Dubai Multi Commodities Centre (DMCC), world’s fastest-growing free zone, has witnessed a 5.4% year-on-year growth in new company registrations in 2019 to 1,969 and is now home to over 17,000 companies.
DMCC, a government entity established for major multinationals and start-ups in 2002, finished 2019 with the strongest fourth-quarter registrations in four years.
A total of 559 companies signed-up to the free zone in the fourth quarter, a 20% increase on the same period in 2018. This follows the registration of 202 new member companies in October 2019, the highest figure in a single month for two years.
“DMCC is a global hub for trade and an interconnected business district in the heart of Dubai. We added 2,000 companies from a variety of backgrounds and sectors in 2019. The strong 2019 performance is the result of us listening to our member companies, constantly enhancing our services and broadening our engagement with business communities around the world,” Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said in a statement.
The new member companies include start-ups, SMEs and multinational firms from a variety of sectors, adding to the diverse business ecosystem DMCC has built within its Jumeirah Lakes Towers (JLT) community. Over 100,000 people live, work and thrive in JLT, where everyday lives are transformed by DMCC's smart district solutions.
Bin Sulayem said that DMCC continues to attract foreign direct investment to Dubai from key international markets including China and India.
“We look forward to welcoming more companies in 2020 and in turn increase our contribution to Dubai’s GDP and the wider national economic diversification strategy,” he said.