DMCC records significant growth in business licenses and real estate

Key achievements and economic contributions

Growth in membership and FDI impact

In H1 2024, DMCC accounted for 15% of Dubai's FDI, up from 11% last year, and contributed 7% to the emirate's GDP.

The addition of over 1,000 new member companies reflects the district's increasing attractiveness to businesses across various sectors.

Sector developments: tech, crypto, energy, and financial services

DMCC's growth was driven by its expansion in several key sectors:

• Technology: The registration of 226 new companies, including 14 gaming and nine AI companies, underscores the district's focus on tech innovation.

• Crypto: The DMCC Crypto Centre added 64 new companies, with an 11% membership increase, including seven Virtual Asset Service Providers (VASPs).

• Energy: With 159 new energy companies joining, the total in this sector reached over 3,260, representing DMCC's largest industry ecosystem.

• Financial Services: The financial sector saw an 8.5% rise with 140 new companies, reflecting steady growth.

These sector expansions indicate balanced growth across both commodities and services ecosystems within DMCC.

Development of new industry ecosystems

Launch of the Sustainability Hub and AI Centre

In March, DMCC launched the Sustainability Hub, aimed at promoting environmental, social, and governance (ESG) best practices.

This hub provides networking, mentorship, and access to ESG-focused venture capital for member companies.

The upcoming AI Centre in Uptown Tower is set to become a hub for AI adoption and innovation. It will integrate with DMCC's existing Web3 ecosystems, offering collaborative opportunities and featuring workspaces and an AI solutions showroom.

Growth in diamond trade volumes

Despite global pressures on diamond prices, the UAE saw a rise in diamond trade volumes through DMCC's Dubai Diamond Exchange (DDE):

• Natural Diamonds: 113 million carats of rough and 6.3 million carats of polished diamonds were traded, marking a 12% year-on-year increase.

• Lab-grown Diamonds: The trade volume rose by 51% year-on-year, with a notable 62% increase in rough diamonds.

These figures highlight DMCC's role in reinforcing Dubai's status as a hub for diamond and precious stone trade.

Real estate developments and industry recognition

Expansion in Uptown Dubai and Jumeirah Lakes Towers (JLT)

To accommodate demand from new companies, DMCC is expanding its real estate offerings in Uptown Dubai and JLT.

The second phase of the 5.8 million square foot Uptown Dubai development will add two new commercial office towers.

Additionally, the first half of 2024 saw several premium residential projects announced in Uptown Dubai and JLT. Developments such as Mercer House by Ellington and W Residences by Signature Developers are underway to provide modern living options in the area.

Recognition and awards

DMCC's real estate projects have earned industry accolades for their innovative design and sustainability efforts, including:

• Awards of Excellence from the Council of Tall Buildings and Urban Habitat (CTBUH)

• Commercial Interior Design MENA awards

• The International Safety Award with Distinction

Future prospects and thought leadership

In May, DMCC released the latest edition of its Future of Trade report, "Decoupled and Reconfigured," presented to over 800 stakeholders.

The report underscores Dubai's position as a global trade hub and highlights DMCC's insights into international trade dynamics.

Conclusion

DMCC's performance in H1 2024 reflects its growing influence in key sectors and its role in attracting investment to Dubai.

With strategic expansions and new initiatives, DMCC aims to support Dubai's economic growth while providing innovative solutions and infrastructure for its business community.

As the year progresses, DMCC's focus remains on sustainable development and enhancing its position in the market.

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