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Increased Registrations as a Result of the Launch of the DMCC Crypto Centre

The Dubai Multi Commodities Centre (DMCC), one of the UAE's largest free zones, reported that 16 percent of the 655 new company registrations in Q1 of 2022 were crypto and blockchain firms. The DMCC attributes this spike in crypto and blockchain companies joining the free zone to the establishment of the DMCC Crypto Centre in May 2021.

According to a statement released by DMCC, the rise in the number of new registrations by crypto firms came during a quarter that has been named “the highest Q1 performance since 2002 inception.” In the statement, Ahmed Bin Sulayem, Executive Chairman and CEO at DMCC, touts the new milestone which is said to have cemented the free zone’s status as a “world-leading business destination.” The CEO explained:

The global economic climate remains challenging, however, Dubai’s reputation as a world-leading business destination is stronger than ever, and DMCC sits at the very heart of this international appeal. Registering 665 new companies in the first three months of 2022 is another record broken for DMCC, and serves to show the huge potential on offer when joining our Free Zone in Dubai.

DMCC will continue with its efforts to attract ambitious firms that may be looking to set up in Dubai, Sulayem added.

Performance Better Than in Previous Quarters

Meanwhile, DMCC noted in the statement that its core markets — India, the United Kingdom, Germany, and France — performed better than in previous comparable quarters. According to the announcement, company formations in Dubai from China increased by 34%. The DMCC attributes this increase to its "extensive Mandarin engagement programs that operate year-round around the country, as well as its Shenzhen representative office."

DMCC's targeted outreach to markets such as Israel and Turkey resulted in quarterly company registrations from these jurisdictions increasing 350% and 100%, respectively. DMCC has received considerable interest from trading centres such as Indonesia and Vietnam, according to the statement.

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