DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – welcomed 665 companies to its Free Zone in Dubai during Q1 of 2022.
This represents DMCC’s best first quarter since its inception over 20 ago, a 13% year-on-year increase, and a 25% increase compared to the five-year average. The results demonstrate Dubai’s status as a world-class business destination and the ease of doing business by setting up a company in DMCC.
The global economic climate remains challenging, however, Dubai’s reputation as a world-leading business destination is stronger than ever, and DMCC sits at the very heart of this international appeal. By registering 665 new companies in the first three months of 2022, DMCC has set new record to show the huge potential on offer when joining our Free Zone in Dubai.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, said: “Looking ahead, we will keep up the momentum and go further and faster to attract the world’s most ambitious firms looking to set up and do business in Dubai. Following the overwhelming success of Expo 2020 Dubai, these are exciting times for the emirate and DMCC will push ahead and continue to promote the huge commercial potential that Dubai possesses.”
DMCC’s key markets such as India, UK, Germany and France performed stronger than the same period in previous years. DMCC also witnessed 34% increase in Dubai company formation from China in Q1 compared to the same period last year. Success in China follows DMCC’s significant Mandarin engagement programs that run country-wide throughout the year, and its representative office in Shenzhen.
Meanwhile, specific outreach programmes to markets such as Israel and Turkey have led to an increase in quarterly company registrations by 350% and 100% during the quarter, respectively. DMCC has also registered growing interest from emerging trade hubs such as Indonesia and Vietnam.
Following the launch of the DMCC Crypto Centre in May 2021, DMCC has seen a surge in the number of crypto and blockchain businesses joining its Free Zone. In the first quarter of 2022 alone, 16% of all company registrations were for crypto-related activities.
This record-breaking quarter follows on from DMCC’s best-ever year in 2021, in which it attracted 2,485 companies to Dubai. This milestone pushed DMCC past the 20,000-member companies milestone, indicating DMCC’s significant value proposition to businesses looking to expand internationally by setting up a company in Dubai, and tap into global trade.
DMCC (Dubai Market Commodities Centre) is a strategic initiative of the Government of Dubai and was established in 2002 with a mandate to provide the physical, market and financial infrastructure required to set up a commodities’ marketplace in Dubai.
It offers a unique opportunity for market participants in a wide range of commodities industries in four broad sectors including precious commodities (gold, diamonds, colored stones and pearls), energy related sectors, steel and base metals and soft agricultural commodities (tea, cotton and others).
The Centre aims to attract key players throughout the entire value chain of each of these commodity sectors, together with a range of support industries such as finance, logistics, consulting and insurance. DMCC was the first UAE free zone authority to offer freehold business premises, in addition to all other standard free zone services.
These comprise a 50-year holiday on personal and income taxes, full foreign ownership of business and a one-stop shop facility for processing of all documentation including immigration and licensing needs.