Dubai Multi Commodities Centre (DMCC) reported the best first quarter since its inception in 2002, thanks to its crypto and gaming centres.

The free zone registered 708 new companies in the first quarter of 2023, up 8.4% year-on-year and an average annual increase of 13.7% over the last five years.

“In contrast to the challenging global economic outlook, these remarkable figures firmly display Dubai’s status as a prime destination for investment, backed by strong local macroeconomic conditions and the ease of doing business within DMCC,” Ahmed bin Sulayem, Executive Chairman and CEO, DMCC, said in a statement.

DMCC contributes roughly 10% to Dubai’s GDP, with over 90% of the registered companies coming from outside the UAE, he added.

Traditional core markets continued to outperform previous quarters, with strong growth in businesses from India, the United Kingdom, Germany, China, and France. 

Additionally, significant momentum was seen by the crypto centre and gaming centre in December 2022, both considerably supporting DMCC’s long-term growth strategy.

“With a number of high-growth areas in our sights, including Web3 and gaming, we are efficiently utilising this momentum to target long-term growth across the board,” Sulayem noted.

DMCC, which registered 3,049 new companies in 2022, is currently home to nearly 23,000 companies.

(Editing by Seban Scaria