The energy sector within DMCC (Dubai Multi Commodities Centre) has surged ahead of all other segments, demonstrating remarkable growth rates and attracting a diverse array of industry giants, according to the organisation’s top official.

“Energy stands as the leading commodity domain at DMCC, experiencing rapid growth this year,” said Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, during an interview with Khaleej Times.

“The energy member firms at DMCC have consistently showcased growth, averaging an impressive 15 per cent year-on-year increase over the past five years. However, the zenith of this expansion has been observed in 2023, with an astonishing 250 new companies joining the energy sector in just the initial quarter. Today, DMCC serves as the de facto hub and business district for energy,” said Sulayem, who has steered DMCC’s journey from a startup of 28 member companies in 2003 to the world’s foremost free trade zone. It now boasts over 23,000 member companies from 180 countries and employs more than 68,000 individuals.

Within this vibrant member base, a substantial 3,053 companies, accounting for 13 per cent, are solely dedicated to the energy domain, according to data shared by DMCC. This roster includes influential players such as Aramco, Total Group, Sinopec, Reliance, and Trafigura, among others. Sulayem praised this remarkable ensemble as a testament to DMCC’s capability in attracting global industry leaders, fostering an ecosystem that operates with efficiency.

Recently bestowed the title of the Global Free Zone of the Year for the eighth consecutive year by the Financial Times, DMCC’s commitment to ongoing progress remains steadfast. Bin Sulayem affirmed: “We are not resting on our laurels. Instead, we are actively seeking deeper engagement, particularly in the energy sector. Our growth in this sphere is closely intertwined with the energy industry’s evolution and integration.”

The scope of DMCC’s energy trade encompasses a wide spectrum of products, encompassing both traditional and renewable energy sources. This includes crude oil, natural gas, solar panels, wind turbines, geothermal systems, biofuels, hydrogen, and various energy solutions. As part of DMCC’s ecosystem for energy companies, it houses an energy club, a dynamic industry network that facilitates professional networking, offers practical guidance, and provides market insights.

A director from a prominent European multinational integrated energy and petroleum company said: “Selecting DMCC was a logical decision for us. It serves as an ideal platform not only for energy trading but also for facilitating our talent acquisition endeavours, thanks to the ecosystem cultivated by DMCC over the years. The global recognition and rigorous standards maintained by DMCC in financial circles worldwide set them apart. Moreover, Dubai’s exceptional infrastructure and strategic geographical positioning are supplementary assets.”

In a strategic move, DMCC recently relocated its headquarters from Almas Tower to Uptown Tower within its highly anticipated Uptown Dubai district. The 340-metre-tall building’s design embodies the brilliance of diamonds through its innovative glass façade, filling interior spaces with natural light while minimising glare. The architectural marvel incorporates cutting-edge features, including a solar-diesel hybrid micro-grid and a solar car park structure, all aimed at significantly reducing CO2 emissions. Mace, a global consultancy and construction firm, has been entrusted with overseeing the operations of the 81-storey skyscraper. DMCC said the choice of Mace was driven by its sustainability and ESG credentials as a carbon-neutral entity.

Bin Sulayem underscored that DMCC’s vision harmonises seamlessly with the UAE Energy Strategy 2050, which aims to triple renewable energy contributions and invest Dh150 to Dh200 billion by 2030 to meet the escalating energy demands fuelled by the rapidly growing economy.

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