Friday 19 August 2022

DMCC posts solid H1 growth, new firms up 19pc

DUBAI, July 3, 2022

DMCC, a flagship free zone and Dubai government's authority on commodities trade and enterprise, has reported its best ever performance in the first half, registering 1,469 new companies for the first six months of 2022, up 19% over last year. 
In June alone, DMCC welcomed 323 new businesses to its Free Zone and business district, the best monthly performance since its inception. It is now home to over 21,000 businesses.
DMCC’s persistent growth was driven by strong demand from international markets including Europe, China, and India, demonstrating Dubai’s continued commercial appeal and the ease of setting up and doing business at the free zone. 
Growth was also buoyed by continued interest in the DMCC Crypto Centre, and high volumes of trade for a range of commodities, predominantly diamonds, tea, and coffee.
Executive Chairman and CEO Ahmed Bin Sulayem said: "DMCC is constantly striving to further enhance Dubai’s status as a hub for doing business across the globe. This ethos has enabled us to grow from zero to over 21,000 member companies in the space of just two decades."
"By providing a hyper-connected community for trade and constantly striving to improve our services, we will continue to work with our member companies towards new growth in the years to come," stated Bin Sulayem.
"With our facilities and services truly representing the centre of global commodities trade, DMCC continues to be a core partner to its members, having a significant positive impact on the emirate’s thriving economy," he added.
Chief Operating Officer Feryal Ahmadi said: "Surpassing yet another record is a proud moment for everyone at DMCC – it reflects their hard work and dedication to making DMCC the world’s premier business district. Now home to over 21,000 companies, our sense of purpose and duty to each member has never been stronger."
"Throughout the remainder of the year, we will continue to invest in talent, sustainability, and innovation to ensure efficient delivery of our ambitious strategy, providing a leading environment for businesses to trade and connect with the world," noted Ahmadi.
DMCC continued to promote Dubai as a prime destination for FDI, conducting roadshows in six key markets including UK, Spain, Turkey, Poland, Brazil and Colombia, highlighting the opportunities on offer in the emirate. 
The outreach programmes proved to be highly effective, with 40% of new companies in H1 originating from Europe and South America, said the statement from DMCC. 
China and India continue to be crucial target markets for DMCC, comprising a combined 20% of new members in 2022 so far.
According to DMCC, the volume of diamonds traded through the UAE reached a total of $11 billion in the first quarter, up 36% from the same period last year. The polished segment saw an 80% increase in trade value, with rough diamond trade simultaneously increasing 20% year-on-year. 
Already the world’s largest rough diamond trading hub, Dubai is currently looking to become the leading hub for rough and polished combined, it added.-TradeArabia News Service


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