DMCC – the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise – has today published its 2023 Annual Report and confirmed its second-best year on record as companies continue to flock to its business district.
In 2023, the Dubai Multi Commodities Centre (DMCC) experienced significant growth with the addition of 2,692 new companies, bringing the total to over 24,000. The expansion was fueled by the launch of new industry ecosystems, expanded service offerings, and the physical growth of the Uptown Dubai district, including the inauguration of Uptown Tower. 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 trade, covering diamonds, precious stones, gold, energy, and agri-softs, as well as high-value services like crypto, gaming, and Web3.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, emphasized the sustained performance, infrastructure expansions, and enhanced value proposition, setting the stage for continued growth and accommodating new investment waves in Dubai.
Feryal Ahmadi, COO of DMCC, highlighted the development of new ecosystems, service refinement, and strategic partnerships, positioning DMCC as a market leader in areas like crypto, gaming, and energy, and reinforcing its status as the international business district of choice for global companies scaling up in Dubai.
Ecosystems continue to drive innovation
In 2023, DMCC made significant strides in pioneering new industry ecosystems, notably in the technology sector, as Dubai solidified its position as an innovation hub. The DMCC Crypto Centre saw substantial growth, welcoming industry leaders like Bybit, Solana, and TDeFi, alongside 129 additional companies. With a total of 600 firms, it stands as the largest concentration of crypto, blockchain, and Web3 companies in the region. DMCC hosted a hackathon in collaboration with Bybit, featuring the region's largest prize pool, focusing on AI and Gaming solutions. In 2024, DMCC aims to capitalize on promising opportunities in AI and Gaming, with plans to expand its Gaming Centre and launch a new AI Centre. The Gaming Centre doubled in size over the past year, ending 2023 with nearly 100 members.
Driving global commodities trade
In 2023, the Dubai Diamond Exchange (DDE), the world's largest diamond tender facility, continued to bolster the UAE's position as the leading hub for rough diamond trade, hosting 70 tenders. DMCC organized the inaugural Lab-Grown Diamond Symposium, emphasizing technological potential. The UAE, represented by DMCC's Ahmed Bin Sulayem, assumed the Chair of the Kimberley Process in 2024. The 11th Dubai Precious Metals Conference addressed industry challenges, focusing on ESG considerations and digital technologies. DMCC's Dubai Gold and Commodities Exchange (DGCX) saw contracts worth USD 115.3 billion. The DMCC Coffee Centre processed 7,330 metric tonnes, facilitating trade for key markets, while the Tea Centre handled 32,000 metric tonnes, supporting the UAE's status as a major tea re-exporter. The fully digital DMCC Tradeflow recorded a 17% increase, reaching a total value of USD 522 billion (AED 1.92 trillion).
In 2023, DMCC significantly expanded its real estate portfolio with the inauguration of Uptown Tower, an 81-storey building featuring an urban luxury hotel, branded residences, and 22 floors of Grade A office space. Serving as the flagship of DMCC's Uptown Dubai district, this development is expected to play a crucial role in fostering Dubai's accelerated growth and redefining mixed-use projects in the region. Additionally, six new residential towers were announced for development in JLT, accompanied by community enhancements, including new sports facilities, elevating the standard of community living in JLT.
Dubai has maintained its status as a global destination for Foreign Direct Investment (FDI), with DMCC playing a pivotal role by attracting investments and accounting for 11% of the total FDI inflows. The energy sector experienced notable growth, with over 460 new energy companies joining DMCC in 2023, bringing the total tally of energy members in the district to over 3,230.
News Source: Dubai Media Office
