DMCC sets five-year record in new registrations

The Dubai Multi Commodities Centre (DMCC) said on Monday that it registered a record breaking 2025 new companies in 2020 notwithstanding the challenges of the Covid-afflicted business environment.

The free zone said in a statement that 2020 witnessed the highest number of registrations in five years “primarily due to the Business Support Package.”

“Despite an overall business environment shaped by the Covid-19 pandemic, the record-breaking registrations are a testament to Dubai’s continued appeal to investors and the trust they place in the world’s leading free zone.”

“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,” said Ahmed bin Sulayem, executive chairman and chief executive officer, DMCC.

He said DMCC’s strong performance, which saw 2,025 companies set up in its 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.”

DMCC’s Business Support Package saw interest from companies in 149 countries. 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 granted throughout 2020.

DMCC said the record number of new registrations was also the result of significant enhancements to its customer service, its simplified and fully digitalised set up processes and easier onboarding.

Feryal Ahmadi, chief operating officer, DMCC, said both new and existing companies in the free zone received relief and support during the challenging year. “Our focused market outreach, our emphasis on a digital first customer experience and our unmatched support to the community, yielded record-breaking results – and supported our existing member companies.”

Ahmad Hamza, executive director – Free Zone, DMCC, said the free zone’s feat is a testament to the trust placed in it by the global business community and the attractiveness of the ecosystem it provides. “By offering our largest business relief package in our history and ensuring a seamless, fully digitalised set up process, we remained the business hub of choice, attracting companies of all sizes, sectors and origins.”

DMCC signed a collaboration agreement with the Israel Diamond Exchange through its Dubai Diamond Exchange in September to promote bilateral trade opportunities and drive innovation in the diamond industry. Shortly after, DMCC inaugurated its representative office in Ramat Gan, Tel Aviv, the free zone said.

— issacjohn@khaleejtimes.com