DMCC today published its 2023 annual report and confirmed its second-best year on record as companies continue to flock to its business district.
A total of 2,692 new companies joined DMCC last year, bringing the total number of companies in DMCC to over 24,000.
During the year, DMCC maintained its leading role as a magnet for foreign direct investment (FDI), accounting for 11 percent of Dubai’s total FDI inflows.
“For DMCC, 2023 showcased our ability to sustain our record performance whilst undertaking crucial infrastructure expansions. Attracting 2,692 new companies is testament to our efforts to continuously enhance our value proposition year after year,” Ahmed Bin Sulayem, executive chairman and CEO, DMCC, said.
Read: Dubai’s food and beverage sector attracts $577 million in new FDI
Feryal Ahmadi, chief operating officer, DMCC, added: “Last year we built on our position of strength to elevate the value we provide to our member companies through the development of new ecosystems, refinement of our service offering and forging of new strategic partnerships around the world. This approach has enabled us to maintain our peak performance and drive new levels of growth in areas like crypto, gaming and energy as well as in key focus markets like China.”
Ecosystems drive innovation
Pioneering new industry ecosystems for a range of high-growth areas proved highly successful throughout 2023, particularly in the field of technology as Dubai continues to consolidate itself as a hub for innovation.
The DMCC Crypto Centre welcomed industry leaders such as Bybit, Solana and TDeFi into the fold alongside an additional 129 companies. The centre is now home to 600 firms.
Driving global commodities trade
The Dubai Diamond Exchange (DDE) is the world’s largest diamond tender facility and has played a key role in positioning the UAE today as the largest rough diamond trade hub in the world. In 2023, the DDE continued to facilitate Dubai’s diamonds and precious stones trade, hosting a total of 70 tenders. DMCC also held the inaugural Lab-Grown Diamond Symposium, highlighting the enormous potential within high-tech applications.
The DMCC Coffee Centre processed 7,330 metric tonnes of coffee in 2023. It continued to facilitate trade for key markets in Central and South America, Asia and Africa. Meanwhile, the DMCC Tea Centre handled 32,000 metric tonnes of tea in 2023, supporting the UAE’s status as one of the largest re-exporters of tea in the world.
DMCC Tradeflow, a fully digital registry for the possession and ownership of commodities stored in UAE-based facilities, recorded a total value of $522 billion, a 17 percent increase over 2022.
Uptown Tower and JLT foster community
DMCC’s real estate offering grew substantially, with the opening of its new headquarters at Uptown Tower, an 81-storey tower with an urban luxury hotel, branded residences, and 22 floors of Grade A office space.
Dubai’s pillar of FDI
Dubai remains a global destination for FDI and DMCC plays a pivotal role in attracting investments, accounting for 11 percent of total FDI inflows. Key growth was noted in particular for the energy sector, as the UAE’s competitive advantage in the global energy transition further cemented Dubai’s attractiveness. Over 460 new energy companies joined DMCC in 2023, bringing the total tally of energy members in the district to over 3,230.
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