Number of companies joining Dubai's DMCC at 5-year high

Free zone's member companies crossed 18,000 in 2020

  
DMCC’s Dubai diamond exchange to host six diamond tenders in January 2021. Image courtesy Dubai Media Office Twitter handle. Image used for illustrative purpose.

DMCC’s Dubai diamond exchange to host six diamond tenders in January 2021. Image courtesy Dubai Media Office Twitter handle. Image used for illustrative purpose.

The number of companies setting up at the Dubai Multi-Commodities Centre (DMCC) reached 2,025 in 2020, the highest in five years.

The DMCC also said on Monday that there was a 20 percent increase in the number of Chinese companies registering with the free zone.

“We surpassed 18,000 member companies, broke company registration records, while launching new initiatives and progressing on time with flagship projects. Building on this momentum, we will maximise the progress made to reach new heights in 2021,” Ahmed Bin Sulayem, executive chairman and chief executive officer, said.

Trade

In 2020, a total of 91.8 billion dirhams ($24.99 billion) worth of rough diamonds were traded through DMCC’s Dubai Diamond Exchange (DDE).

Its coffee centre processed and handled seven million kilogrammes of coffee and facilitated coffee shipments worth over of 250 million dirhams throughout the year. The DMCC Tea Centre also transacted 40,000 metric tonnes of tea.

The Dubai Gold and Commodities Exchange (DGCX), a subsidiary of DMCC, traded 12.73 million contracts valued at 1,177.73 billion dirhams while the DMCC’s Tradeflow platform recorded transactions valued at 744 billion dirhams, an increase of 121 per cent year-on-year.

The transaction value of Islamic products also rose by 128 per cent year-on-year.

The Agriota e-Marketplace, an agri-commodity trading and sourcing platform that DMCC launched in August 2020, has registered 92,000 farmers to date.

(Writing by Brinda Darasha; editing by Cleofe Maceda)

brinda.darasha@refinitiv.com 

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© ZAWYA 2021

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