The Dubai Multi Commodities Centre, the world’s leading free zone and Dubai’s Government authority on commodities trade, published its key performance results for the first half of 2024. The report shows impressive growth of member companies, foreign direct investments, and big sectoral expansions that entrench the role of DMCC as a major global trade hub.
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Record New Membership and FDI Growth
During the first half of 2024, DMCC on-boarded 1,023 new member companies, increasing its total membership to nearly 25,000 firms. This growth reflects the continuing appeal DMCC holds as a business destination. The centre now accounts for 15 percent of all foreign direct investment into Dubai, an increase from 11 percent a year earlier. Additionally, DMCC now contributes 7 percent to Dubai’s GDP, further underlining the increased economic contribution.
Ahmed bin Sulayem, Executive Chairman and CEO of DMCC, said of the strong results, “Our performance in the first half of 2024 demonstrates the consistently strong investment growth across our district and the continued appeal of Dubai as a global trade hub. Approaching 25,000 member companies, we will further accelerate this growth through targeted services and commercial spaces that respond to business requirements.”
Sectoral Performance and New Developments
DMCC’s strong growth in H1 2024 was further driven by improvements across a myriad of sectors. In particular, 226 new companies joined the technology sector: 14 in gaming and nine in AI. That shows DMCC is a place with a focus for incubation of innovation and technological development.
The DMCC Crypto Centre also saw robust growth, with 64 new companies onboarding and seven more VASPs. This means its membership grew more than 11% year-to-date. In the energy sector, 159 new companies have taken the total in the sector to over 3,260, making it the largest industry represented within DMCC.
The financial sector, too, remained firm with the addition of 140 companies—up 8.5% since the beginning of the year. The other contributors came from agriculture, precious stones, and precious metals, which showed good growth balancing DMCC’s ecosystems.
Upcoming AI Centre and Technological Advancements
DMCC is launching its new AI Centre in Uptown Tower. The AI Centre will offer an important platform for the innovation of AI and the development of real-world applications. ADGM, on its part, has been building its Web3 ecosystem, and this will add to the already existing Web3 ecosystem of DMCC. It will further entail the Crypto Centre and Gaming Centre, thereby providing much better opportunities regarding networking and collaboration to its members.
Diamond Trade Highlights
Despite global headwinds in diamond prices, the UAE continued to see steep increases in its diamond trade volumes in H1 2024 through DMCC’s Dubai Diamond Exchange. Natural diamond trade reached over 113 million carats of rough to more than 6.3 million carats of polished, for a total of 119.4 million carats. This is a near 12% rise in the combined diamond trade volume compared to the year before.
Lab-grown diamonds showed dramatic increases, with 15.9 million carats traded in H1 2024, up 51% YoY. Rough lab-grown diamonds rose by 62% in volume, reflecting the ever-expanding market size of these synthetic stand-ins.
DMCC’s performance in the first half of 2024 illustrates its pivotal role in Dubai’s economic landscape. With record membership growth, increased FDI, and strong sectoral expansions, DMCC continues to reinforce Dubai’s position as a premier global trade hub. The upcoming AI Centre and advancements in diamond trade further solidify DMCC’s commitment to driving innovation and trade excellence in the region.
