Dubai’s Free Trade Zone Breaks 5-Year Record in New Company Registrationsby Fintechnews Middle East 6. January 2021
Dubai Multi Commodities Centre (DMCC), established by the Government of Dubai to establish a hub for global commodities trade, registered 2025 new companies in 2020, its highest number of registrations in 5 years.
DMCC’s strong performance is primarily due to the Business Support Package launched in March 2020 that saw interest from companies in 149 countries. This was the business hub’s largest commercial offer, offering a wide range of incentives and value added services to both existing and new companies in the Free Zone.
DMCC also made enhancements to its customer service with its simplified and fully digitalised set up processes and easier onboarding. By providing customers a seamless, digital company set-up experience, and significant focus on digital marketing, the Free Zone has seen more than a 50% drop in walk-ins and physical visits, with existing and new members preferring to conduct their transactions online. 95% of new companies in the Free Zone started their journey with DMCC digitally.
Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC, said:
“2020 was a year like no other, with the COVID-19 pandemic impacting every society, business and country. Despite the countless challenges at our doorstep, the UAE’s visionary leadership and prompt and decisive actions meant that our economy remained resilient throughout.
DMCC’s strong performance, which saw 2025 companies set up in our Free Zone during a global crisis, is a clear indication that the UAE and Dubai remain the chosen place to do business. We know that 2021 will not be without its obstacles, but we are optimistic about our growth trajectory and our continued ability to attract foreign direct investment to the Emirate.”
In light of global travel restrictions, DMCC took its flagship Made for Trade Live roadshow online hosting 19 virtual sessions in key markets. During these virtual roadshows, attendees were familiarised with the benefits and opportunities of setting up in Dubai and DMCC’s business ecosystem.
The Executive Chairman and Chief Executive Officer also hosted a series of virtual briefings with UAE Ambassadors and representatives across key markets, including China, India, the UK, Germany, Canada and Colombia.
It also shifted all of its networking events and learning seminars online. Its member companies were provided access to 83 webinars, averaging two sessions per week. Overall, DMCC gathered 11,000 attendees virtually in 2020.
DMCC strengthened ties with key hubs by signing agreements with the Israel Diamond Exchange (IDE) in September 2020 and a new office in Tel Aviv, Israel. Additionally DMCC also set up a representative office in Shenzhen, China which is expected to usher in a new wave of business opportunities to Dubai.
Supporting its member companies in the community, more than 8,000 member companies availed over 13,000 offers and incentives granted throughout 2020. DMCC announced its plans to expand both facilities and its intention to triple output, increase services and boost capacity.
In recognition of its continued efforts to enhance its ecosystem, DMCC was named Global Free Zone of the Year by the Financial Times’ fDi Magazine for the sixth year in a row in October 2020.