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DMCC on steady growth path with best June performance since its inception

DMCC on steady growth path with best June performance since its inception

DMCC has experienced its best six-month performance since 2013, with 1,230 new member companies signed up in the first half of 2021. The free zone also had a record performance in June, the best since its inception in 2002, with 220 new businesses joining. This builds on DMCC’s strong performance in 2020, during which the

DMCC has experienced its best six-month performance since 2013, with 1,230 new member companies signed up in the first half of 2021.

The free zone also had a record performance in June, the best since its inception in 2002, with 220 new businesses joining.

This builds on DMCC’s strong performance in 2020, during which the business district attracted 2,025 new companies supported by its relief packages offered during the global pandemic.

Dubai ruler looking to ‘catapult Dubai’s economy to new heights’

Sheikh Mohammed recently approved the new board of directors of Dubai Chambers as part of efforts to enhance their contributions to Dubai’s economy, raise the level of support provided to emerging business sectors and accelerate innovation in the emirate

DMCC’s success is the result of several initiatives which include the newly launched DMCC Crypto Centre, robust commodity trade, and partnerships with financial institutions, including Mashreq Bank and Commercial Bank of Dubai, to offer new and existing members a range of exclusive services.

“DMCC’s performance is about the power of perseverance, ambition and innovation. We have carried over the record-breaking performance of 2020 into 2021, with another set of very strong achievements across all our pillars,” said Ahmed Bin Sulayem, executive chairman and chief executive officer, DMCC.

“The numbers speak for themselves and following the recent launch of the DMCC Crypto Centre, which has generated significant interest from the global crypto community, the second half of the year looks even more promising. We expect to reach 20,000 members by year end, a target I am confident we will achieve. As the emirate prepares to welcome the world to Expo 2020 Dubai and our nation looks to celebrate its Golden Jubilee, the future holds many more opportunities for growth,” he continued.

In partnership with CV Labs, DMCC officially inaugurated the DMCC Crypto Centre in May, a comprehensive ecosystem for businesses operating in the cryptographic and blockchain sectors. The centre hosts all types and sizes of crypto businesses, from companies developing blockchain-enabled trading platforms, through to firms offering, issuing, listing, and trading crypto assets.

Ahmed Bin Sulayem, executive chairman and chief executive officer, DMCC.

In April, DMCC signed a sale and purchase agreement with REIT Development to establish the largest precious metals refinery and storage facility across the GCC and the first to be completely enabled by blockchain in the region.

“We are determined to keep innovating and expanding our world class products and services, while engaging with and forging new relationships with new and existing markets. Our focus on growing in China, where we now have local presence, is marching forward at pace, and encouragingly we also see many new markets come to DMCC to explore doing business in and via Dubai,” said Feryal Ahmadi, chief operating officer, DMCC.

“By continuously enhancing the ease of doing business, we are delivering on our mandate of ensuring Dubai and DMCC remain the trusted partner for any business, from any country, to set up, connect, and expand,” he added.

Towards the end of H1, DMCC announced the latest addition to its portfolio of commodities with plans to launch a Cacao Centre and other commodity trade centres in Dubai. DMCC will initially incubate a select range of cacao services within its Coffee Centre and will then look to transform the emirate into an international trade hub for cacao as part of its mid to long-term development strategy.

Sheikh Mohammed was briefed on work processes at the Centre, which has become one of the fastest growing free zones with more than 17,000 companies conducting business in a number of sectors including precious metals, tea and coffee, and food commodities.

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DMCC Tradeflow, a fully digital and interactive ownership registry, recorded a total value of AED468 billion ($127bn), a 48 percent increase over the same period in 2020.

As master developer of Jumeirah Lakes Towers (JLT), progress continued throughout H1 in upgrading the community with a number of major landscaping projects.

Work also continued on Uptown Tower, the first tower to be released in DMCC’s Uptown Dubai residential district.

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