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In what was a successful year, the oil-rich Middle Eastern country has attracted more than 500 cryptocurrency startups and around 3,000 registered companies in 2022, according to the Dubai Multi Commodities Center (DMCC).
Strong domestic and international demand, DMCC’s continued initiatives in key commodity sectors, and increased demand from blockchain and Web3 organizations for office space at DMCC’s Crypto Hub (now home to more than 500 companies) all contributed to record growth .
DMCC is dedicated to facilitating the establishment and operation of businesses in Dubai, which is the foundation of every industry.
The outstanding results for 2022 demonstrate the acceleration of this development and underscore the significant value DMCC provides to each member. It furthermore shows Dubai’s commitment to become a large global player in the global crypto and metaverse economies.
Bin Sulayem went on to say that he often sees the registration of each member company as a reflection of business and foreign direct investment activity in Dubai. These record numbers indicate that investors are more confident in the expanding opportunities in the UAE and Dubai.
DMCC Chief Operating Officer Feryal Ahmadi further explained that the 23% growth achieved in 2022 provides a new basis for DMCC to achieve more in 2023 based on the types of projects already underway.
In the past year, DMCC has teamed up with many big players in the crypto and metaverse space, such as Binance and Animoca Brands. Many large global companies have set up headquarters in the Emirate.