DMCC started the year 2023 on a positive note as it attracted 708 new companies during the first quarter, reflecting a year-on-year growth of 8.4%.
The world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise said it is best first-quarter performance since its inception in 2002.
The record-breaking first quarter also reflected an average annual increase of 13.7% over the last five years.
“In contrast to the challenging global economic outlook, these remarkable figures firmly display Dubai’s status as a prime destination for investment, backed by strong local macroeconomic conditions and the ease of doing business within DMCC,” said Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.
High benchmarks
The record breaking Q1-performance follows the high benchmark the business set in 2022, in which it registered a total of 3,049 new companies in the year. This latest milestone outlines DMCC’s significant value proposition for businesses looking to tap into fast-growing global markets through Dubai.
“Registering over 700 new companies this past quarter, allied to our excellent retention rate, is further proof of our consistent ability to anticipate and deliver what global companies need in the shifting economic landscape,” according to Bin Sulayem.
“Records show DMCC contributes roughly 10% to Dubai’s GDP and with over 90% of our registered companies coming from outside the UAE, DMCC is the business district of choice for global companies setting up in the emirate. Facilitating their success remains our key priority, which will undoubtedly continue to serve us well in the coming months and years,” he said.
.@DMCCAuthority marks record-breaking first quarter by attracting 708 new companies to #Dubai in Q1 2023, this represents an 8.4% year-on-year increase.https://t.co/V05nfoOdxa pic.twitter.com/WML5qIoo1a
— Dubai Media Office (@DXBMediaOffice) April 3, 2023
Growth markets
Traditional core markets for DMCC continued to outperform previous quarters, with strong numbers of businesses from India, the United Kingdom, Germany, China, and France turning to DMCC to expand their global operations.
DMCC also saw robust results from the continuation of its international outreach programmes in markets including Israel, Spain and Korea.
“With a number of high-growth areas in our sights, including Web3 and gaming, we are efficiently utilising this momentum to target long-term growth across the board. Through this, we continue to support the Dubai Economic Agenda D33 and substantially support the size of Dubai’s economy doubling within in the next decade,” Bin Sulayem said.
Growth catalysts
Additionally, the significant momentum seen by the DMCC Crypto Centre and the recent launch of the DMCC Gaming Centre in December 2022 has both considerably supported DMCC’s long-term growth strategy.
Within the quarter, DMCC began sales of its new SO/ Uptown Dubai Residences in Uptown Tower, announced a range of new upcoming developments in its Jumeirah Lakes Towers (JLT) district, and new key partnerships that bolster the comprehensive crypto and Web3 ecosystem offered by the DMCC Crypto Centre.
