Government of Dubai Media Office: In his capacity as Ruler of Dubai, Vice President and Prime Minister of the UAE His Highness Sheikh Mohammed bin Rashid Al Maktoum issued Law No. (3) of 2020 on the Dubai Multi Commodities Centre (DMCC). Established pursuant to Decision No. (4)  of 2002, DMCC is  dedicated  to  enhancing  the flow of commodity  trade  through  Dubai.

According to the new Law, the Dubai Multi Commodities Centre Authority will be responsible for supervising DMCC. The Authority is responsible for setting up, developing and managing the infrastructure of DMCC, developing the rules and regulations required for DMCC to achieve its objectives; supervising activities in the Centre; issuing licenses for companies seeking to operate in the Centre; and monitoring and supervising construction within the Centre.

The new Law outlines the organisational structure of DMCC Authority and specifies the authorities and procedures to form the Board and executive body of the DMCC Authority.

Pursuant to the new Law, any company registered to operate within DMCC is strictly not allowed to practice any activity other than what is stated in their registration permit, or any activity that goes against public order and norms.

The new Law also regulates customs duty exemptions and tax exemptions for commodities trade, re-export and storage within DMCC and the establishment of private, commercial and joint venture companies. All companies registered within DMCC must identify themselves as a free zone company in their correspondence, contracts, advertisements, invoices and stationery. DMCC companies cannot transfer their license to a other third party without prior written permission from DMCC Authority.

The Board of Directors of DMCC will issue all the bylaws required to implement the articles of the Law. The new Law will be published in the Official Gazette and is effective from the date of its publication.

-Ends-

© Press Release 2020

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.