DMCC, a prominent free zone in Dubai, announced on Monday that it now represents 15 percent of all foreign direct investment (FDI) in the emirate, an increase from 11 percent last year, and accounts for 7.0 percent of Dubai's GDP, estimated at Dh430 billion in 2023.

"With 15 percent of Dubai's FDI, our performance in the first half of 2024 highlights the robust investment growth within our district and Dubai's enduring status as a global trade hub," stated Ahmed bin Sulayem, Executive Chairman and CEO of DMCC. He noted that as DMCC nears 25,000 member companies, the free zone aims to further boost growth through "tailored services and commercial spaces that align with business realities."

According to UN Trade & Development, global FDI flows in 2023 reached an estimated $1.37 trillion, marking a 3.0 percent increase over 2022. However, excluding major European transactions, global FDI flows were 18 percent lower. Dubai attracted an estimated Dh39.26 billion in FDI capital during 2023, mirroring global trends.

Dubai's GDP surpassed Dh115 billion in the first quarter of 2024, with a 3.2 percent economic growth compared to the same period in 2023. The emirate, consistently strengthening its position as a leading FDI hub, has launched an FDI Development Programme aiming to attract Dh650 billion in investments by 2033, supported by Dh25 billion over ten years.

Data from 'Dubai FDI Monitor' shows that the emirate saw 1,650 announced FDI projects in 2023, a significant 39 percent increase from 2022. DMCC highlighted that the growth in its business district was driven by strong performance across various sectors, particularly technology, where 226 new companies were registered, including 14 gaming and nine AI firms.

The DMCC Crypto Centre welcomed 64 new companies, including seven Virtual Asset Service Providers (VASP), resulting in an 11 percent membership increase year-to-date. Additionally, 159 energy companies joined DMCC in H1 2024, bringing the total in its energy ecosystem to over 3,260, the largest for any single industry at DMCC.

DMCC also saw an 8.5 percent increase in financial sector companies, adding 140 new firms. Growth was also noted in agriculture, precious stones, and precious metals. DMCC maintains a balanced growth trajectory across its physical commodities and services sectors.

DMCC is gearing up for the launch of its new AI Centre in Uptown Tower, expected to be a leading platform for AI innovation and practical application development. Despite global diamond price declines, the UAE experienced significant diamond trade volume increases through DMCC's Dubai Diamond Exchange (DDE) in the first half of the year.

For natural diamonds, over 113 million carats of rough and 6.3 million carats of polished were traded, resulting in a 119.4 percent year-on-year increase in combined rough and polished diamond trade volume.