DMCC signs MoU with Dubai World Central to explore mutual benefits for its Free Zone members
- Explore the creation of a ‘joint passport’ initiative whereby mutual customs regulations allow for formal recognition of licence holders operating within either of the free zones
- Explore the establishment of a logistics centre including but not limited to perishable goods
- Explore the establishment of a DMCC Tradeflow warehouse park where clients can store their goods in the DWC
Dubai Multi Commodities Centre Authority (DMCC) has signed a Memorandum of Understanding (MoU) with Dubai Aviation City Corporation (DACC), the entity responsible for the development of Dubai World Central (DWC), to further explore cooperation between the two parties to enhance the ease of doing business for members.
The MoU signing ceremony was attended by DMCC and DWC officials who discussed ways of enhancing cooperation between them to further cement Dubai’s status as a global hub for trade and enterprise.
Ahmed Bin Sulayem, Executive Chairman, DMCC, said:
“Part of being the largest and fastest growing free zone in the UAE is to continue innovating and improving efficiencies for the DMCC Free Zone members to enable them to operate at the fast pace required in today’s era. Signing an MoU with Dubai World Central marks the next natural step in mutual cooperation between free zones in the region, creating an optimum environment for the trade of commodities in Dubai for the benefit of economic growth across the Emirates.”
Under the terms of the MoU, the DMCC and DWC will explore ways for members to avail of products and services provided by both parties under one licence, also referred to as a ‘joint passport’ initiative. Members operating under such a licence would also benefit from access to warehouse facilities in addition to a logistics centre appropriate for but not limited to perishable goods.
Members could also benefit from DMCC Tradeflow, the online exchange for physical commodities in the UAE. The platform offers a formal warehouse inspection and ratings programme to mitigate risk for financiers and commodity owners.
Commenting on the MoU, Rashed Bu Qara’a, Chief Operating Officer, Dubai Aviation City Corporation said: “This MoU with the DMCC will enable clients and members to explore future projects that could enable businesses operating from either parties to take advantage of a host of products and services. The integrated model of DWC with excellent connectivity and modern facilities will enable customers to establish and expand their business in the UAE and the region. The partnership is a testimony of our efforts to continue to offer a business friendly platform with access to world-class infrastructure.”