DMCC’s Expansion Plans for H1 2024: Growing Real Estate and Business Operations

Monday, 2 September 2024

The Dubai Multi Commodities Centre (DMCC) has marked a significant milestone with nearly 25,000 businesses now operating within its business district. This impressive growth follows the registration of 1,023 new member companies in the first half of 2024.

Key Achievements:

• Economic Impact: DMCC now contributes 7% to Dubai’s GDP and accounts for 15% of the emirate’s foreign direct investment (FDI), up from 11% last year.
• Strategic Focus: For the latter half of 2024, DMCC will concentrate on consolidating its major real estate projects in Uptown Dubai and Jumeirah Lakes Towers (JLT), alongside expanding its ecosystems in high-value sectors like AI and Web3. This strategy aims to attract the next wave of global investment to Dubai.

Executive Insights:

• Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, highlighted that the centre’s performance reflects strong investment growth and Dubai’s ongoing appeal as a global trade hub. As DMCC approaches 25,000 member companies, it will continue to foster growth through tailored services and commercial spaces that align with business needs.
• Feryal Ahmadi, COO of DMCC, noted that the centre’s strategy to consolidate its position across high-growth sectors is yielding substantial results, with significant gains in both physical commodities and technology sectors.

Sector-Specific Growth

Technology and Crypto:

• Tech Sector: DMCC welcomed 226 new tech businesses, including 9 AI and 14 gaming companies.
• Crypto Centre: Membership in the DMCC Crypto Centre grew by over 11% with 64 new businesses, including seven Virtual Asset Service Providers (VASPs).

Energy and Financial Services:

• Energy Sector: DMCC now hosts 3,260 energy companies, marking it as the largest industry group. An additional 159 energy companies joined in H1 2024.
• Financial Sector: There was an 8.5% increase in financial sector companies, with 140 new additions.

Balanced Growth:

• Balanced Growth: DMCC observed balanced growth in its physical commodities and services ecosystems, particularly in agriculture, precious stones, and metals.

Pioneering New Industry Ecosystems

Sustainability Hub:

• Sustainability Hub: Launched in March, the Sustainability Hub promotes ESG best practices and offers networking, mentorship, venture capital access, and accelerator programs.

AI Center:

• DMCC’s Crypto and Gaming Centres: It will feature modern workspaces and an AI solutions showroom to foster collaboration and AI innovation.

Diamond Trade Developments

Trade Volumes:

• The UAE saw substantial increases in diamond trade volumes via DMCC’s Dubai Diamond Exchange (DDE) in H1 2024:
  • Natural Diamonds: 119.4 million carats exchanged, including 113 million carats of rough and 6.3 million carats of polished diamonds—a nearly 12% annual increase.
  • Lab-Grown Diamonds: 51% increase in rough value and a 62% rise in total trade volume, reaching 15.9 million carats.
• DMCC continues to lead as a global hub for diamond and precious stone trade, supported by its role in the UN-mandated Kimberley Process (KP) and upcoming events such as the KP Plenary and Dubai Diamond Conference in November.

Real Estate Developments

Uptown Dubai and JLT:

• Uptown Dubai: Construction began on the first phase of DMCC’s 5.8 million square foot development, featuring two grade A office towers. The Atrium and Plaza will soon offer new dining, retail, and entertainment options.
• Residential Projects:
  • Mercer House by Ellington: Two towers with multi-family apartments.
  • Viewz by Danube: Twin 65-story towers with apartments and Sky Villas.
  • W Residences by Signature Developers: A 32-story complex with approximately 200 upscale apartments.

Industry Recognition:

• DMCC earned accolades from the Council of Tall Buildings and Urban Habitat (CTBUH) and several other awards, highlighting its innovative design and commitment to sustainability.

The Future of Trade

• Future of Trade Report: Released in May, this report has been widely viewed and downloaded, reinforcing Dubai’s status as a trade hub and DMCC’s role as a leading voice in international trade.

With over 1.9 million views and downloads, the report underscores Dubai and the UAE’s growing influence in global trade.