DMCC released a statement recently, announcing that they had registered a total of 1,969 companies in 2019. This is a growth rate (year-on-year) of 5.4%.
Additionally, the fourth quarter of 2019 was the strongest in the last four years for registrations, with 559 companies signing up. This is 20% higher than Q4 in the previous year. In October 2019 alone, DMCC registered 202 new member businesses.
DMCC – which companies?
A wide variety of companies from different sectors have registered with DMCC in recent years. This includes established international enterprises, and start-up ventures.
Ahmed Bin Sulayem, chief executive officer and executive chairman for DMCC, comments: “We added 2,000 companies from a variety of backgrounds and sectors in 2019, and are now home to over 17,000 companies.”
Overseas interest remains high. Bin Sulayem highlights the continued direct investment from international markets, such as China and India. He adds: “We look forward to welcoming more companies in 2020, and in turn, increasing our contribution to Dubai’s GDP and the wider national economic diversification strategy.”
DMCC remain committed to their eight principles laid out in the Fifty-Year Charter, which was presented in 2019 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Ruler of Dubai, and also Prime minister and Vice-President of the UAE.
Their approach is clearly working, as they’re now home to over 17,000 businesses. They’re keen to emphasise that their success is due to “listening to our member companies, constantly enhancing our services and broadening our engagement with business communities around the world.”
A good example of this is DMCC’s launch of its enhanced Dubai Diamond Exchange auction facility. This is the world’s biggest diamond trading floor, and is situated in Jumeirah Lakes Towers (Almas Tower). It’s also the only exchange in the Middle East to be accredited by the World Federation of Diamond Bourses (WFDB).
Looking to the future
DMCC are now focused on ensuring that their success continues into 2020, and that more companies register to join the Free Zone. Being a member of the Free Zone offers new companies several benefits, such as 100% ownership of the company and capital repatriation, and the opportunity to network freely with thousands of other members.
There are also resources available to support members, new and existing alike, and 0% personal or corporate income tax to be paid.
DMCC remains the world’s top Free Zone, and hopes to continue the trend as the years go on. Currently, over 100,000 people live and work there, attracted by not only the business support and benefits, but also the lifestyle, and the numerous convenient transport links, such as the two airports, and Jebel Ali Port Harbour. It’s also close to the EXPO2020 site, and several other retail zones.