DMCC posts record growth in 2020, company registrations up
DUBAI, February 15, 2021
DMCC, the world’s flagship Free Zone, business hub and Government of Dubai Authority on commodities trade and enterprise, has announced record-breaking performance in 2020, despite the Covid-19 pandemic.
A total of 2,025 new companies joined DMCC in 2020, the highest number of registrations in five years. Retention rate remained at an all time high.
This was primarily due to the Business Support Package launched in March 2020 that saw interest from companies in 149 countries, it stated.
This was the business hub’s largest ever commercial offer, offering a wide range of incentives and value-added services to both existing and new companies in the Free Zone.
More than 8,000 member companies availed over 13,000 offers and incentives throughout the year.
Executive Chairman and CEO Ahmed Bin Sulayem said: "A year like no other, 2020 was shaped by market uncertainty, geopolitical tension and a global pandemic. Despite the difficult context, the UAE’s visionary leadership and prompt and decisive actions meant that our economy remained resilient."
"As for DMCC, we continued to attract, facilitate and promote global trade flows to and through Dubai. We surpassed 18,000 member companies, broke company registration records, while launching new initiatives and progressing on time with flagship projects. Building on this momentum, we will maximise the progress made to reach new heights in 2021," he stated.
Attracting foreign direct investment to Dubai
*China – 2020 saw a 20% year-on-year increase in Chinese companies joining in DMCC. A China Service Centre opened its doors in Almas Tower with Mandarin onboarding support while a representative office in Shenzhen was inaugurated all with the aim of promoting the ease of doing business through the business hub.
*Israel – Following a Memorandum of Understanding with the Israel Diamond Exchange, DMCC inaugurated its representative office in Ramat Gan, Tel Aviv, Israel in 2020. The new office is supporting Israeli businesses, from all industries and sectors, to set up an office in DMCC.
During the year, DMCC hosted 19 virtual Made for Trade Live roadshow webinars to engage with key international markets across including China, Israel, Russia, Switzerland, Germany, Angola, South America, Spain, Turkey, Ukraine and the UK. Overall, DMCC gathered 11,000 attendees virtually in 2020.
Record commodity trade
With the gold and diamond industry representing 15% of all the exports out of the UAE, second only to oil and petroleum products, DMCC’s role in facilitating trade and connecting markets marched forward at pace in 2020.
Diamonds – In 2020, a total of AED 91.8 billion ($24.99 billion) worth of rough diamonds were traded through the Dubai Diamond Exchange (DDE), the world’s largest diamond tender facility.
The DDE hosted 19 rough and polished diamond tenders and its first emerald tender. At the year end, the UAE’s largest ever rough diamond tender took place on the DDE floor, with 379,912 carats of rough diamonds sold, valued at AED 321.29 million ($87.47 million).
