Middle East

Dubai Multicommodity Center Achieves Record Growth

Dubai Multicommodity Center (DMCC) authorities have announced that they have achieved record-breaking years in 2021 by attracting 2,485 companies representing 146 regions to Dubai. 2020.

Growth was driven by strong international demand, the expansion of its merchandise center, and the launch of the DMCC Cryptographic Center. DMCC also attracts companies from various sectors of major target markets such as China, US, UK and Russia, demonstrating the continued commercial appeal of the Emirate and the ease of launching and operating in DMCC. I am.

Ahmed Bin Sulayem, Chairman and Chief Executive Officer of DMCC, said: This unprecedented performance reflects the value DMCC provides to its member companies through its facilities and services and the significant advances we have made in emerging sectors such as cryptocurrencies. “

Launched last May, the DMCC Crypto Center is an ecosystem for businesses operating in the crypto and blockchain sectors. DMCC is also working to establish the largest precious metal refining and storage facility across GCC and is the first facility fully realized by GCC’s blockchain. The facility refines and stores precious metals such as gold, silver, platinum, palladium and rhodium.

read: Dubai fintech company iBloxx obtains DMCC crypto trading license

In April 2021, DMCC announced plans to add a dedicated cocoa center and other commodity trading centers such as meat, honey and saffron.

The DMCC CEO said: “Given the incredible momentum that the DMCC team has collectively achieved this year, we are confident that 2022 will be a major milestone, including the completion of the Uptown Tower.”

Scheduled for delivery in the third quarter of 2022, the Uptown Tower in DMCC’s Premium Uptown Dubai Mixed-use District is now over 270 meters high.

Other highlights last year included the Dubai Diamond Exchange, the world’s largest diamond bidding facility for 68 diamond and gem bids. The DMCC also convened more than 300 of the world’s top gold experts at the Dubai Precious Metals Conference to identify current market opportunities within the precious metals sector.

The DMCC Tea Center processes more than 35,580 metric tons of tea, and the total value added is 6,482 metric tons, an increase of 14% from 2020. Meanwhile, the DMCC Coffee Center has stored and processed over 9,000 metric tons. Both green and roast coffee from a wide range of production markets in Latin America, Asia and Africa. The center has also doubled the number of members.

Another milestone achieved was the DMCC Tradeflow, a fully digital, interactive ownership registry, with a total value of 1.1 trillion dirhams, up 48% compared to 2020.

Feryal Ahmadi, Chief Operating Officer of DMCC, said: in this year. “

DMCC has released two special editions of the Future of Trade Thought Leadership series. The crypto-specific edition focuses on the decentralized financial sector and its impact on trade.

https://gulfbusiness.com/dubai-multi-commodities-centre-achieves-record-growth/ Dubai Multicommodity Center Achieves Record Growth

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