Dubai has once again demonstrated its leadership in fostering and developing future-oriented sectors through the “Crypto” Center, a part of the Dubai Multi Commodities Centre (DMCC), which stands as the largest hub for cryptocurrency and blockchain companies in the region. According to Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, the total number of registered companies at the center has now reached 620.
This year alone, the center has attracted 120 new companies from around the globe, showcasing significant diversity in nationalities, including China, India, the UK, France, and Russia. These companies operate in advanced fields such as cryptocurrency trading, blockchain, crypto mining, and metaverse systems, reflecting Dubai’s broad embrace of innovation.
Record Funding for Startups
In a significant move to support innovation, the center has facilitated total funding of $150 million for the companies operating within its ecosystem through business accelerators, incubators, and global blockchain companies. Of this funding, $80 million has already been disbursed, strengthening these companies’ competitive edge and equipping them with the necessary resources to grow.
AI Centre: 63 Companies in Just Two Months
Since the launch of the Artificial Intelligence Centre in September, 63 new companies have joined the initiative. This cutting-edge platform is designed to promote the adoption of AI technologies across various sectors, supported by state-of-the-art facilities and workspaces tailored to foster innovation.
Gaming Sector on a Steady Rise
In the digital sports and gaming sector, DMCC’s Gaming Centre now hosts over 110 specialized companies. This sector has seen tangible growth with the addition of 23 new companies since the beginning of the year, reinforcing Dubai’s position as a key hub for the digital gaming industry.
Continued Leadership in Diamond Trade
On the diamond trade front, the UAE has solidified its position as a global leader. In the first half of 2024, approximately 120 million carats of rough and polished diamonds were traded, marking a 12% year-on-year increase. The value of polished diamond trade also grew by 32%, reaching $16.9 billion.
Since 2021, the UAE has surpassed Belgium as the largest global center for rough diamond trade, now accounting for 44% of the total value of diamond trade worldwide.
These figures and achievements underscore Dubai’s ambitious vision to be a global hub for advanced technologies and innovation, whether in cryptocurrency, artificial intelligence, or diamond trade. This remarkable growth reflects Dubai’s comprehensive ecosystem, combining modern regulations, investment-friendly initiatives, and advanced infrastructure, making it a top destination for companies worldwide.
