The six-times ‘Global Free Zone of the Year’ is in the middle of a growth spurt. Dubai Multi Commodities Centre (DMCC), the world’s flagship free zone, has recorded its best-ever Q1-Q3 performance since it was formed in 2002.

The Government of Dubai Authority on commodities trade and enterprise welcomed 1,800 companies in the first nine months of 2021. DMCC added 215 new businesses in September alone, underscoring its best September performance since inception.

Executive Chairman and CEO Ahmed bin Sulayem expects DMCC to hit the 20,000-member mark before the end of the year. “With Expo 2020 Dubai now underway, and significant milestones for the UAE on the horizon, I fully expect we will reach over 20,000 member companies by the end of the year,” he said.

Executive Chairman and CEO Ahmed bin Sulayem expects DMCC to hit the 20,000-member mark before the end of the year

Businesses across the world are reeling from the aftermath of the pandemic-induced lockdowns. Dubai has been among the first cities to see growth return. Henley & Partners’ Best Residence-by-Investment Cities for Business Index ranks Dubai at No. 11 out of the world’s top 25 cities. The UAE is #1 in the world on vaccinations per 100 residents, boosting business confidence and accelerating trade and tourism.

Bin Sulayem said that the pandemic forced businesses to accelerate their digital transformation. This, in turn, enabled nimble players like DMCC to capitalise on the demand, he said. “The pandemic has been a ten-year accelerant for business culture and digital transformation,” he said. DMCC stayed ahead of the curve by providing what the market wanted and needed, he said.

To the moon on Crypto and diversification

Bin Sulayem says the free zone’s recent diversification into the crypto ecosystem has seen a “significant interest”. The DMCC Crypto Centre aims to offer a comprehensive ecosystem for businesses operating in the cryptographic and blockchain sectors. The DMCC Crypto Centre was launched in May 2021. It is on track to become home to 100 crypto and blockchain companies by the end of the year.

“As part of our diversification strategy, our recently launched Crypto Centre continues to generate significant interest, particularly as Dubai furthers its position to become a global centre,” said bin Sulayem.

The performance was driven by DMCC’s focus on increasing the ease of doing business and setting up a company in Dubai. The fee zone also expanded the DMCC Tea and Coffee Centres and launched the DMCC Cacao Centre this year.

“By all accounts, DMCC started 2021 from a position of strength, allowing us to deliver the best H1 performance in eight years,” he said. “We carried that momentum forward into the third quarter, and have continued to shatter all previous records since DMCC’s establishment in 2002.”

DMCC Performance: Pandemic booster

DMCC’s recent record run builds upon the free zone achieving its best H1 performance since 2013. It saw the best June, August and September on record earlier this year. “Dubai has retained, and even built upon, its commercial appeal since the pandemic,” said Ahmad Hamza, Executive Director – Free Zone, DMCC.

“Businesses recognised that they need a base where they feel supported, have access to some of the industry’s best facilities, and fully digitalised services that make operating their business as smooth as possible. As we have seen with these record-breaking numbers, companies are finding this at DMCC, with a broad range of entrepreneurs, SMEs and multinationals across tech, telecoms, professional services, financial services, precious metals and stones, and energy setting up with us,” he said.