The Dubai Multi Commodities Centre, DMCC, has welcomed 1,868 new companies to its free zone in 2018, marking a 12 percent growth compared to 2017.

The construction of Uptown Dubai, DMCCs new district, is also well underway to accommodate the demand for additional space, DMCC announced.

“We have established our position as the preferred free zone for companies looking to set up their businesses in the region by creating a trading environment in which they have everything required to grow and become a success,” said Ahmed bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.

DMCC’s Dubai Diamond Exchange hosted 27 diamond tenders in 2018, in which AED1.205 billion (US$328 million) worth of diamonds were sold. Similarly, the DMCC’s Dubai Gold and Commodities Exchange witnessed a record-breaking year, trading an aggregate 22.26 million contracts valued at AED1.744 trillion ($475 billion). DMCC Tradeflow, too, recorded a total value of AED126 billion ($35 billion), a 37 percent increase from 2017.