805 new companies join Dubai's DMCC in H1 2020

May and June saw a noticeable uptick in new company registrations

  
Image used for illustrative purpose. Almas Tower by DMCC is located at Jumeirah Lakes Towers in Dubai.

Image used for illustrative purpose. Almas Tower by DMCC is located at Jumeirah Lakes Towers in Dubai.

Getty Images/ ?bel Polesz / EyeEm

The Dubai Multi Commodities Centre (DMCC), a free zone aimed at commodities trading, saw 805 new companies joining its business district in the first half (H1) of 2020.

Despite a softer business climate, May and June saw a noticeable uptick in new company registrations, similar to previous years, with a strong uptake of company registrations from China, the free zone said.

“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,” Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC said.

Last month, DMCC signed a MoU with Innoway, one of China’s most successful global incubators and science, tech and education ecosystems.

“China and tech are both critically important to Dubai, and the impact of DMCC’s latest agreement with Beijing Government-backed Innoway marks a significant moment for UAE-China ties,” Feryal Ahmadi, Chief Operating Officer, DMCC said.

In February, Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and ruler of Dubai issued a new law that lead to the formation of a new DMCC Authority, which will supervise the free zone. The DMCC will continue to manage the free zone and will be attached to the Investment Corporation of Dubai under the new law.

Establishments as well as individuals registered under the DMCC are exempt from all taxes including income tax, for 50 years.

(Writing by Gerard Aoun; editing by Seban Scaria)

(Gerard.Aoun@refinitiv.com)

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