Global flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise have claimed to set a record by welcoming 665 companies to its Free Zone in Dubai during the first quarter of 2022.
As per the DMCC sources and statement, it signifies DMCC’s best first quarter since its inception over twenty years ago, with a 13% year-on-year increase, and a 25% increase compared to the five-year average.
This outcome as well signifies Dubai’s status as a world-class business destination and the ease of doing business by setting up a company in DMCC. DMCC sources also reported that its core markets are India, UK, Germany, and France performed stronger than in the same period in previous years. DMCC also claimed to have witnessed a 34% increase in Dubai company formation from China in Q1 compared to the same period last year. Success in China follows DMCC’s significant Mandarin engagement programs that run country-wide throughout the year and its representative office in Shenzhen.
DMCC also added further stating that specific outreach programs to markets like Israel and Turkey have led to a surge in quarterly firm registrations by 350% and 100% during the quarter, respectively. DMCC has also registered growing interest from emerging trade hubs such as Indonesia and Vietnam.
DMCC also further added that following launch of the DMCC Crypto Centre in May 2021, DMCC has witnessed out a huge surge in the number of crypto and blockchain businesses joining its Free Zone. In the first quarter of 2022 alone, 16% of all company registrations were for crypto-related activities.
Ahmed Bin Sulayem, Executive Chairman, and Chief Executive Officer, DMCC stated: “The global economic climate remains challenging, however, Dubai’s reputation as a world-leading business destination is stronger than ever, and DMCC sits at the very heart of this international appeal. Registering 665 new companies in the first three months of 2022 is another record broken for DMCC, and serves to show the huge potential on offer when joining our Free Zone in Dubai. Looking ahead, we will keep up the momentum and go further and faster to attract the world’s most ambitious firms looking to set up and do business in Dubai. Following the overwhelming success of Expo 2020 Dubai, these are exciting times for the emirate, and DMCC will push ahead and continue to promote the huge commercial potential that Dubai possesses.”
As claimed by DMCC and industry sources, this record-breaking quarter follows on from DMCC’s best-ever year in 2021, in which it attracted 2,485 companies to Dubai. This milestone pushed DMCC past the 20,000 member companies milestone, indicating DMCC’s significant value proposition to businesses looking to expand internationally by setting up a company in Dubai and tapping into global trade.
