The Dubai Multi Commodities Center (DMCC), the world’s flagship free zone, has announced key performance results for the first half of 2024, recording 1,023 new member company registrations to take its total to almost 25,000 companies across its business district. DMCC now accounts for 15 percent of all foreign direct investment (FDI) in Dubai, up from 11 percent last year. Moreover, the free zone now accounts for 7 percent of the emirate’s GDP.
In line with its efforts to attract more global investments to Dubai, DMCC’s 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.
Technology bolsters DMCC’s expansion
The overall growth of DMCC’s business district was spearheaded by strong results in a number of sectors. The free zone posted a notable expansion in the technology sector, registering 226 new companies, including 14 gaming and nine AI companies. In addition, the DMCC Crypto Center onboarded 64 new companies, including seven Virtual Asset Service Providers (VASP), meaning its membership grew by over 11 percent in the year to date.
Moreover, 159 energy companies joined DMCC in H1 of 2024, taking the total across its energy ecosystem to over 3,260 – DMCC’s largest for a single industry. DMCC also saw the addition of 140 companies from the financial sector, an 8.5 percent expansion. With solid numbers in agriculture, precious stones, and precious metals, DMCC continues to report sustainable and balanced growth across its physical commodities and services ecosystems.
“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,” stated Feryal Ahmadi, chief operating officer, DMCC.
Diamond trade volumes surge
Despite global diamond prices declining, the UAE recorded significant rises in diamond trade volumes in H1 of 2024 via 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 for a total of 119.4 million carats. This equates to an almost 12 percent rise in total natural diamond trade by volume year-on-year.
Meanwhile, the trade of lab-grown diamonds rose 51 percent annually to 15.9 million carats in H1 of 2024 with a notable 62 percent rise in the rough diamond trade.
Read: UAE’s ICV program redirects over $13.07 billion to national economy in H1 2024
Commercial real estate offerings expand
DMCC continues to enhance and expand its commercial real estate offering 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. This will add two 23- and 17-storey towers of grade A commercial office space for businesses looking to set up in Dubai through DMCC.
Meanwhile, the development of Uptown’s Atrium and Plaza is almost complete and will house a range of new F&B, retail, and entertainment options for Uptown Dubai 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.
For more economy news, click here.
