15% of all Foreign Direct Investment (FDI) in Dubai comes from DMCC.

DMCC, which is the world’s flagship free zone and Government of Dubai Authority on commodities trade and enterprise, has announced its key performance results for the first half of 2024. The organization has recorded 1,023 new member companies, bringing its total to almost 25,000 companies.

DMCC now accounts for 15% of all foreign direct investment (FDI) in Dubai, which is up from 11% last year, and 7% of the emirate’s GDP.

In the second half of 2024, DMCC will be focusing on consolidating its major real estate developments in Uptown Dubai and Jumeirah Lakes Towers (JLT), as well as strategically expanding its network of ecosystems in high-value sectors such as AI and Web3.

Ahmed bin Sulayem, Executive Chairman and CEO of DMCC, stated, “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. As DMCC approaches 25,000 member companies, we will continue to accelerate this growth through a curated services offering and commercial space that matches business needs to reality.”

The overall growth of DMCC’s business district was driven by strong results across various sectors, particularly in technology, where DMCC registered 226 new companies, including 14 gaming and nine AI companies.

The DMCC Crypto Centre added 64 new companies, including seven Virtual Asset Service Providers (VASP), leading to an 11% growth in membership year to date. Additionally, 159 energy companies joined DMCC in H1 2024, bringing the total across its energy ecosystem to over 3,260 – DMCC’s largest for a single industry.

DMCC also welcomed 140 companies from the financial sector, representing an 8.5% increase year to date. Solid growth was also observed in agriculture, precious stones, and precious metals. DMCC continues to see balanced growth across its physical commodities and services ecosystems.

DMCC is preparing for the launch of its new AI Centre, which will be located in Uptown Tower. The AI Centre is anticipated to be the next leading innovation platform for advancing AI adoption and developing real-life use cases. It will be situated alongside DMCC’s other leading Web3 ecosystems, the DMCC Crypto Centre and DMCC Gaming Centre, providing an integrated experience and enhanced networking and collaboration opportunities for its members.

Despite downward pressures on global diamond prices, the UAE recorded significant rises in diamond trade volumes in the first half of the year through DMCC’s Dubai Diamond Exchange (DDE).

For natural diamonds, over 113 million carats of rough and 6.3 million carats of polished diamonds were traded, totaling 119.4 million carats. This represents an almost 12% rise in combined rough and polished diamond trade volume year-on-year.

Meanwhile, lab-grown diamonds recorded 15.9 million carats in total H1 trade volume of rough and polished diamonds, showing a 51% rise year-on-year, including a 62% rise in rough diamonds.

Through these growth figures, DMCC continues to reinforce Dubai’s status as the world’s leading trade hub for diamonds and precious stones.