According to a report released by the Dubai Multi Commodities Center (DMCC), 3,049 companies will settle in Dubai in 2022, an increase of 23% month-on-month. The DMCC said this was primarily driven by international demand, DMCC’s ongoing work in key commodity areas, and growing demand for the DMCC’s crypto hub space from blockchain and Web3 businesses. At present, more than 500 companies have settled in the encryption center. DMCC, a trade-only free zone in Dubai that offers tax breaks and other incentives for start-ups, will launch the DMCC Crypto Center in 2021.