Dubai’s DMCC now home to over 24,000 companies, reveals report

March 15, 2024 373

The free zone authority shared that a total of 2,692 new companies joined DMCC last year

Free zone and government of Dubai authority on commodities trade and enterprise and free zone, DMCC has released its latest annual report, announcing 2023 as its second-best year on record.

The free zone authority shared that a total of 2,692 new companies joined last year, bringing the total number of companies in DMCC to more than 24,000.

The free zone’s growth trajectory last year has been bolstered by the launch of new industry ecosystems, expanded service offerings and the launch of Uptown Tower.

Ahmed Bin Sulayem, executive chairman and CEO of DMCC, said: “With the opening of Uptown Tower and the wider development of Uptown Dubai, our business district is stronger now than it has ever been, and we have set ourselves up for accelerated growth, a crucial factor as we accommodate new waves of investment to Dubai.”

DMCC COO Feryal Ahmadi, added: “As we push on in 2024, we will aim to further consolidate our position as a market leader in these areas and as the international business district of choice for companies looking to scale up and connect to global markets from Dubai.”

In numbers: here are the stand-out figures from DMCC in 2023

  • DMCC accounted for 11 per cent of total FDI inflows into Dubai.
  • 460 new energy companies joined DMCC in 2023, bringing the total tally of energy members in the district to over 3,230.
  • DMCC-based Dubai Diamond Exchange (DDE), the world’s largest diamond tender facility, hosted a total of 70 tenders.
  • Strengthening its position as a crypto, blockchain and Web3 hub, the free zone’s Crypto Centre saw companies, including Bybit, Solana and TDeFi join the centre alongside an additional 129 companies. The centre is now home to 600 firms.
  • The free zone marked AI and gaming as two key growth areas in 2024, with the expansion of its Gaming Centre and the impending launch of a new AI Centre. In 2023, DMCC’s Gaming Centre doubled in size to reach almost 100 members.
  • The free zone’s Dubai Gold and Commodities Exchange (DGCX) saw contracts valued at a total of $115.3bn (Dhs423.5bn) traded.
  • Its Coffee Centre processed 7,330 metric tonnes of coffee, working with markets in Central and South America, Asia and Africa.
  • The DMCC Tea Centre handled 32,000 metric tonnes of tea.
  • DMCC Tradeflow, a fully digital registry for the possession and ownership of commodities stored in UAE-based facilities, recorded a total value of $522bn (Dhs1.92tn), a 17 per cent increase over 2022.
  • The free zone opened its new headquarters at Uptown Tower, an 81-storey tower with an urban luxury hotel, branded residences, and 22 floors of Grade A office space.
  • Six new residential towers were announced for development in JLT, alongside a range of community enhancements such as new sports facilities.