The expansion of the DMCC’s commodities centres and the launch of the DMCC Crypto Centre, has seen a surge in the number of companies operating from the free zone. Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said: “With our sights set firmly on positioning Dubai as the preeminent place to do business in any sector, DMCC has seen substantial growth across all aspects of the business. This unprecedented performance is reflective of the value that DMCC provides to its member companies through its facilities and services, and the significant progress we are making in emerging sectors such as crypto.
“This year, I have seen first-hand how crypto interlinks across our industries, so I am proud that DMCC is championing the cryptographic space in Dubai. Given the incredible momentum that the DMCC team has collectively achieved this year, I am convinced that 2022 will feature major milestones, including the completion of Uptown Tower,” he said.
A growth in crypto
In partnership with CV Labs, the free zone launched the DMCC Crypto Centre, an ecosystem for businesses operating in the cryptographic and blockchain sectors. The Crypto Centre aims to become a reference point for the creation and application of crypto and blockchain technologies. Companies of all sizes operate within the Centre, including those developing blockchain-powered trading platforms and organisations offering, listing and trading crypto assets.
Last year, the free zone signed a land sale and purchase agreement with REIT Development and the firm will establish the largest precious metals refinery and storage facility in the region. The facility will be the first to be entirely enabled by the blockchain in the GCC. The facility will refine and store precious metals including gold, silver, platinum, palladium and rhodium.
The future of crypto trade
Two editions of the Future of Trade thought leadership report series focused on the future of crypto trade. One report focuses on the decentralised finance sector and how the blockchain and other crypto-related technologies are set to revolutionise the sector. The report studies how the blockchain will substitute or supplement traditional finance systems, how this can benefit both developed and developing markets and how to establish regulatory frameworks that facilitate trade and innovation.
A leading commodities hub
Alongside the benefits resulting from the opening of the Crypto Centre, the free zone also highlighted a series of trade-related initiatives that have contributed to the organisation’s success in 2021. These included the holding of rapid growth of the Dubai Diamond Exchange (DDE), the Tea Centre and the Coffee Centre.
DMCC continued to promote Dubai as a prime destination for FDI during 2021, conducting roadshows physically and online in seven markets across the world to highlight the opportunities in the emirate. With the world convening in the UAE for Expo 2020 Dubai, DMCC hosted a range of high-profile delegations from countries including Brazil, the Netherlands, Botswana, Colombia, Fiji and Poland. The conversations centred around how DMCC and Dubai can better connect with these markets to boost bilateral trade and demonstrate the commercial appeal of the emirate.
As a result of these and other initiatives, DMCC reported attracting a total of 2,485 companies from 146 countries over the year.
In 2020 DMCC launched Crypto Valley, the world’s largest ecosystem for cryptographic, blockchain and distributed ledger technologies
