UAE’s DMCC records 665 new company registrations in Q1 2022

  • Date: 13-Apr-2022
  • Source: Gulf Business
  • Sector:Economy
  • Country:UAE
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UAE’s DMCC records 665 new company registrations in Q1 2022

The Dubai Multi Commodities Centre said that 665 new companies registered in the freezone in Q1 2022 – making it the best first quarter since its inception 20 years ago. The latest figures represent a 25 per cent increase compared to the five-year average, according to Dubai Media Office. DMCC’s key markets such as India, UK, Germany and France reportedly performed stronger than the corresponding period in previous years. DMCC also witnessed 34 percent increase in Dubai company formation from China in Q1 compared to the same period last year. DMCC has already opened a representative office in Shenzhen and has rolled out several Mandarin engagement programmes. Outreach programmes to markets such as Israel and Turkey have also led to an increase in quarterly company registrations by 350 per cent and 100 per cent during the quarter, respectively. DMCC has also registered interest from emerging trade hubs such as Indonesia and Vietnam. Following the launch of the DMCC Crypto Centre in May 2021, DMCC has seen a surge in the number of crypto and blockchain businesses joining its freezone. In the first quarter of 2022 alone, 16 per cent of all company registrations were for crypto-related activities. “Registering 665 new