The Dubai Multi Commodities Centre (DMCC) now has nearly 25,000 businesses operating throughout its business district after recording 1,023 new member company registrations in the first half (H1).
DMCC now makes up 7% of the emirate’s GDP and 15% of all foreign direct investment (FDI) in Dubai, up from 11% the previous year.
The consolidation of its major real estate developments in Uptown Dubai and Jumeirah Lakes Towers (JLT) as well as the strategic expansion of its network of ecosystems in high-value sectors like AI and Web3 remain DMCC’s focus for the second half of 2024 as part of its efforts to draw the next wave of global investment to Dubai.
Curated services offering
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “Now accounting for 15% of Dubai’s FDI, our performance in the first half of 2024 demonstrates both the consistently strong investment growth across our district as well as the continued appeal of Dubai as a major global trade hub. As DMCC approaches 25,000 member companies, we will continue to accelerate this growth through a curated services offering and commercial space that matches business needs to reality, ultimately providing a platform from which companies from around the world can trade and do business with confidence.”
Feryal Ahmadi, Chief Operating Officer, DMCC, added: “At the start of the year we set out to consolidate our position across multiple high-growth sectors. This strategy is now bearing fruit with considerable gains recorded in H1 both in the physical commodities space as well as in technology and services industries. As we move into the second half of 2024, we are optimistic that we will maintain our growth trajectory as we focus on delivering further premium real estate and new world-class ecosystems for our members.”
Strong growth in tech, crypto, energy and financial services
DMCC’s business district grew overall, driven primarily by positive outcomes in several areas. This was especially true for the technology sector, where the DMCC registered 226 new businesses, including 9 AI and 14 gaming companies. With the addition of 64 new businesses, including seven Virtual Asset Service Providers (VASP), the DMCC Crypto Centre’s membership has increased by more than 11% so far this year.
A total of 3,260 energy companies have joined DMCC as of the first half of 2024, making it the largest industry group for the DMCC. In the meantime, 159 energy companies joined in the first half of 2024. Additionally, DMCC added 140 financial sector companies, representing an 8.5% increase for the year thus far. In its physical commodity and services ecosystems, DMCC continues to observe a balanced growth trajectory, with strong numbers also observed in agriculture, precious stones, and precious metals.
Pioneering the next generation of industry ecosystems
In opposition to the general growth of its business district, DMCC is still creating the next generation of elite industry ecosystems. To encourage environmental, social, and governance (ESG) best practices among its member companies, DMCC launched the Sustainability Hub in March. The Sustainability Hub serves as a hub for ESG innovation and knowledge in the region and offers important services like networking, mentorship, access to venture capital firms that prioritize ESG, and accelerator programs.
In the meantime, DMCC is getting ready to open its new AI Center soon. The AI Center, housed in Uptown Tower, is expected to emerge as the next major innovation hub for driving AI adoption and creating practical use cases. The Center will be located next to two of DMCC’s other premier Web3 ecosystems, the DMCC Crypto Centre and the DMCC Gaming Centre, offering members an integrated experience and improved chances for networking and collaboration. Modern workspaces and an AI solutions showroom will also be included, allowing member businesses, AI pioneers, and AI-focused funds to work together and propel Dubai’s AI innovation forward.
UAE records significant rises in diamond trade volumes
Through DMCC’s Dubai Diamond Exchange (DDE), the UAE saw notable increases in diamond trade volumes in the first half of the year despite downward pressure on global diamond prices.
A total of 119.4 million carats of natural diamonds were exchanged, comprising over 113 million carats of rough and 6.3 million carats of polished. This corresponds to a nearly 12% increase in the volume of trade in combined rough and polished diamonds on an annual basis. In the meantime, lab-grown diamonds saw a 51% increase in rough value, with a noteworthy 62% increase, as they recorded 15.9 million carats in total H1 trade by volume of polished and rough. With these growth statistics, DMCC keeps up its position as the world’s principal center for trade in diamonds and other precious stones.
Looking ahead, DMCC’s focus remains on driving the long-term and sustainable growth of the industry, including through the UN-mandated Kimberley Process (KP) which is currently being chaired by the UAE for the second time under DMCC’s Executive Chairman and CEO Ahmed Bin Sulayem. Following a successful KP Intersessional in May, DMCC will close out the UAE’s “Year of Delivery” chairmanship at the KP Plenary in Dubai in November, which will take place alongside DMCC’s Dubai Diamond Conference and the Jewellery, Gem & Technology (JGT) in Dubai trade fair in a dedicated “Diamond Week” from November 11 to 15.
Award-winning real estate offering in Uptown Dubai and JLT
In addition to maintaining a 98% member retention rate, DMCC is expanding and improving its commercial real estate offering throughout its two flagship districts, Uptown Dubai and JLT, in an attempt to meet the increased demand from new businesses.
First phase of DMCC’s 5.8 million square foot Uptown Dubai development began construction in January. This phase will add two 23- and 17-story towers of grade A commercial office space to businesses looking to establish themselves in Dubai through DMCC. Uptown’s Atrium and Plaza, which will house a variety of exciting new F&B, retail, and entertainment options for Uptown Dubai employees, residents, and visitors, are currently nearing completion.
In the first half of 2024, a number of upscale residential projects in the district were also announced. Mercer House by Ellington, in Uptown Dubai, will comprise two towers with multi-family apartments ranging from studios to penthouses. In JLT, Viewz by Danube will have twin 65-story towers housing a variety of apartments and Sky Villas, while W Residences by Signature Developers will construct a 32-story complex with about 200 upscale, design-forward apartments.
These efforts are earning notable industry recognition worldwide. In May, the Council of Tall Buildings and Urban Habitat (CTBUH) honoured DMCC with three Awards of Excellence, praising its innovative design, contribution to the advancement of tall buildings, and prioritising of sustainability and wellbeing. These awards add to DMCC’s growing list of accolades for Uptown Tower, including three Commercial Interior Design MENA awards, three British Safety Council awards, the International Safety Award with Distinction, and Construction Week’s Best Mixed-Use Tall Building award.
The Future of Trade
Decoupled and Reconfigured, the most recent Future of Trade report from DMCC, was released in May in London and Singapore. Shanghai, China, and the World Trade Organization’s Geneva, Switzerland, headquarters will host follow-up events. DMCC representatives briefed over eight hundred stakeholders, including WTO Director-General Ngozi Okonjo-Iweala, trade officials, regulators, and leaders of the industry, on the report’s findings.
Over 1.9 million people have viewed and downloaded the Future of Trade report series to date, highlighting Dubai’s and the UAE’s status as important hubs for international trade and the DMCC’s increasing stature as a leading voice in this area.
