The Dubai Multi Commodities Center (DMCC), the world’s flagship free zone, has reported impressive performance results for the first half of 2024, registering 1,023 new member companies. This brings its total to nearly 25,000 companies across its business district. DMCC now accounts for 15% of all foreign direct investment (FDI) in Dubai, up from 11% last year, and contributes 7% to the emirate’s GDP.
In its efforts to attract more global investments to Dubai, DMCC’s focus for the second half of 2024 includes consolidating its major real estate developments in Uptown Dubai and Jumeirah Lakes Towers (JLT), as well as strategically expanding its network of ecosystems in high-value sectors such as AI and Web3.
DMCC: Dubai free zone accounts for 15% of FDI, 7% of GDP and targets real estate and AI growth: https://t.co/CgkXfUtAY2
via @ArabianBusiness— DMCC (@DMCCAuthority) August 13, 2024
Technology Bolsters DMCC’s Expansion
The overall growth of DMCC’s business district was driven by strong results in several sectors. The free zone saw notable expansion in the technology sector, registering 226 new companies, including 14 gaming and nine AI companies. Additionally, the DMCC Crypto Center onboarded 64 new companies, including seven Virtual Asset Service Providers (VASPs), growing its membership by over 11% year-to-date.
Moreover, 159 energy companies joined DMCC in H1 2024, bringing the total across its energy ecosystem to over 3,260, making it DMCC’s largest single industry. The financial sector also saw growth, with the addition of 140 companies, an 8.5% expansion. DMCC continues to report sustainable and balanced growth across its physical commodities and services ecosystems, with solid numbers in agriculture, precious stones, and precious metals.
Diamond Trade Volumes Surge
Despite global diamond prices declining, the UAE recorded significant increases in diamond trade volumes in H1 2024 through DMCC’s Dubai Diamond Exchange (DDE). For natural diamonds, over 113 million carats of rough and 6.3 million carats of polished diamonds were traded, totaling 119.4 million carats, representing an almost 12% rise in total natural diamond trade by volume year-on-year. The trade of lab-grown diamonds rose 51% annually to 15.9 million carats in H1 2024, with a notable 62% rise in the rough diamond trade.
Commercial Real Estate Offerings Expand
DMCC continues to enhance and expand its commercial real estate offerings across its flagship districts of Uptown Dubai and JLT. In January, DMCC broke ground on the second phase of its 5.8 million square foot Uptown Dubai development, adding two towers with 23 and 17 stories of grade A commercial office space. Meanwhile, the development of Uptown’s Atrium and Plaza is nearly complete and will feature new F&B, retail, and entertainment options for employees, residents, and visitors. The first half of 2024 also saw the announcement of several premium residential projects across the district.
“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,” said Ahmed bin Sulayem, Executive Chairman and CEO of DMCC.
