Blockchain Firms Account for 16% of UAE’s Free Zone Company Registrations in Q1
According to the Dubai Multi Commodities Centre (DMCC), 16 percent of the 655 new companies registered in Q1 2022 were crypto and blockchain enterprises. When it comes to cryptocurrency registrations, the DMCC’s “highest Q1 performance” since it was founded coincided with the spike.
The Dubai Multi Commodities Centre (DMCC), one of the UAE’s major free zones, said that 16 percent of the 655 new business registrations registered in Q1 of 2022 were cryptocurrency and blockchain enterprises. Crypto and blockchain enterprises have been flocking to the DMCC since the DMCC Crypto Centre opened in May 2021, the free zone has said.
There has been a significant increase in the number of new crypto company registrations in the first quarter of this year, which has been dubbed “the best Q1 performance since 2002.” “World-leading business hub,” says Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC. The new milestone, he adds, has “solidified the free zone’s position.”
The CEO stated:
“Despite the current global economic situation, Dubai’s status as a premier business location is powerful than ever before, and DMCC is at the center of this worldwide appeal. More than 665 new firms were registered in Dubai’s DMCC Free Zone in the initial three months of 2022, breaking DMCC’s previous record.”
The DMCC, according to Sulayem, would keep up its efforts to entice forward-thinking companies to locate in the Emirate. According to the DMCC statement, the company’s core markets, including India, the United Kingdom (UK), Germany, and France, fared stronger than in prior quarters.
Company formations from China increased by 34%, according to the statement. “Considerable Mandarin engagement programs that operate nation-wide year round, and its representative office in Shenzhen” are to blame for the DMCC’s expansion.
Company registrations from Israel and Turkey increased 350 percent and 100 percent, respectively, due to the efforts of the DMCC’s particular outreach initiatives. DMCC has observed a surge in interest from trade centers such as Indonesia and Vietnam, as per the statement.