DMCC drives business, real estate expansion in H1
DUBAI, 29 days ago
DMCC, a flagship free zone and Dubai government's authority on commodities, trade and enterprise, has driven the business and real estate expansion in the emirate during the first half, recording 1,023 new member company registrations.
Announcing its key performance results for H1, DMCC said these new registrations have taken its total to almost 25,000 companies across its business district.
Also DMCC now accounts for 15% of all foreign direct investment (FDI) in Dubai, up from 11% last year, as well as 7% of the emirate’s GDP.
As part of its efforts to attract the next wave of global investment to Dubai, DMCC said its focus for the second half of 2024 remains the consolidation of its major real estate developments in Uptown Dubai and Jumeirah Lakes Towers (JLT) as well as the strategic expansion of its network of ecosystems in high-value sectors such as AI and Web3.
"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," remarked Ahmed Bin Sulayem, the Executive Chairman and CEO.
"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, ultimately providing a platform from which companies from around the world can trade and do business with confidence," he noted.
Chief Operating Officer Feryal Ahmadi said: "At the start of the year we set out to consolidate our position across multiple high-growth sectors. This strategy is now bearing fruit with considerable gains recorded in H1 both in the physical commodities space as well as in technology and services industries."
"As we move into the second half of 2024, we are optimistic that we will maintain our growth trajectory as we focus on delivering further premium real estate and new world-class ecosystems for our members," she added.
The overall growth of DMCC’s business district was spearheaded by strong results in a number of sectors. This was particularly the case for technology, where DMCC registered 226 new companies, including 14 gaming and nine AI companies.
The DMCC Crypto Centre onboarded 64 new companies, including seven Virtual Asset Service Providers (VASP), meaning its membership grew by over 11% in the year to date.
Meanwhile, 159 energy companies joined DMCC during the first half, thus taking the total across its energy ecosystem to over 3,260 – DMCC’s largest for a single industry. The freezone also saw the addition of 140 companies from the financial sector, up 8.5% over last year.
With solid numbers also noted in agriculture, precious stones and precious metals, DMCC continues to see a balanced growth trajectory across its physical commodities and services ecosystems, it added.-TradeArabia News Service
