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DMCC bolsters China ties as 805 new firms join

Issac John /Dubai
issacjohn@khaleejtimes.com Filed on July 1, 2020

(Supplied)

DMCC, a leading trade and enterprise free zone for commodities, said on Wednesday that 805 new companies joined its business district in the first half of 2020, reinforcing the hub's growing global attraction for the ease of doing business.

In the first half of 2020, DMCC continued to serve its member base of 17,000 while launching a range of initiatives to support enterprise across the board, Ahmed bin Sulayem, executive chairman and chief executive officer, DMCC.

"Looking ahead, DMCC will accelerate its strategy to connect markets and attract the type of companies that boost the next wave of economic growth in the city. Despite the obvious challenges in 2020, the emirate has maintained its reputation as a resilient global business hub, and we have good cause to be optimistic for the remainder of the year," said Sulayem.

The region's leading free zone for commodities said despite a softer business climate, May and June saw a noticeable uptick in new company registrations on par with previous years.

During the lockdown period, DMCC rolled out its largest ever commercial campaign, the Business Support Package, in March to support businesses navigate the challenges posed by Covid-19. As a result of global travel restrictions, DMCC took its flagship Made for Trade Live roadshow online, highlighting the ease of doing business in Dubai and the range of services and product the Free Zone offers. 14 webinar roadshows hosted attracted over 650 participants.

The first half also saw DMCC accelerating its China focus, and continue to forge ties with Chinese trade, industry and government bodies.

There had been a strong uptake of company registrations from China, ahead of plan. China, and DMCC recently signed a collaboration agreement with the Guangzhou Diamond Exchange, establishing a strategic partnership with one of China's leading international diamond trading platforms and communities.

"China and tech are both critically important to Dubai, and the impact of DMCC's latest agreement with Beijing Government-backed Inn way marks a significant moment for UAE-China ties. Encouraging innovation and digital transformation is part of Dubai's DNA, and DMCC is confident that its unique, additional partnership with Euro-based Crypto Valley will serve to expand the emirate's blockchain potential and welcome and spawn the type of companies that will transform the future," said Feryal Ahmadi, chief operating officer, DMCC.

"What the last six months have shown us, is the resilience of Dubai's economy, and we all play a part in ensuring that the UAE's economic diversification strategy continues to move forward at pace. DMCC, with its unparalleled ecosystem, is perfectly positioned to contribute to the next wave of economic growth in Dubai, and we plan to do just that," she added. 

issacjohn@khaleejtimes.com

author

Issac John

Editorial Director of Khaleej Times, is a well-connected Indian journalist and an economic and financial commentator. He has been in the UAE's mainstream journalism for 35 years, including 23 years with Khaleej Times. A post-graduate in English and graduate in economics, he has won over two dozen awards. Acclaimed for his authentic and insightful analysis of global and regional businesses and economic trends, he is respected for his astute understanding of the local business scene.


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