DMCC new company registrations hit 204 in August

The free zone aims to have 20,000 members by the end of the year

The Dubai Multi Commodities Centre registered 1,230 new companies in the first half of 2021. Antonie Robertson / The National

The Dubai Multi Commodities Centre registered 204 new companies in August to post its best performance in the month since its establishment in 2002.

“The record-breaking level of business activity, even during the quieter summer months, reflects the continued appeal of our business district to companies of all sizes and origins,” said Ahmed bin Sulayem, executive chairman and chief executive of the DMCC.

The DMCC also registered 1,230 new companies in the first half of 2021, its best six-month performance since 2013. It intends to have 20,000 members by the end of the year.

“As Dubai prepares to welcome the world to Expo 2020 Dubai in a few weeks, we see a wealth of opportunities on the horizon. Building on this momentum, we are looking forward to the next few months, which will undoubtedly be marked by many more milestones and achievements,” said Mr bin Sulayem.

The DMCC, which oversees companies trading a range of commodities – from pulses to diamonds, unveiled various new initiatives to help it boost growth and attract more companies to set up operations in the free zone.

The free zone set up a new space in May to house companies developing cryptocurrency and blockchain technology in partnership with Switzerland’s CV Labs, the organisation behind the Swiss government-backed Crypto Valley.

The free zone also slashed set-up fees for diamond companies by 50 per cent last year in a move designed to boost Dubai's trade of precious stones and attract international companies to the emirate.

Other initiatives include the launch of an agricultural trading platform to connect farmers in India with food companies in the UAE, in an effort to boost food imports from India.

The DMCC registered 2,050 new companies last year, a five-year high for the free zone.