DMCC Adds 2,692 New Companies in 2023

Dubai Multi Commodities Centre (DMCC) has added 2,692 companies in 2023 taking the total number of firms under the Centre top more than 24,000.

In its 2023 Annual Report, which was released on Monday, DMCC confirmed this growth was its second-best year on record as companies continued to flock to its business district.

The launch of new industry ecosystems, the expanded service offerings and the physical growth of the Uptown Dubai district with the launch of Uptown Tower were some of the main reasons that drove DMCC’s 2023 growth story.

DMCC maintained its leading role as a magnet for foreign direct investment (FDI), accounting for 11% of Dubai’s total FDI inflows and driving its status as a global hub for trade in commodities like diamonds and precious stones, gold, energy and agri-softs as well as high-value services such as crypto, gaming and Web3.

DMCC Chairman and CEO Ahmed Bin Sulayem said that 2023 showcased DMCC’s ability to sustain its record performance whilst undertaking crucial infrastructure expansions. Attracting 2,692 new companies is testament to their efforts to continuously enhance our value proposition year after year, reinforcing the role we and our members play in driving trade and investment, contributing up to 11% of all FDI inflows to Dubai.

“With the opening of Uptown Tower and the wider development of Uptown Dubai, our business district is stronger now than it has ever been, and we have set ourselves up for accelerated growth, a crucial factor as we accommodate new waves of investment to Dubai,” Sulayem added.

DMCC Chief Operating Officer Feryal Ahmadi said DMCC built on its position of strength to elevate the value we provide to its member-companies through the development of new ecosystems, refinement of their service offering and forging of new strategic partnerships around the world.

“This approach has enabled us to maintain our peak performance and drive new levels of growth in areas like crypto, gaming and energy as well as in key focus markets like China. As we push on in 2024, we will aim to further consolidate our position as a market leader in these areas and as the international business district of choice for companies looking to scale up and connect to global markets from Dubai,” he averred.

Ecosystems Help Driving Innovation

Pioneering new industry ecosystems for a range of high-growth areas proved highly successful throughout 2023, particularly in the field of technology as Dubai continues to consolidate itself as a hub for innovation.

The DMCC Crypto Centre welcomed industry leaders such as Bybit, Solana and TDeFi into the fold alongside an additional 129 companies. The Centre is now home to 600 firms, further reinforcing its position as the largest concentration of crypto, blockchain and Web3 companies in the region.

DMCC also hosted a hackathon in partnership with the Dubai-based crypto exchange Bybit, which had the largest prize pool for an event of this kind in the region, with a range of innovators finding technical solutions in areas such as AI and Gaming.

These two core growth sectors for DMCC show promising opportunities in 2024 with the expansion of its Gaming Centre and the impending launch of a new AI Centre.

Global Commodities Trade

The Dubai Diamond Exchange (DDE) is the world’s largest diamond tender facility and has played a key role in positioning the UAE as the largest rough diamond trade hub in the world. In 2023, the DDE continued to facilitate Dubai’s diamonds and precious stones trade, hosting a total of 70 tenders.

DMCC also held the inaugural Lab-Grown Diamond Symposium, highlighting the enormous potential within high-tech applications. Additionally, the UAE assumed its role of Chair of the Kimberley Process in 2024, with Ahmed Bin Sulayem representing the country.

The 11^th edition of DMCC’s Dubai Precious Metals Conference convened hundreds of global precious metals leaders to continue the conversation on many challenges facing the industry, including the growing importance of ESG considerations and digital technologies. DMCC’s Dubai Gold and Commodities Exchange (DGCX) saw a total of $115.3 billion worth of contracts traded throughout the year.