The Dubai Metropolitan Chamber of Commerce (DMCC) has announced that it attracted 3,049 new businesses to Dubai in 2022, making it its best-ever year for new member company registrations.
This surpasses the previous record set in 2021, when DMCC registered 2,485 new members, with an increase of 23% year-over-year.
The DMCC Crypto Centre’s record growth was fueled by significant international demand, DMCC’s ongoing work in important commodities sectors, and rising demand from blockchain and web3 businesses for space. As a result, the Crypto Centre now houses over 500 businesses. DMCC’s commitment to making it easier to start a business and operate in Dubai underpinned each of these areas.
The DMCC’s Executive Chairman and Chief Executive Officer, Ahmed Bin Sulayem, stated:
“Throughout the course of 2022, DMCC has been effectively accelerating its growth strategy, supported by a robust regional macroeconomic landscape, focusing on assisting its member companies in high-impact sectors like web3 and blockchain technologies, commodities, and global trade. This year’s unprecedented performance demonstrates the significant value that DMCC brings to each of its members and reflects this growth acceleration.
“These record-high numbers demonstrate burgeoning investor confidence in the emirate and the growing number of opportunities that Dubai presents,” according to the statement. “I frequently view our member company registrations as a barometer for commercial and FDI activity in Dubai.”
The DMCC’s Chief Operating Officer, Feryal Ahmadi, added:
“A new standard for DMCC is established by increasing our annual company registrations by 23% to reach 3,049 new members in 2022.” I am confident that we will maintain this momentum into 2023 thanks to the DMCC team’s unwavering commitment and a number of exciting new projects in the works. With the ultimate goal of driving new trade flows through Dubai, DMCC will build on its strong position next year by further improving its services and offerings and forging new partnerships worldwide.
Dubai’s pioneering blockchain and web3 innovation Over the course of 2022, the DMCC Crypto Centre has witnessed a rapid expansion of its community as blockchain and web3 technologies continue to have increasingly positive economic and social effects across all sectors and industries. It is the region’s largest concentration of cryptocurrency and blockchain businesses, now with over 500 members.
Members of the DMCC Crypto Centre can now access Brinc’s global venture capital firm’s $150 million accelerator fund. Animoca Brands, a global leader in web3 and blockchain investment, owns Brinc, a portfolio company. Companies at the DMCC Crypto Centre that develop web3 and blockchain technologies and the associated value-added services benefit from this significant partnership’s support for their rapid and long-term expansion.
By collaborating with SafeGold and Comtech Gold to tokenize gold bars produced in facilities located in the United Arab Emirates, DMCC’s efforts to add value at the intersection of technology and commodities are reflected. Each gold bar will be backed by a DMCC Tradeflow warrant, which means that the Tradeflow warrant will provide additional security, transparency, and real-asset allocation in addition to making trading a tokenized asset simpler.
The Dubai Diamond Exchange (DDE), the largest diamond tender facility in the world, saw a lot of interest from companies that held diamond and precious stone tenders and auctions. Dubai is one of the most important trade centers for rough and polished diamonds, as well as for colored gemstones and lab-grown diamonds.
In addition, the UAE was proposed to serve as vice chair of the Kimberley Process in 2023 and was named chair in 2024. The International Colored Gemstone Association (ICA) Congress will be held in February 2023, and the DMCC will continue to serve as the official partner for the second edition of the Jewellery Gems & Technology (JGT Dubai, February 2023).
Hundreds of global leaders in the precious metals industry gathered for the 10th Dubai Precious Metals Conference (DPMC) to discuss the challenges and opportunities facing the gold and precious metals industry today. The UAE Minister of State for Foreign Trade, HE Dr. Thani bin Ahmed Al Zeyoudi, was one of the speakers; CEO of the World Gold Council, David Tait; and Euro Pacific Capital’s Chief Economist and Global Strategist, Peter Schiff.
The DMCC Tea Centre handled over 42,000 metric tons of bulk tea and 8,200 metric tons of packaged tea, including 400 million tea bags, for a total value addition volume. This is a new record for the Tea Centre in terms of the volume of tea handled, up 27% from 2021.
More than 4,000 metric tons of green and roasted coffee from a wide range of producing markets in Central and South America, Asia, and Africa were stored and processed at the DMCC Coffee Centre. 57 new members joined the Centre last year, indicating the facility’s significant contribution to the global coffee supply chain. The first-ever Middle East Coffee Roasting Championship and the UAE Aeropress Championship were two events that the DMCC Coffee Centre hosted to support the industry. In addition, it collaborated with COEX and Vicofa for the Vietnamese Coffee Expo in 2022.
The total value of DMCC Tradeflow, a completely digital registry for the possession and ownership of goods stored in facilities based in the United Arab Emirates, reached AED 1.63 trillion (USD 445 billion), representing a 48% increase over 2021.
Uptown Tower and the JLT Community Significant milestones were accomplished for DMCC’s most recent master-planned district, Uptown Dubai. Uptown Tower is scheduled to be handed over to residents in 2023. The successful pre-leasing of all 22 floors of Grade A commercial offices demonstrated investor confidence in the project, DMCC, and Dubai.
As the master developer of Jumeirah Lakes Towers (JLT), DMCC continued to implement a series of projects that aimed to improve the neighborhood and elevate it to the status of a world-class location for living, working, and visiting. This included a project to replace all sunshades in parking lots with solar panel shades, which will save 7,612 MWh of energy annually. Other projects included general improvements to the community and the opening of various sports and wellness facilities.
Promoting Dubai as a destination for trade and foreign direct investment (FDI) The DMCC will continue to do so in 2022 by holding roadshows in 21 markets worldwide, both in person and online. 15 Made For Trade Live events were held in ten countries to highlight the opportunities in the emirate, and seven virtual events attracted 217 high-level attendees.
In addition, the DMCC released the fourth edition of its Future of Trade report, which makes important suggestions for how businesses and governments around the world can advance global trade. After it was released at the beginning of July, the report was downloaded nearly 200,000 times.
The preferred global business district DMCC was named Global Free Zone of the Year for the eighth year in a row by fDi Magazine in recognition of its ongoing efforts to improve its business ecosystem. In addition, DMCC received awards such as Large Tenant Free Zone of the Year – Global, SME Free Zone of the Year – Middle East, and an Excellence Award for ESG Practices – Global for its support of multinationals and small and medium-sized businesses (SMEs).