DMCC adds 1,800 firms in 9 months

DMCC adds 1,800 firms in 9 months

Dubai - The free zone added 215 new businesses in September alone, making it the best September performance since its launch in 2002



by

Waheed Abbas

Published: Mon 4 Oct 2021, 12:35 PM

Dubai Multi Commodities Centre (DMCC), a free zone dedicated to commodities trade, on Monday said it registered 1,800 new companies in the first nine months of 2021, making it the best nine months since its inception in 2002.

The free zone added 215 new businesses in September alone, making it the best September performance since inception.

The strong performances come on the back of ease of doing business policies introduced by the free zone as well as the expansion of tea and coffee centres, cacao centre and crypto centre launched by the free zone.

In 2021, DMCC conducted many virtual and physical events in key target markets to attract foreign companies into the free zone.

On Sunday, DMCC said His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, issued Decree No (40) of 2021 forming its board of directors.

Hamad Mubarak Buamim was named chairman, while Abdulwahid Abdulrahim Al Ulama will serve as vice-chairman. Other board members include Ahmed Bin Sulayem, Abdullah Saif Al Shamsi, Charles George Webb, Roger Alfred Pierreinstein and Thierry Jean Luis Gemount.

Ahmed bin Sulayem remains executive chairman and CEO of DMCC as well.

“By all accounts, DMCC started 2021 from a position of strength, allowing us to deliver the best H1 performance in eight years. We carried that momentum forward into the third quarter, and have continued to shatter all previous records since DMCC's establishment in 2002," Sulayem said.

“With Expo 2020 Dubai now underway and significant milestones for the UAE on the horizon, I fully expect we will reach over 20,000 member companies by the end of the year. As part of our diversification strategy, our recently launched Crypto Centre continues to generate significant interest, particularly as Dubai furthers its position to become a global centre of crypto."

He added: “The pandemic has been a 10-year accelerant for business culture and digital transformation, during which time DMCC has ensured to stay ahead of the curve in providing what the market both wants and needs."

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Ahmad Hamza, executive director at DMCC, said: “Dubai has retained and even built upon, its commercial appeal since the pandemic. Businesses recognised that they need a base where they feel supported, have access to some of the industry’s best facilities, and fully digitalised services that make operating their business as smooth as possible."


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