Crypto and blockchain companies accounted for 16% of the 655 new business registrations that were registered in the first quarter of 2022, the Dubai Multi Commodities Center (DMCC) said. The surge in crypto-related records also coincided with a quarterly period in which the DMCC reportedly posted its “highest first quarter performance” since its inception.
Increase in registrations attributed to the launch of the DMCC Crypto Center
One of the largest free zones in the UAE, the Dubai Multi Commodities Center (DMCC), said that 16% of the 655 new business registrations recorded in the first quarter of 2022 were crypto and blockchain businesses. The DMCC attributed this increase in crypto and blockchain companies joining the free zone to the presence of the DMCC Crypto Center, which was launched in May 2021.
According to a statement from DMCC, the surge in new listings by crypto firms occurred in a quarter that was named “the highest first quarter performance since the 2002 inception.” In the statement, Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, praises the new milestone which would have cemented the free zone’s status as “the world’s leading business destination”. The CEO explained:
The global economic climate remains challenging, however, Dubai’s reputation as the world’s premier business destination is stronger than ever, and DMCC sits at the very heart of this international appeal. The registration of 665 new businesses in the first three months of 2022 is another record breaking for DMCC and serves to show the huge potential offered when joining our free zone in Dubai.
DMCC will continue its efforts to attract ambitious companies that may seek to locate in Dubai, Sulayem added.
Performance better than in previous quarters
Meanwhile, in the statement, DMCC revealed that its key markets – namely India, the UK, Germany and France – performed better than in previous similar quarters. According to the statement, Dubai business formations from China have increased by 34%. The DMCC attributed the growth to its “extensive Mandarin engagement programs that run nationwide throughout the year, and its representative office in Shenzhen.”
DMCC’s specific outreach programs in markets like Israel and Turkey have resulted in a quarterly increase in business registrations from these jurisdictions by 350% and 100% respectively. According to the release, DMCC has seen increased interest from malls such as Indonesia and Vietnam.
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