The Dubai Multi Commodities Centre (‘DMCC’) Free Zone is now the UAE’s largest Free Zone with over 7,330 active registrations. With an average of 200 companies choosing to join DMCC each month and a 94% retention rate, DMCC also remains the UAE’s fastest growing free zone.
Ahmed Bin Sulayem, Executive Chairman, DMCC, said:
“We are now the UAE’s largest and fastest growing free zone with over 7,330 active member companies - we remain committed to further growth in order to cement Dubai as the global hub for commodities trade and enterprise.
We are well on our way to achieving our target of 10,000 companies by 2015, at which point we anticipate to be almost at capacity. Our expansion plans, including the DMCC business park and the world’s tallest commercial tower, will cater to large corporations looking to access new markets and will be the next phase in DMCC’s and Dubai’s growth.”
As the demand for commercial space within the DMCC Free Zone continues to grow, with over 74% of the development already occupied, DMCC recently announced plans to build the world’s tallest commercial tower in order to cater to this continued demand. The construction of the tower and 107,000 square metre business park will add an additional 50% of commercial space or 743,224 square metres to the existing 2.9 million square metres of built up area.
“We continue to innovate and complement key trading hubs across the globe to further support Dubai’s ambitious economic development programme. Currently, we are concentrating on serving markets along the new Silk Route and have become a strong facilitator of trade for producing countries in African and consuming nations in Asia, Asean, Europe, South America and the US”, Bin Sulayem added.
Since its establishment in 2002, DMCC has welcomed a range of companies from all sectors across the globe, including: Clarkson, Louis Dreyfus, Debeers Diamdel, Conoco Phillips, Rio Tinto Alcan, LVMH, Harley Davidson and Nutricia Danone.
In terms of member demographics, a third of DMCC member companies are from South Asia, a third from the Middle East (including the UAE), and a third from Western Europe and North America respectively.
Gautam Sashittal, Chief Operating Officer, DMCC, added:
“This year, over 95% of the companies that have chosen to operate from the DMCC Free Zone are new to Dubai, which further demonstrates DMCC’s and Dubai’s continuous appeal as a business destination where SMEs and multi-nationals alike can utilise our full-service toolkit, trade with confidence and grow their business. Due to its unique offering, strategic location, modern infrastructure and customer focus, the DMCC Free Zone enjoys a 94% retention rate.”
With 65 mixed-use commercial and residential towers and over 220 retail outlets in operation, there are currently over 75,000 people working and living within Jumeirah Lakes Towers. The transformation of one of its lakes into a 55,000 square metre community park and the road networks within the development are due to be completed by the end of this year.