agricultural products, as well as high-value services like crypto technologies, gaming, and Web 3.0 technologies.
Commenting on the matter, Feryal Ahmadi, the Chief Operating Officer of DMCC, stated, “Throughout the past year, we relied on our solid position to elevate the value we offer to registered companies by developing new business ecosystems, enhancing provided services, and forming new strategic partnerships globally. This enabled us to maintain our exceptional performance and achieve new levels of growth in various sectors such as crypto technologies, gaming, energy, and in key markets like China. With the onset of 2024, we aim to strengthen our leading role in these sectors and our position as a preferred business hub for companies looking to expand their operations and enter global markets from Dubai.”
The success of the new business ecosystems specialized in a wide range of high-growth potential areas, particularly in technology, during 2023, is evidence of Dubai’s continuous efforts to enhance its position as a global innovation hub. In fact, DMCC’s Crypto Center saw the addition of leading companies in this sector such as BitPay, Solana, and TDeFi specialized in Web 3.0 technologies, along with 129 additional companies, bringing the total registered companies in the Crypto Center to 600, which solidifies its position as the largest cluster for crypto, blockchain, and Web 3.0 companies in the region.
As a manifestation of DMCC’s efforts in this field, the center hosted a hackathon in partnership with BitPay in Dubai, offering the region’s largest prizes for such activities and attracting a wide spectrum of innovators working on technological solutions in various fields like artificial intelligence and gaming, both of which are crucial sectors for DMCC considering their promising growth opportunities in 2024, especially with the upcoming launch of the new Artificial Intelligence Center and the doubling of the Gaming Center’s size over the past year to reach 100 members by the end of the year.
