DMCC records 2023 as second most successful year
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DMCC, the world’s leading free zone and the Government of Dubai’s authority on commodity trade and businesses, today released its 2023 Annual Report, confirming its second-best year on record as businesses continue to flock to its commercial district.
In 2023, the Dubai Multi Commodities Center (DMCC) saw significant growth with the addition of 2,692 new companies, bringing the total to over 24,000. The expansion was driven by the launch of new industrial ecosystems, the expansion of service offerings and the physical growth of the Uptown Dubai district, including the opening of Uptown Tower. The DMCC maintained its status as a major magnet for foreign direct investment (FDI), constituting 11% of Dubai’s total FDI inflows. The organization remains a global hub for commodities trading, spanning diamonds, precious stones, gold, energy and agricultural products, as well as high-value services such as cryptocurrencies, gaming and Web3.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, emphasized sustained performance, infrastructure expansions and enhanced value proposition, setting the stage for continued growth and accommodating new waves of investment in Dubai.
Feryal Ahmadi, Director of Operations at DMCChighlighted the development of new ecosystems, the refinement of services and strategic partnerships, positioning DMCC as a market leader in areas such as crypto, gaming and energy, and reinforcing its status as the international business district of choice for global companies growing in Dubai.
Ecosystems continue to drive innovation
In 2023, DMCC made significant strides in pioneering new industrial ecosystems, especially in the technology sector, as Dubai solidified its position as an innovation hub. The DMCC Crypto Center saw substantial growth, welcoming industry leaders such as Bybit, Solana, and TDeFi, along with an additional 129 companies. With a total of 600 companies, it stands as the largest concentration of cryptocurrency, blockchain and Web3 companies in the region. DMCC organized a hackathon in collaboration with Bybit, which featured the largest prize pool in the region and focused on AI and gaming solutions. In 2024, DMCC aims to capitalize on promising opportunities in AI and gaming, with plans to expand its gaming center and launch a new AI center. The Gaming Center doubled in size over the past year and ended 2023 with almost 100 members.
Boost global trade in raw materials
In 2023, the Dubai Diamond Exchange (DDE), the world’s largest diamond tendering facility, continued to strengthen the UAE’s position as a leading hub for rough diamond trading and hosted 70 tenders. DMCC organized the inaugural Lab-Grown Diamond Symposium, emphasizing the technological potential. The United Arab Emirates, represented by DMCC’s Ahmed Bin Sulayem, assumed the presidency of the Kimberley Process in 2024. 11th Dubai Precious Metals Conference addressed industry challenges, focusing on ESG considerations and digital technologies. DMCC’s Dubai Gold and Commodities Exchange (DGCX) recorded contracts worth $115.3 billion. The DMCC Coffee Center processed 7,330 metric tonnes, facilitating trade for key markets, while the Tea Center handled 32,000 metric tonnes, supporting the UAE’s status as a major re-exporter of tea. The all-digital DMCC Tradeflow recorded a 17% increase, reaching a total value of $522 billion (AED 1.92 trillion).
In 2023, DMCC significantly expanded its real estate portfolio with the opening of Uptown Tower, an 81-story building housing a luxury city hotel, branded residences and 22 floors of Grade A office space. As the district’s flagship DMCC’s Uptown Dubai, this development is expected to play a crucial role in fostering Dubai’s accelerated growth and redefining mixed-use projects in the region. Additionally, the development of six new residential towers in JLT was announced, accompanied by community improvements, including new sports facilities, raising the standard of community living in JLT.
Dubai has maintained its status as a global destination for foreign direct investment (FDI), with the DMCC playing a pivotal role in attracting investments and accounting for 11% of total FDI inflows. The energy sector has seen notable growth, with more than 460 new energy companies joining the DMCC in 2023, bringing the total number of energy members in the district to more than 3,230.
News source: Dubai Press Office
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