DMCC, a flagship free zone and Dubai government's authority on commodities, trade and enterprise, has welcomed 665 companies to its free zone in Dubai during the first quarter of 2022, thus registering a 13% year-on-year increase, and a 25% increase compared to the five-year average.

This represents DMCC’s best Q1 since its inception over 20 years ago, up 13% over last year and a 25% increase compared to the five-year average.

The results demonstrate Dubai’s status as a world-class business destination and the ease of doing business by setting up a company in DMCC, it 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," remarked Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.

"Registering 665 new companies in Q1 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," he stated.

"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," noted Bin Sulayem.

DMCC’s key markets such as India, UK, Germany and France performed stronger than the same period in previous years.

It also witnessed 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 programmes that run country-wide throughout the year, and its representative office in Shenzhen.

Meanwhile, specific outreach programmes to markets such as Israel and Turkey have led to an increase in quarterly company registrations by 350% and 100% during the quarter, respectively. DMCC has also registered growing interest from emerging trade hubs such as Indonesia and Vietnam.

Following the launch of the DMCC Crypto Centre in May last year, it had seen a surge in the number of crypto and blockchain businesses joining its free zone. In the first quarter alone, 16% of all company registrations were for crypto-related activities.

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 its significant value proposition to businesses looking to expand internationally by setting up a company in Dubai, and tap into global trade.

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).