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UAE, Freezone DMCC announced its H1 performance results for 2024, adding 1,023 new members speared by growth in the tech sector, specifically crypto, AI, and gaming. DMCC registered companies now total 25,000 companies.
Tech companies spur growth in UAE Freezone DMCC
As per the press release, the overall growth of DMCC’s business district was spearheaded by strong results in a number of sectors. DMMC mentions in particular technology, where DMCC registered 226 new companies, including 14 gaming and 9 AI companies.
In addition, the DMCC Crypto Center onboarded 64 new companies, including seven Virtual Asset Service Providers (VASP), reflecting an 11% growth of crypto entities from the beginning of the year. Solana Foundation joined the crypto center this year.
Crypto entities play an important role in DMCC growth
In March, DMCC announced the number of new companies that enrolled in 2023, with 123 new crypto and blockchain entities registering at the DMCC crypto center, culminating in 600 companies in total. By the end of 2022, DMCC had announced that it had 500 crypto blockchain entities registered in its Freezone.
While in June 2024, global crypto exchange ByBit partnered with UAE’s DMCC Freezone to offer financial support totaling $136,000 for new crypto businesses looking to set up in the DMCC crypto center.
Feryal Ahmadi, Chief Operating Officer, DMCC, added, “At the start of the year we set out to consolidate our position across multiple high-growth sectors. This strategy is now bearing fruit with considerable gains recorded in H1 both in the physical commodities space as well as in technology and services industries.”
DMCC announces strong growth for the first half of 2024. Real estate expansion and over 1,000 new companies brings our award-winning business district close to 25,000 members. Now contributing 15% to #Dubai's FDI, DMCC sees sharp momentum in tech, crypto, energy, precious stones,… pic.twitter.com/h4qxJWwyCJ
— DMCC (@DMCCAuthority) August 12, 2024
AI is the future focal point for DMCC growth
The press release also mentioned that DMCC is also preparing for the launch of its new AI center. It has partnered with the Dubai-based artificial intelligence firm Qx Lab AI. The AI center is anticipated to be the next leading innovation platform for advancing AI adoption and developing real-life use cases. The center will be housed alongside DMCC’s other leading Web3 ecosystems, the DMCC Crypto Center and DMCC Gaming Center, providing an integrated experience as well as enhanced networking and collaboration opportunities for its members.
DMCC also saw the addition of 140 companies from the financial sector, a rise of 8.5% in the year to date. DMCC now accounts for 15% of all foreign direct investment (FDI) in Dubai, up from 11% last year, as well as 7% of the emirate’s GDP.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said, “Now accounting for 15% of Dubai’s FDI, our performance in the first half of 2024 demonstrates both the consistently strong investment growth across our district as well as the continued appeal of Dubai as a major global trade hub.”