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Bin Sulayem and Sashittal ... power duo

DMCC welcomes record-breaking 2,106 firms in 2016

DUBAI, April 14, 2017

Dubai Multi Commodities Centre (DMCC) welcomed a record-breaking 2,016 new member companies in 2016, an increase of 14 per cent on the previous year, and an average annual growth rate of 33 per cent over the last decade.

DMCC is now home to 13,500 companies, making it the largest Free Zone in the world.

The figures, released in DMCC’s 2016 annual report, cap an outstanding year for DMCC’s commodities, property and Free Zone portfolio, culminating in being named the world’s leading Free Zone for a second consecutive year by the Financial Times’ fDi magazine.

Other key achievements included record-breaking trading volumes of over 19.7 million contracts worth $440 billion on the Dubai Gold and Commodities Exchange (DGCX), an increase of 36 per cent on 2015; DMCC Tradeflow recording 11,412 murabaha transactions with a total value of Dh58 billion ($15.8 billion), a value increase of 405 per cent compared to 2015; and the appointment of DMCC executive chairman Ahmed Bin Sulayem as global Kimberley Process Chair on behalf of the United Arab Emirates, a major honour and recognition of Dubai’s and UAE’s leadership status within the global diamond industry.

“Dubai and DMCC’s mandated goal of connecting new markets with well-established markets is clear, and in 2016 we achieved it by welcoming an average of seven new companies every working day. This brings significant foreign direct investment to Dubai,” said Ahmed Bin Sulayem, executive chairman of DMCC.

“Dubai’s advantage of being located at the natural crossroads of the world’s major markets, both in terms of time zone and proximity, means we remain optimally positioned to facilitate global trade. But it is also the unrivalled quality of the infrastructure, the professional support and physical platforms for trade we offer that brings international business to DMCC.

“As a partner of choice in the Middle East for businesses throughout the world, we take our responsibility to act in the best interests of those companies very seriously. Everything we do, from introducing digital services, to providing a business friendly regulatory environment, is undertaken with the intention of ensuring our member companies have everything they need to thrive.”

Further underpinning DMCC’s drive to connect markets and boosting commodities trade along the West to East corridor – connecting directly into China’s Belt and Road initiative, DMCC launched its international road show in China in October as part of Dubai Week in China. This year, DMCC’s international outreach programme launched in the UK in March, ‘Made for Trade Live’, will also see DMCC visit China’s Shanghai and Shenzhen in April.

DMCC also signed over 20 MoUs in 2016 with a strong focus on China and hosted 155 local and international events, including the Kimberley Process Intercessional and Plenary.

DMCC’s chief executive officer Gautam Sashittal said:  “In 2016, DMCC delivered strong performance by attracting a record 2,016 new members to our Free Zone; delivering high quality commercial spaces such as ONE JLT; enhancing products, services and infrastructure for our customers; and by creating new, as well as nourishing more established marketplaces for the benefit of global trade.”

“We created unique offerings for the agricultural industry, commenced our coffee centre, and fostered greater collaboration across a range of commodity sectors. This will see DMCC bring more industry players and market opportunities to Dubai.

“In 2017 we will continue to expand our international reach, form new strategic partnerships; and further enhance collaboration with key industry, trade and government entities locally and internationally, as we continue our journey as the world’s leading Free Zone,” he concluded. – TradeArabia News Service

Tags: DMCC | free zone | 2016 |

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