The Dubai Multi Commodities Centre (DMCC) is a government entity and the world’s fastest-growing free zone. It has reported its best performance in the year’s first half by registering 1469 new companies in the first six months of 2022. This signifies a 19% surge over the same period last year. In June alone, DMCC welcomed 323 new businesses to its Free Zone and business district, the best performance since its inception in 2002. Following on from the unsurpassed 2021, in which DMCC attracted 2,485 new members, DMCC is now home to over 21,000 businesses. Crypto and Blockchain companies already make up 1.6 per cent of the total number of registered companies at DMCC.
Crypto and Blockchain firms in DMCC
Notably, UAE is now home to 1000 blockchain and crypto entities per the statistics provided by the Crypto Oasis ecosystem. In response, UAE-based Crypto Oasis recently updated its target for 2022 to 1500 crypto and Blockchain companies from its previous target of 1000. Accustomed that UAE is home to 1000 blockchain and crypto companies, and DMCC houses a total of 373, this means DMCC is home to 37 per cent of all the blockchain and crypto entities in the UAE.
DMCC’s ongoing progress was driven by a strong demand from international markets, including Europe, China, and India, representing Dubai’s continued commercial appeal and the ease of setting up and doing business at DMCC. Growth was also lifted by continued interest in the Dubai Multi Commodities Centre Crypto Centre, and high volumes of trade were witnessed for a range of commodities, predominantly diamonds, tea, and coffee.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer at DMCC, stated that the Dubai Multi Commodities Centre was constantly striving to enhance Dubai’s status as a hub for business across the globe. This ethos has enabled them to grow from zero to over 21,000 member companies in merely two decades. By providing a hyper-connected community for trade and constantly striving to improve its services, the centre would continue to work with its member companies towards new growth in the years to come.
He further elaborated that with their facilities and services truly representing the centre of global commodities trade, the centre continues to be a core partner to its members, significantly impacting the emirate’s thriving economy.
Advancing Crypto Technologies in Dubai
As an all-inclusive ecosystem for developing and operating blockchain and other cryptographic technologies, the the crypto centre has seen significant interest since its launch in mid-2021. This growth has recommenced into 2022, with 14% of new company registrations in H1 relating to crypto activities. The crypto centre extends home to all types and sizes of crypto businesses, from companies developing blockchain-enabled platforms, NFTs, and Metaverse environments, to firms trading crypto assets.