The Dubai Multi Commodities Centre (DMCC), the world’s leading free zone and a key governmental authority on commodities trade and enterprise, has announced robust performance figures for the first half of 2024, significantly contributing to Dubai’s economic landscape. Recording the addition of 1,023 new member companies, DMCC is now on the verge of reaching a total of 25,000 companies, solidifying its position as a cornerstone of Dubai’s economic growth.
In a remarkable display of its growing influence, DMCC now accounts for 15% of all foreign direct investment (FDI) in Dubai, a substantial increase from 11% in the previous year. This surge has also seen DMCC contribute to 7% of the emirate’s Gross Domestic Product (GDP), underscoring its pivotal role in Dubai’s economic development.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, expressed optimism about the centre’s trajectory. “Now accounting for 15% of Dubai’s FDI, our performance in the first half of 2024 demonstrates both the consistently strong investment growth across our district as well as the continued appeal of Dubai as a major global trade hub. As DMCC approaches 25,000 member companies, we will continue to accelerate this growth through a curated services offering and commercial space that matches business needs to reality,” he stated.
The first half of 2024 saw DMCC’s business district thriving across multiple sectors, with technology leading the charge. The technology sector alone saw the registration of 226 new companies, including 14 gaming and nine artificial intelligence (AI) firms. The DMCC Crypto Centre also marked significant growth, onboarding 64 new companies, among which were seven Virtual Asset Service Providers (VASPs), resulting in an 11% increase in membership for the year so far.
The energy sector continues to be a major contributor to DMCC’s growth, with 159 new energy companies joining the ecosystem, bringing the total to over 3,260—making it DMCC’s largest single industry. The financial sector also witnessed a substantial influx, with 140 new companies, marking an 8.5% rise in membership year-to-date. Other sectors, including agriculture, precious stones, and precious metals, have also demonstrated balanced growth, further enhancing DMCC’s diverse and resilient business environment.
Looking ahead to the second half of 2024, DMCC’s focus remains on consolidating its major real estate developments, particularly in Uptown Dubai and Jumeirah Lakes Towers (JLT). The strategic expansion of its ecosystem network in high-value sectors such as AI and Web3 is also a priority. DMCC is gearing up for the launch of its new AI Centre, set to be a pioneering platform for advancing AI adoption and developing practical use cases. The AI Centre, located in Uptown Tower, will be integrated with DMCC’s existing Web3 ecosystems, including the DMCC Crypto Centre and DMCC Gaming Centre, offering enhanced networking and collaboration opportunities for its members.
Despite global challenges, particularly in the diamond sector, DMCC’s Dubai Diamond Exchange (DDE) has reported significant increases in trade volumes. In the first half of the year, over 113 million carats of rough diamonds and 6.3 million carats of polished diamonds were traded, amounting to a combined total of 119.4 million carats. This represents an almost 12% rise in diamond trade volume year-on-year, a testament to DMCC’s resilience and adaptability in a fluctuating global market.
As DMCC continues its upward trajectory, its role in shaping Dubai’s economic future remains indisputable, with its expanding ecosystem and strategic initiatives positioning it as a global leader in trade and enterprise.
