DMCC, the Government authority on trade, enterprise and commodities in Dubai, today released its annual report with strong results including a record-breaking 2,016 new member companies in 2016, an increase of 14 percent on the previous year, and an average annual growth rate of 33 percent over the last decade. DMCC is now home to 13,500 companies, making it the largest Free Zone in the world.
The figures, released today in DMCC’s 2016 annual report, cap an outstanding year for DMCC’s commodities, property and Free Zone portfolio, culminating in being named the world’s leading Free Zone for a second consecutive year by the Financial Times’ fDi magazine.
Other key achievements included record-breaking trading volumes of over 19.7m contracts worth $440bn on the Dubai Gold and Commodities Exchange (DGCX), an increase of 36 percent on 2015; DMCC Tradeflow recording 11,412 murabaha transactions with a total value of AED 58bn, a value increase of 405 percent compared to 2015; and the appointment of DMCC Executive Chairman Ahmed Bin Sulayem as global Kimberley Process Chair on behalf of the United Arab Emirates, a major honour and recognition of Dubai’s and UAE’s leadership status within the global diamond industry.
Commenting on DMCC’s performance in 2016, Executive Chairman, Ahmed Bin Sulayem, said: “Dubai and DMCC’s mandated goal of connecting new markets with well-established markets is clear, and in 2016 we achieved it by welcoming an average of 7 new companies every working day. This brings significant foreign direct investment to Dubai.”
“Dubai’s advantage of being located at the natural crossroads of the world’s major markets, both in terms of time zone and proximity, means we remain optimally positioned to facilitate global trade. But it is also the unrivalled quality of the infrastructure, the professional support and physical platforms for trade we offer that brings international business to DMCC.
“As a partner of choice in the Middle East for businesses throughout the world, we take our responsibility to act in the best interests of those companies very seriously. Everything we do, from introducing digital services, to providing a business friendly regulatory environment, is undertaken with the intention of ensuring our member companies have everything they need to thrive.”
Gateway to Trade:
DMCC’s commodities businesses continued to report strong growth and delivery of new products including:
Further underpinning DMCC’s drive to connect markets and boosting commodities trade along the West to East corridor – connecting directly into China’s Belt and Road initiative, DMCC launched its international road show in China in October as part of Dubai Week in China. This year, DMCC’s international outreach programme launched in the UK in March, ‘Made for Trade Live’, will also see DMCC visit China’s Shanghai and Shenzhen in April.
DMCC also signed over 20 MoUs in 2016 with a strong focus on China and hosted 155 local and international events, including the Kimberley Process Intercessional and Plenary.
As for its property division, the DMCC community today comprises 66 commercial and residential towers with a community and property portfolio maintained to the highest standards to ensure over 87,500 people can live, work and thrive in Jumeirah Lakes Towers.
DMCC’s Free Zone, the largest and fastest growing in the world welcomed 2,016 new companies in 2016 – an average of seven new companies each working day. Despite a slowing economy globally, DMCC reported strong growth, with over 13,500 companies in the Free Zone today including Alcatel Lucent Middle East and North Africa, American Express, Bulgari, Carrera Y Carrera, Colgate-Palmolive, Duracell, Dyson, Eurofin, Hakan Agro, John West Foods, Louis Dreyfus, Lukoil, LVMH, Nutricia Danone, Oddfjell, Olam International, Tata International, TAG Worldwide, Topaz Energy and Marine, and Whirlpool.
“In 2016, DMCC delivered strong performance by attracting a record 2,016 new members to our Free Zone; delivering high quality commercial spaces such as ONE JLT; enhancing products, services and infrastructure for our customers; and by creating new, as well as nourishing more established marketplaces for the benefit of global trade.
“We created unique offerings for the agricultural industry, commenced our coffee centre, and fostered greater collaboration across a range of commodity sectors. This will see DMCC bring more industry players and market opportunities to Dubai.
“In 2017 we will continue to expand our international reach, form new strategic partnerships; and further enhance collaboration with key industry, trade and government entities locally and internationally, as we continue our journey as the world’s leading Free Zone”, concluded DMCC’s Chief Executive Officer, Gautam Sashittal.
As an authority of global trade, DMCC also launched its thought leadership programme with a report on The Future of Trade. The report generated over 8,500 downloads and puts Dubai in a strong position as a world authority on global trade and, provides a view of how ‘The Future of Trade’ will unfold over the next ten years, building on insights shared by 150 experts across five continents over twelve months. ‘The Future of Trade’ report was produced by DMCC in conjunction with Futureagenda.org and the Centre for Economics and Business Research (Cebr), a leading UK economics consultancy.
For further information on DMCC and the full annual report visit: https://www.dmcc.ae/news/2016-annual-report.