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The Dubai Multi Commodities Center (DMCC), home to nearly 23,000 companies, hit a record high in the first quarter of this year, with 708 new companies joining the business district.
As DMCC’s best performance in Q1 since its establishment in 2002, it has grown by 8.4% year-on-year, and the average annual growth rate in the past five years has been 13.7%.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, said: “In stark contrast to the challenging global economic outlook, these remarkable figures firmly underscore Dubai’s position as an investment destination of choice, supported by a strong local Macroeconomic Conditions and Ease of Doing Business in DMCC” Officer, DMCC.
Retention
“More than 700 new companies were registered last quarter, which, combined with our excellent retention rates, is further evidence of our consistent ability to anticipate and deliver what global companies need in a changing economic landscape. For the record, DMCC contributes to Dubai’s GDP Contributing approximately 10% and with more than 90% of our registered companies originating from outside the UAE, DMCC is the preferred business district for multinational companies to set up in Dubai. Facilitating their success remains our top priority and this will undoubtedly be seen in the coming decades The months and years continue to serve us.”
He added: “We are targeting a number of high-growth sectors including Web3 and gaming, and we are effectively capitalizing on this momentum for long-term growth across the board. Through this, we continue to support D33, the Dubai Economic Agenda, and strongly support Dubai’s Double the size of the economy in the next ten years.”
DMCC’s traditional core markets continued to outperform previous quarters, with a large number of businesses from India, UK, Germany, China and France turning to DMCC to expand their global presence.
global promotion
DMCC also continued its international outreach program in markets such as Israel, Spain and Korea, with fruitful results.
Additionally, the strong momentum of the DMCC Crypto Center and the recent launch of the DMCC Game Center in December 2022 both greatly support DMCC’s long-term growth strategy.
During the quarter, DMCC launched sales of its new SO/Uptown Dubai Residences at Uptown Tower, announced a series of new developments coming to its Jumeirah Lakes Towers (JLT) district, and support for the Crypto Center by DMCC.
The record first-quarter results follow the high benchmark the business has set for 2022, with 3,049 new companies registered for the year. This latest milestone outlines DMCC’s significant value proposition for businesses looking to access fast-growing global markets through Dubai. — trade arab news agency
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