DMCC: Driving Dubai's global trade and innovation initiatives

As a significant business hub in the region, Dubai has consistently dedicated itself to promoting trade and commercial development. The Dubai Multi Commodities Centre (DMCC) supports Dubai's thriving business environment through its AI Centre, Sustainability Centre, and important events like the Dubai Precious Metals Conference.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, stated in an interview that DMCC's initiatives are aligned with the long-term vision of Dubai and the UAE as a whole. He elaborated on DMCC's various initiatives and their importance in solidifying Dubai's position as a leading business hub.

Mr. Sulayem pointed out that DMCC currently houses over 25,000 companies, contributing over 15% of Dubai's foreign direct investment and over 7% of its GDP. These companies span a wide range of sectors, including physical commodities such as precious metals and gems, coffee, tea, and energy, as well as technology sectors like cryptocurrency, gaming, and artificial intelligence. DMCC has thus gathered the highest concentration of businesses in these industries in the region, for example, over 3,200 in the energy sector, over 1,500 in the precious metals sector, over 1,300 in the gem sector, and over 600 in the DMCC Crypto Centre.

DMCC launched the AI Centre in September last year to support the UAE's goal of becoming a global leader in artificial intelligence. The center is dedicated to promoting the practical application of AI and developing practical use cases to attract new technologies from around the world. The rapid development of AI brings enormous integration potential to DMCC's other ecosystems, especially in the field of physical commodities. For example, in the precious metals and gems sector, AI can enhance the capabilities of automated sorting, grading, and anti-counterfeiting detection, and optimize predictive maintenance. In agricultural products such as tea and coffee, AI can streamline supply chains, improve quality control efficiency, and improve sustainable development practices.

Dubai's hosting of COP28 highlighted the UAE's leadership in climate and sustainable development and achieved significant results, such as the "UAE Consensus," which commits countries to triple renewable energy capacity and double energy efficiency by 2030. Through its Sustainability Centre, DMCC provides resources such as guidance, exchange, and financial support to promote sustainable business practices. The center was established in March 2024 and expanded its services in October through partnerships with clean technology venture capital and accelerator programs.

The 12th Dubai Precious Metals Conference achieved unprecedented success, attracting over 800 attendees from around the world. During the conference, the Emirates Gold DMCC unveiled a new Guinness World Record gold bar and invited VIPs such as "The Wolf of Wall Street" Jordan Belfort to participate. The conference also attracted representatives from major gold and silver centers such as China, Malaysia, and Poland. The conference was held at a time when the UAE's gold trade was breaking records, with the UAE now the world's second-largest gold trading center after Switzerland.

Uptown Dubai is a world-class example of urban development, providing advanced commercial spaces to meet the needs of the international business community. The 81-story Uptown Tower opened in September 2023 and has already attracted globally renowned companies such as Invisalign, Wellbred, Hikvision, Trafigura Group, and the Gemological Institute of America. Last year, One Uptown Place and Two Uptown Place broke ground, with these 23-story and 17-story towers offering 70,000 square meters of commercial office space and 8,000 square meters of dining and retail space. In addition, The Atrium is about to open, and new dining concepts such as Sur Balik, Lana Lusa, and Uptown Social will also be launched.