Record number of firms set up business in Dubai's DMCC

New registrations reach highest level in five years

  
DMCC Authority to attract new wave of innovation to Dubai through agreement with China’s Innoway. Image courtesy Dubai Media Office Twitter handle. Image used for illustrative purpose.

DMCC Authority to attract new wave of innovation to Dubai through agreement with China’s Innoway. Image courtesy Dubai Media Office Twitter handle. Image used for illustrative purpose.

The Dubai Multi Commodities Centre (DMCC) saw a record number of companies setting up their businesses in the free zone in 2020. 

From January to December last year, new business registrations reached 2,025, the highest in five years, DMCC said.

In March 2020, DMCC rolled out a business support package, said to be the largest ever commercial offering by the business hub. The incentives include discounts and waivers for existing and new companies looking to set up their business at the zone.

“DMCC’s strong performance is primarily due to the business support package launched in March 2020 that saw interest from companies in 149 countries,” the free zone said.

Ahmed Bin Sulayem, executive chairman and CEO of DMCC said the number of registrations is proof of DMCC’s strong performance last year and Dubai’s appeal to the investor community. He added that he is optimistic about this year despite the “countless challenges” everyone is facing.

“2020 was a year like no other, with the COVID-19 pandemic impacting every society, business and country. Despite the countless challenges at our doorstep, the UAE’s visionary leadership and prompt and decisive actions meant that our economy remained resilient throughout,” said Sulayem.

“We know that 2021 will not be without its obstacles, but we are optimistic about our growth trajectory and our continued ability to attract foreign direct investment to the emirate,” he added.

DMCC is a hub for thousands of businesses from across industries, including gold and base metals, energy, agriculture and financial services.

It is currently expanding its offering, with the construction of Uptown Dubai district, which will showcase a 340-metre tower with 188 luxury hotel rooms and suites, restaurants, conference facilities, offices and residences.

(Writing by Cleofe Maceda; editing by Seban Scaria)

Cleofe.maceda@refinitiv.com

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© ZAWYA 2021

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