Dubai records 2021 best year for commodities

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2021 saw Dubai Multi Commodities Centre achieve its best June, August, September and November, reaching a total of over 20,000 member companies…reports Asian Lite News

Dubai Multi Commodities Centre – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – has announced that it achieved its best year on record, attracting 2,485 companies to Dubai in 2021.

The year also saw DMCC achieve its best June, August, September and November, reaching a total of over 20,000 member companies. The record-breaking performance follows on from the 2,025 companies that joined the business district in 2020.

Driven by strong international demand, the expansion of its commodities centres and the launch of the DMCC Crypto Centre, DMCC attracted companies from a broad range of sectors. Significant attraction was seen in key target markets, including China, US, UK and Russia, demonstrating Dubai’s continued commercial appeal, and the ease of setting up and doing business at DMCC.

“With our sights set firmly on positioning Dubai as the preeminent place to do business in any sector, DMCC has seen substantial growth across all aspects of the business. This unprecedented performance is reflective of the value that DMCC provides to its member companies through its facilities and services, and the significant progress we are making in emerging sectors such as crypto,” said Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.

“This year, I have seen first-hand how crypto interlinks across our industries, so I am proud that DMCC is championing the cryptographic space in Dubai. Given the incredible momentum that the DMCC team has collectively achieved this year, I am convinced that 2022 will feature major milestones, including the completion of Uptown Tower”.

“From 2018 to 2021, 8,347 new companies joined DMCC and became ambassadors for doing business in Dubai. Had our trade ecosystem – strategically developed and enhanced over two decades – not been in place, Dubai could have lost out on the substantial associated economic impact. The future is bright and further records will be broken. We look forward to working alongside our leadership, governments abroad, DMCC members and the wider private sector and together, continue delivering for Dubai,” he added.

DMCC, in partnership with CV Labs, officially inaugurated the DMCC Crypto Centre, a comprehensive ecosystem for businesses operating in the cryptographic and blockchain sectors. Located in Almas Tower, the DMCC Crypto Centre has become a hub for the development and application of crypto and blockchain technologies. The Crypto Centre offers a home to all types and sizes of crypto businesses, from companies developing blockchain-enabled trading platforms, through to firms offering, issuing, listing, and trading crypto assets.

In April, DMCC signed a land sale and purchase agreement with REIT Development to establish the largest precious metals refinery and storage facility across the GCC and the first to be completely enabled by blockchain in the GCC. The facility will refine and store precious metals including gold, silver, platinum, palladium and rhodium.

Throughout 2021, Dubai built upon its status as the global hub for the commodities trade.

Earlier in the year, DMCC announced plans to add to its portfolio of commodities with the addition of a dedicated Cacao Centre and other commodity trade centres including meat, honey and saffron.

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DMCC Tradeflow, a fully digital and interactive ownership registry, recorded a total value of AED 1.1 trillion (USD 299 billion), an 48% increase over 2020.

DMCC continued to promote Dubai as a prime destination for FDI during 2021, conducting roadshows physically and online in seven markets across the world to highlight the opportunities in the emirate. With the world convening in the UAE for Expo 2020 Dubai, DMCC hosted a range of high-profile delegations from countries including Brazil, the Netherlands, Botswana, Colombia, Fiji and Poland. The conversations centred around how DMCC and Dubai can better connect with these markets to boost bilateral trade and demonstrate the commercial appeal of the emirate.

In 2021, DMCC attracted a broad range of entrepreneurs, SMEs and larger multinationals to Dubai through its world-class facilities and digital support services, demonstrating their value-add for member companies. 2,485 companies joined DMCC in 2021, representing 146 geographies. In recognition of its continued efforts to enhance its ecosystem, DMCC was named Global Free Zone of the Year by the Financial Times’ fDi Magazine for the seventh year in a row in October 2021.