DMCC maintains year-on-year peak performance

DMCC – the Government of Dubai authority on commodities trade and enterprise – welcomed 1,456 new member companies to its business district in the first half of 2023, recording a near identical six-month performance since its record-breaking first half in 2022 when it registered 1,469 new companies.

The strong performance continues to be driven by the unique offering provided by DMCC in line with its commitment to continuously enhance the ease of doing business. It also means that today DMCC is home to over 23,000 member companies from across the globe.

Ahmed Bin Sulayem, executive chairman and chief executive officer, DMCC, said: “We are proud of our remarkable journey and registering strong achievements across every sector we operate in. Today, we stand at an unprecedented 23,000 companies while also contributing over 11 per cent to Dubai’s FDI. After such an exceptional half year performance and with many exciting plans still in the pipeline, we look forward to another successful second half and to unlocking new opportunities for companies to do business and connect with the world.”

Feryal Ahmadi, chief operating officer, DMCC, added: “Our performance in H1 2023 is a testament to our relentless efforts in driving innovation and embracing the dynamic needs of businesses worldwide. We have created an ecosystem where the ease of doing business attracts and enables record-breaking numbers of companies from around the world to settle in Dubai and succeed. By facilitating trade, attracting foreign direct investment and cultivating strategic partnerships, DMCC is propelling the evolution of Dubai as a thriving hub for business. We remain dedicated to supporting the growth and success of all our member companies.”

Despite the challenging global economic environment, DMCC continued to attract a broad range of multinationals, SMEs and entrepreneurs from all around the world through its unique value proposition.

Building on the record-breaking performance achieved in 2022, during which more than 3,000 companies joined the free zone, DMCC saw strong growth from key target markets including Israel, China and India.

With DMCC worth approximately 11 per cent of all foreign direct investment (FDI) to Dubai, the free zone continued to promote Dubai as a prime destination for FDI and a gateway to global trade, hosting its flagship Made for trade live roadshows in a number of key target markets, including Spain, South Korea, China, India and the UK.

Designed to educate the market about its world-class infrastructure, unique industry-specific offering, wide range of services and seamless business support, DMCC hosted 187 webinars and physical events in the first half of 2023, attracting over 17,929 attendees.

Following the successful roadshow across Mumbai, Surat and Jaipur in May, DMCC partnered with business services firm PP Shah and Associates to open a representative office in Mumbai. Providing a one-stop solution for Indian businesses looking to expand through Dubai, the new office will further boost the bilateral relationship in support of the UAE-India Comprehensive Economic Partnership Agreement (Cepa) signed last year.

In support of the similarly growing commercial ties between the UAE and China, DMCC hosted over 200 Chinese business leaders during a dedicated China Business Day to boost the $200 billion China-UAE bilateral trade growth by 2030. More than 600 business leaders also attended DMCC’s roadshows in Shanghai, Guangzhou and Chongqing.

In June, DMCC signed an agreement with the administrative committee of Beijing Daxing International Airport Economic Zone to achieve greater strategic collaboration on business and trade and a memorandum of understanding (MoU) with the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone to cooperate in areas such as innovation, commerce, logistics and trade.

DMCC continued to facilitate trade across a wide range of important commodities, including gold, diamonds, precious metals and stones as well as agricultural produce such as tea and coffee, supporting the advancement of the global commodities market and cementing the position of Dubai as a leading hub for commodities trade.

To further strengthen the position of Dubai as a global hub for diamond trade, DMCC announced the establishment of the Tender Best Practice Forum Code of Conduct under the Dubai Diamond Exchange (DDE), representing the first bourse-led initiative to advance industry best practice in the world.

DMCC also supported the leading international Jewellery, Gem & Technology Dubai (JGT Dubai) tradeshow as the official partner of its second edition which was held in February 2023. Building on the success of the diamond story, DMCC will host the world’s first Lab-grown Diamond Symposium in July 2023, bringing together growers, manufacturers, retailers and financial institutions to identify opportunities and challenges to help shape the future of the LGD industry.

As a result of these extensive efforts, the Ministry of Economy issued a resolution to confirm that the DDE is now included in the official list of the organisations that represent rough diamond traders and regulate their trade in accordance with the rules and regulations of the World Federation of Diamond Bourses and the World Diamond Council. This is a significant step towards industry self-regulation, testament that DDE operates in accordance with global standards and contributes to the responsible and transparent trade of diamonds.

DMCC also supported the advancement of the coloured gemstones industry, which forms an integral part of its long-term growth plan. Held under the theme ‘The Future of Coloured Gemstones’, DMCC hosted the International Coloured Gemstone Association (ICA) Congress 2023 in February, convening key players and industry stakeholders to advance the global trade of coloured gemstones.

As the master developer of Jumeirah Lakes Towers (JLT), DMCC continued to work on further enhancing the community. This included forming a partnership with Ellington Properties to develop Upper House, a residential development valued at Dh1.2 billion; another with Danube Properties to re-define luxury living through Viewz, twin high-rise towers of apartments and sky villas with Aston Martin furnished interior common areas and amenities that are valued at over Dh1.4 billion; and with Sobha Realty to develop Verde by Sobha, its first project in JLT which is estimated to generate sales revenue of Dh1.6 billion once completed.