Dubai Multi Commodities Centre (DMCC) has reported its best Q1 results since its inception in 2002, with growth in traditional markets boosted by the exceptional performance of its cryptocurrency and gaming centres.

The free zone said it registered 708 new companies in the first quarter of 2023, up 8.4% year-on-year and represents an average annual increase of 13.7% over the last five years. Additionally, significant momentum was seen by the crypto and gaming centres in December 2022, both considerably supporting DMCC’s long-term growth strategy.

Ahmed bin Sulayem, Executive Chairman and CEO, DMCC, said in a statement, “In contrast to the challenging global economic outlook, these remarkable figures firmly display Dubai’s status as a prime destination for investment, backed by strong local macroeconomic conditions and the ease of doing business within DMCC.”

In late October 2022, DMCC launched sustainability projects to decarbonise the JLT District and, in late January 2023, Ellington and DMCC launched a $326.6mn high-rise residential development.

He added, “With a number of high-growth areas in our sights, including Web3 and gaming, we are efficiently utilising this momentum to target long-term growth across the board.”

Traditional core markets continued to outperform previous quarters, with strong growth in businesses from India, the United Kingdom, Germany, China, and France.

DMCC, which registered 3,049 new companies in 2022, is currently home to nearly 23,000 companies, the statement concluded.

In late February 2023, Sobha Realty launched its Verde by Sobha development in Dubai’s JLT district.