Dubai Multi Commodities Centre (DMCC) registered over 200 new companies this October. Many of them were from outside the UAE. This highlights the growing confidence among investors, and the strength of Dubai’s economy.
DMCC recently announced that 202 new enterprises had registered with them this October. This is a significant increase, and their highest amount in close to two years.
There was a lot of variation among the companies that registered, with several international businesses included in the number. Two notable examples were Hanwha Harlow and Forbes Marketplace. There were also a significant number of start-up ventures.
A wide range of sectors was represented; such as technology, food and agriculture, energy, finance, professional services, precious stones / metals, and shipping / logistics.
The benefits of joining
DMCC is a flagship Free Zone, and the Government of Dubai’s Authority with regards to commodities trade and enterprise. In recent years, it has been steadily attracting companies to invest in the area, which in turn, has strengthened the local economy.
Ahmed Bin Sulayem, Chief Executive Officer and Executive Chairman for DMCC, stated that the big rise in registered businesses showed “the strength of DMCC’s reputation as a global trade hub, and appeal to businesses of all sizes from around the world.” (1)
He also emphasised the organisation’s optimism for the rest of 2019, and added: “We will continue to promote Dubai’s sustainable, diversified, and competitive economic landscape and attract the best and brightest companies to this innovative emirate and award-winning Free Zone.”
Attracting businesses worldwide
One of DMCC’s main focuses has been to encourage direct investment from abroad, and to showcase the advantages of the Free Zone model. At present, most of the new businesses that have joined DMCC are based outside the UAE. This number will further boost the 10% contribution that the existing members make to the country’s economy.
Unsurprisingly, DMCC’s success hasn’t gone unnoticed. In October, fDi Magazine (Financial Times) selected it as the Global Free Zone of the Year, for the fifth year in a row.
In fact, DMCC was given seven awards, which included:
- Global Free Zone of the Year for SMEs
- Middle East Free Zone of the Year for SMEs
- Middle East Free Zone of the Year
There’s no doubt that the push for foreign investment has paid off; in line with the eight principles outlined in the Fifty-Year Charter. This Charter was made public earlier in 2019, and was formally announced by Sheikh Mohammed bin Rashid Al Maktoum; the VP and Prime Minister of the United Arab Emirates, and the Ruler of Dubai.
Close to 1,900 companies joined DMCC in 2018. This was a rise of 12% on the previous year. 2019 looks set to continue this trend, as more businesses (particularly from outside the UAE) choose to register, and capitalise on the benefits of the Free Zone.
If October’s registrations are anything to go by, it’s likely to be a strong finish to the year.