DMCC Recorded 2021 as Best Year Since Formation, Attracted 2,485 Companies to Dubai
DMCC, the world’s most well-known free zone and the government of Dubai’s authority on commodities trade and enterprise, has announced that it had its best year ever in 2021, attracting 2,485 enterprises to Dubai. DMCC also had its best June, August, September, and November of the year, with over 20,000 member companies.
DMCC attracted enterprises from a wide range of industries and sectors benefiting from strong international demand, development of its commodities centres, and the establishment of the DMCC Crypto Centre. Noticeable attraction was in key target markets such as China, the United States, the United Kingdom, and Russia indicating continued commercial appeal of Dubai, as well as the simplicity of starting up and doing business at DMCC.
According to Ahmed Bin Sulayem, DMCC’s Executive Chairman and Chief Executive Officer, DMCC has experienced significant growth across all sectors of the business, with the sights set firmly on presenting Dubai as the preeminent place to do business in any sector. This extraordinary achievement reflects the value that DMCC adds to its member companies through its facilities and services, as well as the substantial progress have been made in developing sectors such as cryptocurrency.
“This year, I have seen first-hand how crypto interlinks across our industries, so I am proud that DMCC is championing the cryptographic space in Dubai. Given the incredible momentum that the DMCC team has collectively achieved this year, I am convinced that 2022 will feature major milestones, including the completion of Uptown Tower”, he said.
Between 2018 and 2021, DMCC attracted 8,347 new enterprises, making them ambassadors for conducting business in Dubai. Dubai could have missed out on the significant associated economic impact if the trading ecosystem, which has been strategically developed and improved over the last two decades, had not been in place. The future seems bright, and more records will be broken. “We look forward to working alongside our leadership, governments abroad, DMCC members and the wider private sector and together, continue delivering for Dubai”, he added.
Crypto innovation hub in Dubai
The DMCC Crypto Centre, a comprehensive ecosystem for enterprises operating in the cryptographic and blockchain sectors, was officially launched by DMCC in collaboration with CV Labs. The DMCC Crypto Centre, which is located in Almas Tower, has become a hub for the research and use of crypto and blockchain technology. From companies building blockchain-enabled trading platforms to corporations offering, issuing, listing, and trading crypto assets, the Crypto Centre is a home for all types and sizes of crypto businesses.
DMCC and REIT Development signed a land sale and purchase agreement in April to establish the GCC’s largest precious metals refinery and storage facility, as well as the first to be fully enabled by blockchain in the GCC. Gold, silver, platinum, palladium, and rhodium will all be refined and stored in the facility.
Two special editions of DMCC’s Future of Trade thought leadership series were also launched. The crypto-specific edition focuses on the decentralised finance (DeFi) sector and its impact on commerce, with blockchains and other cryptographic technologies poised to revolutionize present financial systems. The free download report, titled ‘Perspectives on Decentralised Finance,’ looks at three main themes: whether DeFi will replace or supplement traditional finance systems; DeFi as a tool that can benefit both developed and developing markets; and the crucial topic of establishing progressive regulatory frameworks that facilitate trade and innovation. The study comes in three languages: Arabic, English, and Mandarin.
Worldwide commodities trade in Dubai
Dubai’s role as a worldwide commodities trade hub was built in the year 2021. Some of the global commodities traded in Dubai are as follows:
- The world’s largest diamond tender facility, the Dubai Diamond Exchange (DDE), held 68 diamond and precious stone tenders, and Dubai is currently the world’s fastest-growing diamond centre.
- The DMCC Tea Centre handled over 35,580 metric tons of tea, with a total value addition volume of 6,482 metric tons, a 14% increase over 2020.
- More than 9,000 MT of green and roasted coffee was kept and processed at the DMCC Coffee Centre from a diverse variety of producing markets in Central and Southern America, Asia, and Africa. As the industry struggles with supply chain challenges, businesses are turning to Dubai for high-quality logistics and distribution solutions, demonstrating the substantial development witnessed within the coffee centre.
- The Dubai Precious Metals Conference, held under the theme “Disruption in the Precious Metals Industry – Technology, Regulation, and Sustainability,” brought together over 300 of the world’s best gold experts to discuss current market potential in the precious metals sector.
- DMCC announced intentions to expand its commodity portfolio with the inclusion of a dedicated Cacao Centre as well as other commodity trade centres including meat, honey and saffron.
The overall value of DMCC Tradeflow, a fully digital and interactive ownership registry, was AED 1.1 trillion (USD 299 billion), up 48% from 2020.
Promoting and attracting trade and FDI to Dubai
DMCC continued to promote Dubai as a top FDI destination in 2021, holding physically and virtual roadshows in seven markets around the world to highlight the emirate’s opportunities. DMCC hosted a number of high-profile delegations from countries such as Brazil, the Netherlands, Botswana, Colombia, Fiji, and Poland as the world convening in the UAE for Expo 2020 Dubai. The discussions focused on how DMCC and Dubai might improve their connections with these markets in order to enhance bilateral trade and demonstrate the emirate’s business appeal.
Uptown Tower and the JLT Community
Uptown Tower, the first tower to be released in DMCC’s premium Uptown Dubai mixed-use district, has made significant progress. The tower, which is expected to be completed in Q3 2022, is already over 270 meters tall, with over 12 million man-hours of work accomplished without missed time due to injury. The leasing of office premises has begun, and there has been a lot of interest.
DMCC continued to roll out a series of initiatives targeted at upgrading the community, which is served by two metro stations, as the master developer of Jumeirah Lakes Towers (JLT). To benefit the 100,000 people who live and work in JLT, major landscaping projects and smart services were launched.