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The Dubai Multi Commodity Center saw a record number of new member company registrations, attracting 3,049 new businesses to Dubai in 2022, a year-on-year increase of 23%. This shatters the previous record set by the DMCC in 2021 when it registered 2,485 new members.
The record growth was driven by significant international demand, DMCC’s continued work in key commodity areas, and growing demand for DMCC’s crypto hub space from blockchain and web3 businesses, so much so that the crypto hub now hosts over 500 companies. Each of these areas is supported by DMCC’s commitment to making it easier to set up and do business in Dubai.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, said: “Backed by a strong regional macroeconomic landscape, DMCC has effectively accelerated its growth strategy throughout 2022, focusing on supporting its member companies in the areas of web3 and blockchain technologies, Commodities and global trade. This year’s unprecedented performance reflects this acceleration in growth and highlights the significant value DMCC adds to each of its members.”
investor confidence
He added: “I often look at our member company registration as a barometer of business and foreign direct investment activity in Dubai – these record figures are indicative of growing investor confidence in the emirate and the opportunities Dubai offers. more.”
Feryal Ahmadi, Chief Operating Officer, DMCC added: “This sets a new benchmark for DMCC. With a series of exciting new projects in the pipeline and the unwavering dedication of the entire DMCC team, I am confident that we can build on this momentum This will extend until 2023. Next year, DMCC will develop new partnerships by further enhancing its services and offering products globally, all with the ultimate aim of driving new trade flows through Dubai.”
Blockchain and web3 innovation
The community at the DMCC Crypto Center is growing rapidly in 2022 as blockchain and web3 technologies have increasingly positive economic and social impacts across all sectors and industries. Now with over 500 members, it represents the largest concentration of crypto and blockchain companies in the world.
The DMCC Crypto Center has partnered with global venture capital firm Brinc to provide its members with access to its $150 million accelerator fund. Brinc is a portfolio company of Animoca Brands, a global leader in Web3 and blockchain investments. This important partnership supports the long-term and rapid growth of companies developing web3 and blockchain technologies and related value-added services at the DMCC Crypto Center.
DMCC’s partnership with SafeGold and Comtech Gold to tokenize gold bars located at UAE facilities reflects DMCC’s drive to add value at the intersection of technology and commodities. Each bar will be backed by a DMCC Tradeflow warrant, meaning the convenience of trading tokenized assets is combined with the added security, transparency and actual asset distribution that Tradeflow warrants provide.
Boost global merchandise trade
The Dubai Diamond Exchange (DDE), the world’s largest diamond tender, has seen strong demand from companies that hold diamond and gemstone tenders and auctions. Dubai is one of the leading trading centers for rough and polished diamonds, with colored gemstones and lab-grown diamonds also gaining prominence.
The UAE has also been nominated as Chair of the Kimberley Process in 2024 and supported as Vice-Chair in 2023. DMCC continues to be the official partner of the 2nd Jewelery Gems & Technology (JGT Dubai, February 2023) and hosts the International Colored Gemstone Association (ICA) Congress in February 2023.
The 10th edition of the Dubai Precious Metals Conference (DPMC) brought together hundreds of global precious metals leaders to discuss the challenges and opportunities facing the gold and precious metals industry today. Speakers included His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade; David Tate, CEO, World Gold Council; and Peter Schiff, Chief Economist and Global Strategist, Euro Pacific Capital.
DMCC Tea Center
The DMCC Tea Center handled over 42,000 metric tons of loose tea with a total value added of 8,200 metric tons of packaged tea, including approximately 400 million tea bags. This is a 27% increase over 2021 and a new record for the amount of tea processed.
The DMCC Coffee Center stores and processes over 4,000 metric tons of green and roasted coffee from a wide range of producing markets in Central and South America, Asia and Africa. The center added 57 new members during the year, demonstrating the significant value the facility adds to the global coffee supply chain. The DMCC Coffee Center also supports the industry by hosting a range of events, including the inaugural Middle East Coffee Roasting Championship and the UAE Aeropress Championship. In addition, it is organizing Vietnam Coffee Expo 2022 in cooperation with COEX and Vicofa.
DMCC Tradeflow, a fully digital registry for recording possession and ownership of commodities stored in UAE facilities, recorded a total value of AED1.63 trillion (US$445 billion), an increase of 48% over 2021.
Uptown Tower and JLT Community
DMCC’s newest major development, Residences Dubai, has achieved a major milestone with the towers set to be completed and handed over in 2023.
The successful pre-leasing of all 22 floors of the Grade A commercial office building is further evidence of investor confidence in the project, DMCC and Dubai.
As the lead developer of Jumeirah Lakes Towers (JLT), DMCC continues to roll out a series of initiatives aimed at improving the community to further enhance its status as a world-class destination to live, work and travel. This includes a project to replace all parking lot awnings with solar panel awnings, saving 7,612 MWh of energy annually, as well as general community improvements and the launch of various sports and wellness facilities.
Facilitate and attract trade and foreign direct investment
DMCC continues to promote Dubai as a leading destination for foreign direct investment (FDI) in 2022, with physical and online roadshows in 21 markets around the world. To highlight opportunities in the UAE, 15 Made For Trade Live events were held across 10 different countries, alongside 7 virtual events, attracting a total of 217 high-level attendees.
DMCC also released the fourth edition of the Future of Trade report, which provides key recommendations for governments and businesses around the world to drive global trade forward. The report has been downloaded nearly 200,000 times since its release in early July.
The first choice for global business circles
DMCC has been named Global Free Zone of the Year by the Financial Times’ fDi magazine for the eighth consecutive year in recognition of its ongoing efforts to enhance the business ecosystem. DMCC was also recognized for its support of multinational corporations and SMEs, and for its work in areas such as sustainability and social impact, with awards such as Large Tenant Freezone of the Year – Global, SME Freezone of the Year – Middle East, and ESG Practice Excellence Award – Global etc. — trade arab news agency
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