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DMCC, the flagship free zone and the Dubai government’s commodity trading and corporate management body, posted a record first half performance, with 1,469 new companies registered in the first six months of 2022, a 19% increase from last year.
In June alone, DMCC welcomed 323 new businesses into its free and commercial zones, its best monthly performance since its inception. It now has over 21,000 businesses.
Continued growth in DMCC is driven by strong demand from international markets including Europe, China and India, demonstrating Dubai’s continued commercial attractiveness and ease of setting up and doing business in the free zone.
Continued interest in the DMCC crypto hub and high volume trading in a range of commodities, primarily diamonds, tea and coffee, also fueled growth.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, said: “DMCC has been striving to further enhance Dubai’s position as a global hub for doing business. This ethos has enabled us to Grow from zero to over 21,000 member companies during the year.”
“By providing a highly interconnected community for trade and constantly striving to improve our services, we will continue to work with our member companies to achieve new growth in the years to come,” Bin Sulayem said.
“With our facilities and services that truly represent a global commodity trading hub, DMCC continues to be a core partner to its members, making a significant positive impact on the emirate’s thriving economy,” he added.
Chief Operating Officer Feryal Ahmadi said: “Breaking another record is a proud moment for everyone at DMCC – a reflection of their hard work and dedication to making DMCC the world’s premier business district .Now with more than 21,000 companies, our sense of purpose and responsibility has never been stronger for every member.”
“Over the remainder of the year, we will continue to invest in people, sustainability and innovation to ensure the effective implementation of our ambitious strategy to provide a leading environment for businesses to trade and connect with the world,” Ahmadi noted.
DMCC continues to promote Dubai as a key destination for FDI, with roadshows in six key markets including the UK, Spain, Turkey, Poland, Brazil and Colombia, highlighting the opportunities the emirate offers.
The DMCC statement said the outreach program proved to be very effective, with 40% of new companies coming from Europe and South America in the first half.
China and India remain important target markets for DMCC, together accounting for 20% of new members by 2022.
According to DMCC, diamond transactions through the UAE totaled $11 billion in the first quarter, up 36 percent from the same period last year. The trade value of polished diamonds increased by 80%, and the trade value of rough diamonds increased by 20% year-on-year.
It added that Dubai, already the world’s largest trading hub for rough diamonds, is now seeking to become a leading trading hub for rough and polished diamonds.arab trade news agency
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