DMCC attracts a record 708 new companies to Dubai in Q1 2023

DMCC has marked a record-breaking first quarter of the year, with 708 new companies joining the business district. As DMCC's best Q1 since its inception in 2002, this represents an 8.4 per cent year-on-year increase, and an average annual increase of 13.7 per cent over the last five years.

"In contrast to the challenging global economic outlook, these remarkable figures firmly display Dubai's status as a prime destination for investment, backed by strong local macroeconomic conditions and the ease of doing business within DMCC," said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.

"Registering over 700 new companies this past quarter, allied to our excellent retention rate, is further proof of our consistent ability to anticipate and deliver what global companies need in the shifting economic landscape. Records show DMCC contributes roughly 10 per cent to Dubai's GDP and with over 90 per cent of our registered companies coming from outside the UAE, DMCC is the business district of choice for global companies setting up in the emirate. Facilitating their success remains our key priority, which will undoubtedly continue to serve us well in the coming months and years," Bin Sulayem stressed.

He added, "With many high-growth areas in our sights, including Web3 and gaming, we are efficiently utilising this momentum to target long-term growth across the board. Through this, we continue to support the Dubai Economic Agenda D33 and substantially support the size of Dubai's economy doubling within in the next decade."

Traditional core markets for DMCC continued to outperform previous quarters, with strong numbers of businesses from India, the United Kingdom, Germany, China, and France turning to DMCC to expand their global operations.