With substantial improvements, DMCC to Expand Real Estate and Business Operations in H1 2024, the Dubai Multi Commodities Centre (DMCC) today supports about 25,000 enterprises in its business district. This follows the addition of 1,023 new businesses in the first half of 2024.

In addition to increasing its proportion of foreign direct investment (FDI) to 15% from 11% the previous year, DMCC has raised its contribution to Dubai’s GDP to 7%.

DMCC will keep concentrating on combining its major real estate projects in Uptown Dubai and Jumeirah Lakes Towers (JLT) in the second half of 2024. Additionally, as part of its continuous efforts to draw the next wave of international investment to Dubai, it will deliberately develop its ecosystem in high-value industries like Web3 and AI.

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Selected Services Provided

“With DMCC now representing 15% of Dubai’s FDI, our performance in the first half of 2024 showcases not only the consistent investment growth within our district but also the continued global appeal of Dubai as a major trade hub,” said Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC. We are dedicated to accelerating this expansion as we get closer to 25,000 member companies by delivering carefully selected services and business-oriented commercial spaces. This will enable global enterprises to conduct trade and business with confidence on a strong platform.

“We began this year with a focus on strengthening our position across various high-growth sectors,” said Feryal Ahmadi, Chief Operating Officer of DMCC. In H1, this approach has already produced notable outcomes, especially in the sectors of services, technology, and tangible goods. We are confident that we will continue to grow by providing our members with more first-rate real estate and top-notch ecosystems as we move into the second half of 2024.

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Robust Development in Energy, Financial Services, Crypto, and Technology

Significant overall expansion was witnessed in DMCC’s commercial district, mostly due to the technology industry, which welcomed 226 new enterprises, including 9 AI and 14 gaming firms. This year, the DMCC Crypto Centre had an 11% increase in membership as it added 64 new businesses, seven of which were Virtual Asset Service Providers (VASP).

By the end of the first half of 2024, there will be 3,260 firms in the energy sector, including 159 new entrants, making DMCC the largest industry group. Along with this growth, the financial industry saw 140 new entrants, or an 8.5% increase. With noteworthy advancements in agriculture, precious stones, and precious metals, DMCC is still seeing balanced growth throughout its physical commodities and services ecosystems.

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Leading the Way in the Development of Future Industry Ecosystems

DMCC is dedicated to creating the upcoming generation of leading industrial ecosystems as its business district expands. To encourage environmental, social, and governance (ESG) best practices among its member companies, DMCC created the Sustainability Hub in March. The Hub is a hub for ESG innovation in the area, providing access to ESG-focused venture financing, networking opportunities, mentorship, and accelerator programs.

Additionally, DMCC is getting ready to open Uptown Tower’s new AI Center. The AI Center is poised to emerge as a major innovation hub for the adoption of AI and the creation of useful use cases. Situated in close proximity to two of DMCC’s most prominent Web3 ecosystems, the DMCC Crypto Centre and the DMCC Gaming Centre, the AI Center will offer a cohesive experience that will augment prospects for networking and cooperation. In addition, it will have a showcase for AI solutions and contemporary workspaces, allowing member companies, AI innovators, and AI-focused funds to network and promote AI innovation in Dubai.

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Notable Rise in the Volume of Diamond Trade

Despite pressure on prices globally, DMCC was able to arrange considerable growth in diamond trade volumes in the UAE during the first half of 2024 through the Dubai Diamond Exchange (DDE).

Natural diamonds weighing over 113 million carats in raw and 6.3 million carats in polished were exchanged for a total of 119.4 million carats. This shows that the aggregate volumes of commerce in raw and polished diamonds have increased by almost 12% year over year. In the first half of 2024, there was a 51% increase in the rough value of lab-grown diamonds and a 62% increase in trade volume, totaling 15.9 million carats. These numbers confirm DMCC’s status as the world’s preeminent hub for the trading in diamonds and precious stones.

Looking ahead, the DMCC is still committed to promoting long-term, sustainable growth in the sector, particularly through the UN-mandated Kimberley Process (KP), which is presently being led by the UAE under the direction of Ahmed Bin Sulayem, Executive Chairman and CEO of the DMCC. DMCC will wrap up the UAE’s “Year of Delivery” presidency at the KP Plenary in Dubai in November, following a productive KP Intersessional in May. This event will create a special “Diamond Week” from November 11 to November 15, coinciding with the Jewellery, Gem & Technology (JGT) trade expo and the DMCC’s Dubai Diamond Conference.

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Award-Winning Uptown Dubai and JLT Real Estate Offerings

To satisfy the increasing demand from new enterprises, DMCC is improving and broadening its commercial real estate offers in Uptown Dubai and JLT in addition to keeping a 98% member retention rate.

The 5.8 million square foot Uptown Dubai complex by DMCC saw the start of construction in January. In this phase, two towers with a height of 23 and 17 stories will be built, providing grade A commercial office space through DMCC to companies looking to expand into Dubai. The Atrium and Plaza at Uptown, which will soon offer a range of fresh dining, shopping, and entertainment options for residents, workers, and guests of Uptown Dubai, is almost finished.

In addition, a number of high-end residential projects were revealed for the first half of 2024. Uptown Dubai’s Mercer House by Ellington will be comprised of two buildings housing multi-family flats varying in size from studios to penthouses. W Residences by Signature Developers will build a 32-story complex with about 200 opulent, avant-garde apartments in JLT, while Viewz by Danube will include twin 65-story towers with a range of apartments and Sky Villas.

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These initiatives have received a great deal of industry acclaim. DMCC received three Awards of Excellence in May from the Council of Tall Buildings and Urban Habitat (CTBUH), which recognized the company for its creative design, innovations in tall building technology, and focus on sustainability and well-being. These honors join the expanding list of achievements DMCC has received for Uptown Tower, which also includes three British Safety Council awards, three Commercial Interior Design MENA awards, the International Safety Award with Distinction, and the Best Mixed-Use Tall Building award from Construction Week.

Trade’s Future

Decoupled and Reconfigured, the most recent Future of Trade report from the DMCC, was made public in London and Singapore in May. There will be follow-up activities in Geneva, Switzerland, and Shanghai, China, respectively, at the World Trade Organization’s headquarters. Over 800 stakeholders, including trade officials, regulators, industry leaders, and WTO Director-General Ngozi Okonjo-Iweala, were presented with the report’s conclusions by DMCC representatives.

Over 1.9 million people have watched and downloaded the Future of Trade study series to date, demonstrating the importance of Dubai and the UAE as hubs for global trade as well as the DMCC’s rising prominence as a leading voice in this field.