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Dubai’s DMBB Free Trade Zone signed 3,049 new investing companies in 2022, taking the total of businesses invested by the free zone to 22,000. Among the newly licensed are crypto and blockchain focussed businesses, which means the DMCC’s Crypto Centre alone has more than 500 clients. Dubai is attractive to such businesses due to its generally dry climate, inexpensive energy, world class infrastructure and low taxes.
Ahmed Bin Sulayem, the Executive Chairman and CEO of DMCC stated that “The DMCC has been efficiently accelerating its growth strategy throughout 2022, focusing on supporting its member companies in high-impact sectors such as web3 and blockchain, commodities and global trade. The unprecedented performance this year reflects this growth acceleration and highlights the significant value that DMCC adds to each of its members.”
In the near future, the DMCC business district will host a wider area, starting with the signature Uptown Tower development, which is currently under construction and will be one of Dubai’s tallest skyscrapers. Leasing interest has been heavy for space there, while the property will hit the market later this year.
“I often view our member company registrations as a barometer for commercial and FDI activity in Dubai,” said Bin Sulayem. “These record-high numbers demonstrate burgeoning investor confidence in the emirate and the growing number of opportunities that Dubai presents.”
The ambitious efforts to broaden business horizons are part of the NextGenFDI initiative, which aims to attract advanced technology companies from all over the world with a series of incentives. These include making licensing and financing easier, offering golden visas, providing commercial and residential lease incentives, relocation guidance, cloud infrastructure and affordable education for families.
The Emirate is increasingly seen as a Western friendly base for investors to reach out to markets elsewhere in the Middle East, India and Pakistan.