The Dubai Multi Commodities Centre (DMCC) has reported impressive performance results for the first half of 2024, highlighting its pivotal role in Dubai’s economy. With a total of 1,023 new member company registrations, DMCC now boasts nearly 25,000 companies operating within its business district. This growth translates to DMCC accounting for 15% of all foreign direct investment (FDI) in Dubai, a notable increase from 11% last year. Furthermore, the free zone contributes approximately 7% to the emirate’s GDP.
Focus on Global Investments
As part of its strategy to attract more global investments, DMCC is concentrating on consolidating its major real estate developments in Uptown Dubai and Jumeirah Lakes Towers (JLT). Additionally, the organization is strategically expanding its network of ecosystems in high-value sectors such as artificial intelligence (AI) and Web3 technologies.
Technology Drives Growth
The remarkable growth within DMCC’s business district can be attributed to strong performances across several sectors. Notably, the technology sector has seen a surge, with 226 new companies registered, including 14 gaming companies and nine AI firms. The DMCC Crypto Center has also welcomed 64 new companies, including seven Virtual Asset Service Providers (VASP), marking an impressive growth rate of over 11% in membership this year.
The energy sector has similarly thrived, with 159 new companies joining DMCC in H1 2024, bringing the total number of companies in this ecosystem to over 3,260, making it the largest single industry represented within DMCC. Additionally, the financial sector saw an increase of 140 companies, reflecting an 8.5% expansion. With additional growth in agriculture, precious stones, and precious metals, DMCC continues to demonstrate sustainable and balanced growth across its various commodities and services ecosystems.
Feryal Ahmadi, Chief Operating Officer of DMCC, expressed optimism about maintaining their growth trajectory as they focus on delivering premium real estate and developing world-class ecosystems for their members.
Surge in Diamond Trade Volumes
Despite a decline in global diamond prices, the UAE has witnessed a significant increase in diamond trade volumes through DMCC’s Dubai Diamond Exchange (DDE) during H1 2024. The trade figures reveal that over 113 million carats of rough diamonds and 6.3 million carats of polished diamonds were traded, totaling approximately 119.4 million carats. This represents an almost 12% rise in total natural diamond trade volume year-on-year.
Moreover, the trade of lab-grown diamonds surged by 51% annually, reaching 15.9 million carats, with rough diamond trade experiencing a notable increase of 62%.
Expansion of Commercial Real Estate Offerings
DMCC is actively enhancing its commercial real estate offerings across its flagship districts of Uptown Dubai and JLT. In January 2024, DMCC broke ground on the second phase of its ambitious 5.8 million square foot Uptown Dubai development, which will feature two new towers—one 23 stories high and another 17 stories high—dedicated to Grade A commercial office space for businesses looking to establish themselves in Dubai.
Additionally, the development of Uptown’s Atrium and Plaza is nearing completion and will include a variety of new food and beverage outlets, retail spaces, and entertainment options for employees, residents, and visitors alike. The first half of 2024 also saw announcements for several premium residential projects throughout the district.
Ahmed bin Sulayem, Executive Chairman and CEO of DMCC, stated that as they approach the milestone of 25,000 member companies, they will continue to accelerate growth through curated services and commercial spaces that align with business needs. This commitment ultimately provides a robust platform for companies from around the world to trade confidently and conduct business successfully.
Conclusion
The Dubai Multi Commodities Centre’s significant contributions to foreign direct investment and GDP underscore its vital role in Dubai’s economic landscape. With ongoing advancements in technology-driven sectors and continuous expansion in commercial real estate offerings, Dubai Multi Commodities Centre is poised for sustained growth as it enhances its appeal as a global business hub.
For more information on how to leverage opportunities within JLT or to explore investment options with DMCC, please visit our website or contact us directly.
Mazen Alzoubi – Commercial Consultant
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