DMCC, the Dubai-based free zone for commodities trade and enterprise, celebrated a record-breaking year in 2018 with strong growth achieved across its businesses. In line with its mission to drive trade through Dubai, DMCC welcomed 1,868 new companies to its free zone in 2018, marking a 12% growth compared to 2017. Construction of Uptown Dubai, DMCC’s new district, is well under way to accommodate demand for additional space.
With a focus on driving commodity trade flows, DMCC is home to over 15,000 member companies and registers an average of seven new companies a day. Collectively, the economic impact of DMCC member companies contributes over 10% to Dubai’s GDP and positively impacts the long-term economic diversification strategy of the United Arab Emirates (UAE).
“2018 also proved to be a very positive year for DMCC. Our continued success is testament to the strong foundation that the UAE leadership has laid out in order to shape the future of trade and make Dubai one of the world’s leading business capitals,” said Ahmed Bin Sulayem, executive chairman and chief executive officer, DMCC.
The increase of companies joining the free zone, has resulted in a significant increase in commodity trade flows through Dubai, where DMCC attained record highs in 2018. DMCC’s Dubai Diamond Exchange (DDE) hosted 27 diamond tenders in 2018 where AED1.205 billion ($328 million) worth of diamonds were traded, a significant increase from 13 tenders worth AED104.7 million ($28.5 million) in 2017.
Similarly, the DMCC’s Dubai Gold and Commodities Exchange (DGCX) witnessed a record-breaking year, trading an aggregate 22.26 million contracts valued at AED1.744 trillion ($475 billion). This was the highest annual volume traded on the platform, marking a 28% increase year-on-year. For its part, DMCC Tradeflow recorded a total value of AED126 billion ($35 billion), a 37% increase from 2017.