Energy in Dubai draws titans of business and is expanding at a historic rate

The energy sector within Dubai Multi Commodities Centre (DMCC) has outpaced other segments, displaying impressive growth rates and drawing in a diverse range of industry leaders, according to the organization'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. “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 dynamic member base, an impressive 3,053 companies, constituting 13 per cent, are exclusively focused on the energy domain, as per data provided by DMCC. Notable players in this roster include influential entities such as Aramco, Total Group, Sinopec, Reliance, and Trafigura, showcasing DMCC's prowess in attracting global industry leaders and fostering an efficient operational ecosystem, as praised by Sulayem. Despite recently being awarded the title of Global Free Zone of the Year for the eighth consecutive year by the Financial Times, DMCC remains committed to continuous progress. Bin Sulayem emphasized the organization's proactive approach.

DMCC's energy trade spans a broad 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 hosts an energy club, a dynamic industry network facilitating professional networking, offering practical guidance, and providing market insights.

In a strategic move, DMCC recently moved its headquarters from Almas Tower to Uptown Tower in its highly anticipated Uptown Dubai district. The 340-meter-tall building's design, inspired by the brilliance of diamonds, features an innovative glass façade that fills interior spaces with natural light while minimizing 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 chosen to oversee the operations of the 81-storey skyscraper, with DMCC highlighting Mace's sustainability and ESG credentials as a carbon-neutral entity.